EVERYTHING YOU WANT TO KNOW ABOUT PERSONAL LOANS!

What is a Personal loan?

A personal loan is a type of unsecured loan in which no collateral is required or in other words, these loans are not backed up by any collateral. It is a loan in which money is borrowed from the Bank or NBFC that you can pay back in monthly equated installments, typically over 2 to 5 years. The rate of interest varies according to your profile, credit score, company listing in case of a salaried personnel etc. The minimum rate of interest that you can get in case of a personal loan is around 10.99%.

You can use the amount borrowed for any personal use like home renovation, studies, travel, wedding, even medical needs etc.

Are you eligible?

  • Your age should be between 23-58 years.
  • You should have a good credit score (minimum 600).
  • Your minimum salary should be INR 20,000 per month.
  • You should be working for the past two years and in a reputed organization in the private or public sector with a two-year track record.
  • In case of self-employed, you should have a good 3 years business record with minimum earning of INR 2,00,000 per year.

Personal loan

How much amount can you get?

We provide a personal loan from a minimum amount of INR 75,000 to the maximum of INR 25,00,000 depending upon your credentials.

How long in the tenure?

Tenure of a loan depends on a lot of factors like your salary, your prior obligations, loan amount etc. Usually, you can avail the loan tenure between 1-5 years depending only your capability to repay the loan borrowed. According to most Bank/NBFC, your 50% of the monthly income can be equated to your EMI amount. Another important factor to consider is the prior obligations you hold.

What is the rate of interest?

The rate of interest varies according to your company’s profile in case of salaried personnel or your profile in case of self-employed.

For salaried, the rate of interest usually depends on the company listing. The companies are categorized as:

  • Super Cat A
  • Cat A
  • Cat B
  • Cat C
  • Cat D

Your prior loan track and availed from which Bank/NBFC also plays a role in deciding your rate of interest.

The rate of interest starts from 10.99% and goes up to a maximum of 28% depending on your profile.

Documents Required For Personal Laon?

Documents Required for Salaried People For Personal Loan.

  • KYC documents
  • Office ID card
  • 3months latest salary slips
  • 6months bank statements of salary account
  • Last year FORM-16
  • Existing loan track & schedule

Documents Required for Self-Employed People For Personal Loan.

  • KYC documents
  • GST certificate
  • 3years ITR with financials
  • 1year bank statement – current & savings
  • Existing loan track & schedule

Why personal loan gets rejected?

The reasons why personal loan gets rejected are as follows:

  • Poor credit score (CIBIL score)
  • Poor prior loan track
  • Poor relationship with money lending institutions (Banks & NBFCs)
  • Frequent job shifts in case of salaried
  • The  poor financial health of your business in case of self-employed
  • Too many obligations
  • Insufficient income source
  • Negative area resident
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By | 2018-06-14T12:36:08+00:00 June 2nd, 2018|Blog|
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