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Personal Loan
Who Can Apply ?
Loan Term ?
Maximum Loan Amount
Personal Loans can be applied by any Individual as well with a Co Applicant or with a company.
The co-applicant in the loan structure can either be your blood Relative or your spouse Income of the Co Applicant is also taken into consideration and it increases the eligibility which means higher amount of loan can be granted and considerable interest rate.
Personal loan term or tenure depends on your lending Bank/Financial Institute
Most of the bank and NBFC offer personal loans term from 1 year to 5 years
The maximum tenure of personal loan is 5 years.
Applicant will not get a personal loan of more than 5 years
Your personal loan amount depends on various things such as your salary,Income,repayment capacity of the borrower, Rental Earing, Residence Status ,age, Cast, Gender and other basic eligibility criteria.
Minimum Loan Amount will be 35000 Rs and it varies from bank to bank as it depends upon the financial Institute and the eligibility of the Applicant :
Maximum Loan Amount possible in personal Loan is 5 Lakhs Rupees only.
(In exceptional cases customers can get upto100% of agreement value), for details apply for a Home Loan Now
Personal Loan
A personal loan is an unsecured loan and it helps you meet your current financial debts and needs. A personal loan can be used for anything because has no collateral. personal loans can be used to finance a big-amount purchase, paying off to the medical expenses or for multiple credit card debt payments into one affordable payment.
Types of Personal Loan
Secured Personal loans
A secured personal loan requires Any kind of Security or collateral the loan. Banks or any other kind of financial money lending Institute offer secured personal loans.
Secured loans have low ROI,
Examples of secured loans are home mortgages, home equity loans, and vehicle loans.
Unsecured Personal loans
This type of loans don’t require any security such as House, car or any other property. Unsecured Loan has higher ROI due to the additional risk to lenders.
Age :
Minimum age for PL is 21 years.
Maximum age for Applying PL is 60 years for salaried employees and 65 years for self employed.
Age limits changes from bank to bank .Young applicant has a higher chance to get the loan approval at a lower ROI .This is because young applicant has more working years left and won't face issues in paying the loan EMIs.
Work Experience :
Self Employed - 3 Years of Work experience is required in the same line or type of Business.
Salaried - Two Months to one year of employment experience is necessary in the present/current firm.
How to pay EMI :
EMIs will be debited from your Bank account on a fixed date every month, the date will be informed when the loan is disbursed.
NACH (National Automated Clearing House) has made it mandatory to make repayment automatic.
Process
Sign Up
- With the little of your time and we will make it easier for you to get your approvals in place.
- OR
- Get your loan disbursed in seven simple steps
Give Requirement
- Then, securely share your Preferences & Requirement like Loan amount, current loan and financial info.
Select Offer
- With the help of our advance algorithm and Industry Expert at backend, we will be able to offer you best suitable option for your Home Loan. You can Customize your mortgage solution based on your specific goals.
Upload Documents
- Securely share your documents at the touch of a button to get the most accurate numbers.
Track Online Application
- Get real time update on and approval with the click of a button.
Disbursal
- Get the Disbursement for your Mortgage with speed and confidence.
Feedback
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- Your words give us direction and inspiration, which will help us in shaping up our business and services to serve you better in future
Filled application form with photographs
- 2 Passport Size Photograph
- Processing Fee Cheque
- Duly Filled Application form
Personal Identity Documents
- Aadhar Card
- Pan Card
- Passport
- Driving Licence
- Utility Bill less than 3 months old
- GST Certificate
- MSME
Income Proof
- ITRS latest 3 Years
- GST Returns for Latest 3 Years
- Bank Statements of All Accounts for Latest 1 Year
- Salary Slip for latest 6 Months
- Form 16 for Latest 3 Years
- Form 26As For 3 Years
Other Documents
- Sanction Letter
- Repayment Track Record
- Loan Closure Letter ( If Any)
- Office address proof
- Rent Agreement (If House is Rented)
- Property papers
Interest
Applicant agree to repay the loan debt with interest, which is majorly the lender’s charge for allowing the Applicant use the bank or financial institute money You will pay a monthly charge in addition to the principal payment.
Processing Fee
Banks charge up to 1-2.5% of the loan amount as a PF charges. Few banks charge a flat processing fee.
Late Payment Fees
Credit institutions charge heavy penalties for your late EMI payment.
Collateral
Security provided for loan called a collateral, It can be any asset that secures your loan. If you fail to repay the loan on time or make any default on payments, the lender/Banks has the right to repossess the asset you provided as collateral for the loan.
Part Payment
The amount is less than the loan principal amount and it is made before the loan amount becomes due.
Prepayment
When you pay off your loan due as per the EMI schedule the prepayment charges is charged. Prepayment charges are usually in 2-5% of the outstanding loan amount. Some banks do not allow prepayment/preclosure of loan before a certain number/amount of EMIs have been completed.
Preclosure
It refers to completely paying off a personal loan before the loan tenure has ended preclosure charges are from 2- 5% of the loan outstanding amount.
Eligibility
Financial institutions and banks have eligibility criteria for every type of loan To get a personal loan, you should have a fixed source of income.
EMI
The full form of EMI is equated monthly installment. It is a fixed payment amount made by a borrower or an applicant to the lender at a specified date