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Personal Loan

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Personal Loans are the unsecured form of loans that are usually taken by an individual for the personal benefits. Whether you are planning a honeymoon with your soul mate, a travel trip or you just want to buy something for yourself, all you can do is to go for a Personal loan.
Personal loan has many distinct features that make it suitable to be availed for all kinds of personal requirements.

  1. Flexibility :
    Unlike the can easily be availed through without any kind of restrictions. Other kinds of loans, Personal Loan can easily be availed through without any kind of restrictions. Personal Loan offer you with a wide amount of freedom in terms of using the loan amount in any possible way.
  2. No Security Required :
    Another great thing is that being an unsecured loan you are not required to offer any kind of security to the money lender such as cash, shares or any other kind of assets
    One can easily enjoy the great amount of benefits through availing Personal Loans such as quick process without much documentation. There are no collaterals required like cash, assets, home, shares, gold as the form of security.

  • Age limit 18 - 70 years for Personal Loan. However, some banks Have different age limits for salaried, self-employed and self-employed professionals.
  • The eligibility varies based on the applicant’s profession, income & loan requirement.
  • Total working experience: minimum 3- years

Documents Required For PERSONAL LOAN

  • Filled Application form
  • Passport size Photograph
  • Voter’s ID/Pan Card/Valid Passport/Aadhar Card/Valid driving license with photograph.
  • Income Proof: Latest 3 Month salary slip / Certificate for Fixed Salary / Latest 2 year form 16 and Last 6 months bank statement / Passbook of salary account.
  • Residence Proof: Latest electricity bill / Utility bill piped gas bill / telephone bill /Passport / Registered lease agreement with a utility bill in the name of landlord.

  • Fill the Application Form
  • Submit all the Documents with a recent photograph
  • Check and Compare the Rates with Other Banks
You can easily avail the personal loan with a maximum limit of 15 lakhs and minimum limit of Rs 50,000.
An individual can easily avail the loan for a tenure of 12 to 60 months. It also depends on the different banks after considering the income eligibility. As per the loan policies, different banks calculate the policies differently.
    Yes, depending on the cost of loan the fee deducted is around 1.5-2% of the total amount of the loan taken. Apart from this, you will have to pay the applicable Service Tax.
Here are the Type of Loans that falls under the category of Personal Loan:
  • Agriculture Loan
  • Travel Loan
  • Wedding Loan
  • Credit Card Repay Loan
  • Gold Loans
The banks generally take around 4-5 days to get the application approved for the Personal Loan.
Yes, you might have to pay little extra charges such as the Documentation Charges, EMI Bounce Charges etc. We would suggest you read your agreement carefully at the time of applying for the loan.
While going for the foreclosure you need to make sure that all your dues are cleared. The first process is to check for all the dues and get the remaining amount cleared. You are required to get a foreclosure statement from your lender. After getting all the dues cleared you can submit the request for the process of foreclosure. Generally, there are no charges for the pre closure of the Personal Loan account.
Yes, the banks have the process of getting the part payment on the loan. At the nearest branch locations, you can get the part payment process. This will help you to either reschedule your EMI or reduce the overall time period of the loan process.
There are 3 different options that will help you to make your Personal Loan Payment:
  • Standing Instruction
  • Electronic Clearing Services
  • Post Dated Cheques
For an income proof, most banks look at your IT returns for last 2 yrs. & at the nature of income. However, some banks don’t consider the speculative income from a stock market, rental or agricultural income. Some banks discount such income by up to the 50 percent in their workings.
If all the required documents are in order, your process moves fast. You are necessary to submit the required documents such as salary slip, tax returns, proof of residence, bank statement etc. The processing takes between 2 – 7 days.
Banks Name Interest rate Processing fees
Aditya Birla Finance Ltd 14% - 26% 2%  + GST
Axis Bank Ltd 15.5%-24% 2%  + GST
Bajaj Finance Ltd 13.99%-18% 3% + GST
Fullerton India Credit Co. Ltd 18% – 40% 2%  + GST
HDB Financial Services Ltd. 14% – 21% 2%  + GST
HDFC Bank Ltd 10.99% – 18% 2%  + GST
ICICI Bank Ltd 10.99% – 18% 2%  + GST
IDFC Bank First Ltd 11%-18% 2%  + GST
IIFL (India Infoline Financece Ltd) 12.99% Onwards 2%  + GST
Indusind Bank Ltd. 10.50% - 30.50% 2%  + GST
Kotak Mahindra Bank 11.50%-24% 2%  + GST
Ratnakar Bank Ltd 13% – 18% 2%  + GST
Standard Chartered Banknk 13% – 18% 2%  + GST
Tata Capital Financial Servicesrvices Ltd. 12% – 18% 2%  + GST
Yes Bank 10.75%-16% 2%  + GST