Personal Loan
What is a Personal Loan?
Personal loans are loans that are used to cover personal expenses. One can have a personal loan from banks, credit unions, or through online lenders. It can be secured and meaningful and is required to borrow money with no collateral needs. Personal loans vary greatly. It comes with different rates of interest, fee amount, and repayment terms.
A personal loan has easy eligibility criteria. It is unrestricted for any person that is financed for the sake of immediate expenses, be it medical purposes or the immediate foreign trip.
We provide personal loans at an attractive interest rate, and you can avail of the loan through the simple steps of our online portal. We have an easy documentation process for loan processing up to 25 lacs to meet all your eligibility criteria. You can get an easy tenure of up to 6 years with an EMI to be paid at your convenience. We offer fast loan processing to fund your diverse goals.
Who Can Take a Personal Loan?
We provide personal loans to salaried persons. We have categorized the identity or the applicants as:
● Salaried individuals(with certain eligibility criteria), and
● Students
Personal Loan Eligibility
It depends on the various factors, for example, what kind of person can enjoy the facilities of the loan or can get approved for the loan. There are many factors like:
● Fixed monthly income
● Age
● Nature of employment
● CIBIL score
● Professional experience or the number of years in being into one kind of job or profession
For the quick personal loan, one needs to fill in the eligibility criteria and the details like PAN number, CIBIL score, and KYC documents.
Personal Loan Eligibility for a Salaried Person:
● Age: between 22 to 58 years
● Monthly Income: ₹ 15,000 (minimum)
● Experience in any working department: Minimum of one year
The personal loan eligibility for Self-Employed individuals:
● Monthly income: INR 15,000 (minimum)
● Age: between 22 - 58 years
● Work experience: one year (at least)
Rate & Other Charges
Loan Amount: Rs. 1 Lac to 40 Lacs
Rate of Interest (APR)*: 10.75% to 22.50%
Repayment Tenor: 12 Months to 60 Months
Processing Fees: 0.75% to 2.50% + GST as applicable
Prepayment/ Foreclosure: Nil
Illustration: Rs. 1 Lac loan on @10.75% with processing Fees for 60 Months comes to Rs. 1,29,708/- Equated Monthly Instalment shall be: Rs. 2,162/- only.
APR* - Annual Percentage Rate
Loan Eligibility Criteria
To qualify for a loan, you must fulfil these requirements:
Minimum Salary - INR 20,000.00
Age - 23 to 55 years
Minimum CIBIL Score - 750
Employment - Salaried, employed with an MNC, public, or private company
Nationality - Indian resident
Documents Required for Personal Loan
The following are the documents required for personal loan:
● Photo Identity and Proof Documents
● Documents related to income proof
● Salary Slip
● Address proof documents
● Employment certificate
What is the importance of the CIBIL score for a personal loan?
It is an important measure for getting the loan approved. It is a three-digit number that summarizes the ratings, credit history, and the report of the loan approved till now. It ranges from 300 to 900. It also indicates the ability to repay the loan as shown by the history of taking the loan.
It plays a determining role in the application procedure. When a self-employed or a salaried person applies for the loan, the CIBIL score is being checked by the lender. If the CIBIL score is lower than the required limit, it reduces the chances of getting approval for the loan. The score, thus, affects the interest rate, EMI within which you will pay the amount, tenure, and the amount to be paid. The minimum score (or number) that should be approved for getting the loan is 750.
How to apply for the personal loan?
1. For offline application:
● Submit the required documents
● Remain in touch with the representative/loan advisor of the company
● The offline procedure takes few working days to process the loan
2. For online application:
● Apply online with the necessary documents
● Online application for the personal loan is approved within a few minutes from the time of submission.
● Need to pass the eligibility criteria, and the scanned copy of the documents should be there
● Get verify the loan documents by the experts
● Upon the approval of the loan, the amount is sanctioned directly into the bank account.