When your expenses arise, personal loans are the most feasible financial products. As a borrower, you can take these loans to pay for the big events of your life, such as Medical emergency, Child education, buying consumer durable things, Holidays, Abroad travel, Wedding, pursuing higher education, buying your dream vehicle,

Personal loans are available in both secured and unsecured form. Choose the loan type as per your needs and choice. When you apply for these loans, banks or financial institutions look into your employment status, monthly income, and credit history. You can repay these loans in in equal monthly installments (EMIs) for a duration which varies from 1 to 5 years. The loan amount could range from Rs. 50,000 to Rs. 20, 00,000. But, the maximum loan amount of personal loans depends on your take-home salary, eligibility, job security, residential location and the ability to repay the loan amount with interest in time.

As different banks and financial institutions provide these loans, you need to compare their services from different metrics, such as the loan amount, payment options, interest fees, loan processing fees, duration of the loan, etc, and make a smart selection accordingly.

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Documents and Eligibility

DOCUMENTS

  • Loan Application form
  • 2 Passport size photographs
  • Valid ID Proof:- Pan card, Aadhar card, Driving license, Voter card etc.
  • Valid Age Proof:- Adhar Card, Pan Card, 10th board Marksheet etc.
  • Current Address Proof:- Electricity Bill, Water bill, Rent agreement, Telephone bill, Other utility bills.
  • Past Address Proof:- Rent agreement, Electricity Bill, Telephone bill, other utility bill.
  • Salary Slips of last 3 months.
  • 12 month bank statement.
  • Employment Proof
  • Signature Proof

ELIGIBILITIES

  • Minimum age of the applicant: 21 years
  • Maximum age of the applicant: 58 years
  • Minimum work experience: 1 Year
  • Minimum Net Monthly Income: ₹ 20,000
  • The minimum salary requirement will differ depending on the profile (Type of employer, having relationship with Bank etc.) of the customer

DOCUMENTS

  • Loan Application Form
  • 2 Passport size photographs
  • Valid ID Proof:- Pan card of the Company.
  • Office Residence Proof – Rent agreement, Electricity Bill, Telephone bill, other utility bill.
  • Business Existence Proof: 3 years old Saral Copy, the Company Registration license, Shop Establishment Act
  • Office Ownership Proof – Property Documents, Utility Bill, Maintenance Bill.
  • Income Proof: Audited financials for the last 2 years
  • Professional Degree certificate
  • 12 month bank statement.
  • Signature proof

ELIGIBILITIES

  • Minimum age of the applicant: 24 Years
  • Maximum age of the applicant: 65 Years
  • Minimum work experience: 3 Years
  • Minimum Net Annual Income: ₹ 1 lakh’

DOCUMENTS

  • Loan Application Form
  • 2 Passport size photographs
  • Valid ID Proof:- Pan card of the Company.
  • Office Residence Proof – Rent agreement, Electricity Bill, Telephone bill, other utility bill.
  • Proof of office ownership.
  • Proof of continuity of business.
  • Income Proof: Audited financials for the last 2 years
  • 12 month bank statement.
  • Signature proof

ELIGIBILITIES

  • Minimum age of the applicant: 24 Years
  • Maximum age of the applicant: 65 Years
  • Minimum work experience: 3 Years

DOCUMENTS

  • Loan Application Form
  • 2 Passport size photographs
  • Valid ID Proof:- Pan card of the Company.
  • Office Residence Proof – Rent agreement, Electricity Bill, Telephone bill, other utility bill.
  • Proof of office ownership.
  • Proof of continuity of business.
  • Income Proof – Audited financials for the last 2 years
  • 12 month bank statement.
  • Signature proof

ELIGIBILITIES

  • Minimum age of the applicant: 24 Years
  • Maximum age of the applicant: 65 Years
  • Minimum work experience: 3 Years
  • Minimum Net Annual Income: ₹ 1 lakh

FREQUENTLY ASKED QUESTIONS

Q-1 What is a Personal Loan?
  • Personal Loan is a loan given by bank/Financial institution to an individual for his/her current Financial needs.
  • Personal Loan is sanctioned by Bank only when you promise to repay without security.
  • Personal loan is also known as “Unsecured Loan”.
  • Personal Loan is a favor given by Bank to fulfill the current needs.
Q-2 What is the purpose of a Personal Loan?
  • Wedding purpose
  • Medical emergencies
  • Trip
  • Education purpose
  • Any other personal purposes
Q-3 What are the benefits of Personal Loan?
  • In personal Loan, EMI based Repayment
  • No need of Collateral security
Q-5 What is a Personal Loan application?

A document contains the information about the borrower's income, her obligations, and proofs of Identity.

Q-5 What is the basis of calculation of interest rate?

Interest is decided by the bank on the basis of quantum of loan , the risk associated with borrower & security covers.

Q-6 What is the maximum time period of the personal loan?

A personal loan is a short tenure loan. Most of the banks provide you the loan for maximum 3 years (36 months) to max 5 years (60 months).

Q-7 How much personal Loan can I take?

Loan eligibility depends upon various factors. The main factor is your ability to repay. The bank would like that the installment you pay should not exceed more than 30 to 40% of your net salary or 2-3 times of your income tax return.

Q-8 Can I apply for loan, jointly with my spouse?

Yes, Personal Loans can be applied jointly with a co-applicant. This helps you to increase your income eligibility and you can also avail a larger amount of the loan.