Personal Loan bridges the gap between what we have and what we need.

Personal Loan is an unsecured loan.

TO DECIDE: WHETHER TO TAKE LOAN OR NOT?

One need to first figure out whether to meet the need of fund from our savings or to take up a personal loan.
You need to consider thoroughly the Pros and Cons of both Personal Loan and Money taken from
Savings.
If you decide to take out money from savings, you need to Plan Your Savings, so that, you can manage your good expenses Registry Planner
But, if you decide to opt for a Personal Loan, you need to get full information on it.

Details regarding PERSONAL LOAN.

Here, we provide full information regarding the process of initializing and
completing the process of Personal Loan.

LOAN FROM BANK OR NBFC

One need to decide from where to take the Loan- BANK or NBFC(NON-BANKING FINANCIAL COMPANY).

If you decide to take the loan from Bank-

• You need to have a good credit history and CIBIL score.
• The Interest rate is set under the regulation of RBI, which is quite high.
• Banks operate under the norms of RBI Banking Act.
• The loan approval process is quite rigorous.

If you decide to take it from NBFC-

• You need to have good CIBIL score, but also with low credit score on high interest rate.
• The interest rate is generally low.
• NBFC operate under Companies Act.
• The loan approval process is quite lenient.

ELIGIBILITY CRITERIA

Check the eligibility criteria by talking to a personal finance executive.

Following are the criterias which are essential to follow to approve the process of personal loan:

• Age Limit- Min 23 years and Max 58 years
• Nationality- Indian
• Employment Type- Salaried or Self Employed
• Employment Status- Employed for at least 2 years and at least 1 year under the present employer
• Minimum Income- Rs.20,000 (excluding incentives)
• Maximum Loan amount- Rs 50 lakhs (differs accordingly)
• Loan Tenure- Min 6 months and Max 60 months
• Credit Score- 750 points preferred

 

DOCUMENTS REQUIRED

You need to inquire the documents required for the loan.
Following are the important documents to apply for the personal loan:

• Last 3 months salary slip.
• 2 years old salary slip or appointment letter.
• Photocopy of Company ID card.
• Last 6months bank statement (where salary is credited).
• Photocopy of PAN Card.
• Photocopy of AADHAR Card.
• Latest Property Tax Receipt (if owned house) Or Notarized Rent Agreement.
• 1 Passport Size Photograph.
• Personal Loan Repayment Schedule/SOA (Statement of Account) i.e, Personal Loan EMI statement from 1st till date.(IF YOU ARE ALREADY HAVING A PERSONAL LOAN)

FILL UP APPLICATION

Along with the proper documents, you should fill up the application  with the help of an expert.

SUBMISSION

After the successful fill up of documents. the application is submitted.

VERIFICATION PROCESS

Then the verification process initiates. You should follow the approval process and cooperate with the financial institution for physical verification and on calls.

APPROVAL PROCESS

The approval of the loan application will be based on positive verification and positive CIBIL report.

DISBURSEMENT

After the approval of the loan, bank personnel officials will contact you for disbursement agreement/loan agreement.

CREDIT

Once the agreement process is completed, finally bank will credit the amount into your account or will issue a cheque.