- Apply For Personal Loan
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In todayís modern and competitive world everyone needs a large amount of money to fulfill their needs. But these are not fulfilled due to limited earnings and high expenses. Under these circumstances, a personal loan is the best option to avail a loan. Personal Loan is an unsecured debt offered by various banks at affordable interest rates. It is an unsecured loan in which person does not need to secure their assets as collateral. The loan can be availed easily without going into a lot of paperwork and documentation.
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* Interest rate can vary as per individual's portfolio.
Key Benefits of Personal Loan:
Personal Loans come with several benefits as mentioned here with
- Get approved for loans up to INR 15 Lakh, depending on income and repayment capacity.
- Personal loan can be used for any purpose like holiday, marriage expenses, house renovation, shopping and many more.
- Personal loans ensure quick processing, which is often sanctioned within 72 hours, depending on documents submitted to the lending institution
- Personal loans typically donít require any guarantor or security.
- It requires only minimal documentation.
- 12-60 months repayment tenure.
- Multiple repayment methods such as post dated checks, electronic clearing services, account debit
- Attractive interest rates.
- Personal loans available for salaried and self employed both.
Eligibility Criteria for Personal Loan:
- Should be an Indian
- Should be minimum 21 years of age and maximum 58-60 years
- Minimum net income of INR 15,000 to 20,000 per month
- Overall 3 years of work experience with a minimum of one month experience in the current organization
- Residence either owned, company provided or rented
For Self Employed:
- Should be an Indian
- Minimum age of 23 or 25 years with a maximum age of 65 years
- Minimum income of INR 2-2.5 Lakh per annum
- Minimum of 3 years experience in the same business
- Private limited, partnership firms, and deemed limited companies are eligible for personal loans
- Residence or office should be either self owned or rented
Personal Loan Repayment Process:
The total loan amount plus the rate of interest is payable at a fixed equated monthly installment on a fixed date of repayment, either via account debit, post dated check or electronic clearing services.