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Personal Loan

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WHAT IS PERSONAL LOAN ?

If you want to consolidate high interest rate credit debt or you want to fulfill your financial obligations, a personal loan could be a good solution. With a personal loan, cash is typically deposited into your bank account, which means you can use the loan for any purpose. Personal loans help the households meet any shortfall they experience in buying a house or a car, in children's higher education, or even in cases of medical contingencies, among other things.

Simply put, it is an unsecured loan taken by individuals from a bank or a non-banking financial company (NBFC) to meet their personal needs. It is provided on the basis of key criteria such as income level, credit and employment history, repayment capacity, etc.

Unlike a home or a car loan, a personal loan is not secured against any asset. As it is unsecured and the borrower does not put up collateral like gold or property to avail it,

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Eligibility Criteria

Although it varies from bank to bank, the general criteria include your age, occupation, income, capacity to repay the loan and place of residence.

To avail of a personal loan, you must have a regular income source, whether you are a salaried individual, self-employed business person or a professional. An individual's eligibility is also affected by the company he is employed with, his credit history, etc.

Key documents required when applying for a loan

Though the documentation requirements vary from one financial institution to another, some key documents you will have to provide with your personal loan application include:

  •     Income proof (3 months salary slip for salaried/recent acknowledged ITR for self-employed)
  •     2 Years Form 16
  •     6 Months banking
  •     local Permanent address
  •     Pan card
  •     Aadhar card
  •     Certified copies of degree/licence (in case of self-employed individuals)


Why Choose us?

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The Benefit

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Frequently Asked Question

It can be 1 to 5 years or 12 to 60 months. Shorter or longer tenures may be allowed on a case by case basis, but it is rare.

Typically, it gets disbursed within 7 working days of the loan application to the lender. Once approved, you may either receive an account payee cheque/draft equal to the loan amount or get the money deposited automatically into your savings account electronically.

It usually depends on your income and varies based on whether you are salaried or self-employed. Usually, the banks restrict the loan amount such that your EMI isn't more than 40-50% of your monthly income. Any existing loans that are being serviced by the applicant are also considered when calculating the personal loan amount. For the self employed, the loan value is determined on the basis of the profit earned as per the most recent acknowledged profit/Loss statement, while taking into account any additional liabilities (such as current loans for business, etc.) that he might have.

Our Brochure

Our 2016 financial prospectus brochure for easy to read guide all of the services offered.

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