Personal Loan: Personal loans are unsecured loans which are provides by the banks without any security to meet our present financial needs. Loans are not fully secured (which means they do not have collateral by the borrower). They attract high interest rates that banks know are being negotiated with customers that match their target specifications. We can take Personal loans for any personal requirements like weddings, marriages, medical emergencies, to buy a lifestyle product etc.
We can choose personal Loan For Following Reasons
- Personal Loan for Wedding and Marriages
- Personal Loan for Education
- Personal Loan for Travel and for Holidays
- Personal Loan for General Purposes
- Personal loan to buy a new iPhone
- Personal Loan for the renovation of home
- Personal Loans to pay off credit card bills.
you are also allowed to take other three types of loans that comes under personal loans, which depends on your repaying capacity.
- Step Up Flexi EMI Personal Loan
- Step Down Flexi EMI Personal Loan
- Bullet Flexi EMI Personal Loan
Eligibility for a personal loans?
You are eligible for personal loan based on your profession and source of income. You are eligible for a personal loan if you are
- A salaried person, aged between 21 to 58 years and must be employed in the public or private sector in a reputed company with a track record of two years working in the organisation and minimum earning salary of 20,000/- per month.
- Self-employed or a businessman, aged between 25 to 65 years with a business record of 3 years in the same city and earning a income of 2,00,000/- per year.
- Personal loans will be provided by different Banks and NBFCS. There are many factors which will affect your personal loan eligibility. Some factors which the Banks will consider while your personal loan eligibility was decided
- Financial Background
- Company in which you are employed
- Personal loan credit history
- Other loans you are holding
Check here for Detailed Information of Personal Loan Eligibility
Interest rates and the maximum amount of personal loan one can avail?
The cost to you is the interest rate charged on the principal loan amount.
- Personal loans will be provided from a minimum of Rs 75,000 to a maximum of Rs 25,00,000/-
- Rate of interest will be varying from 11.49% to 19%.
How much EMI you should pay?
Whatever the EMI you pay will depends on the principal loan amount, the interest rate charged and the period for which the loan is taken. Personal loan will be provided with loan tenure between 1 year – 7 years.
For instance, EMI for the amount of Rs 6,00,000 at 10% interest and 2-year tenure will be lesser than the EMI for the same amount of loan and interest but with a 4 year tenure. For more details please check Personal Loan EMI calculator.
How can you avail a Personal Loan?
Personal Loan can be availed if you are
- Salaried individual
- Self-employed businessman
- Self-employed professional
In order to avail Personal Loan you must follow some basic formalities like submitting the proofs of Personal Identity, Employment, Address, Trade or Business, Ownership, Educational qualifications etc.
You must submit the supporting documents like ITR & Relevant Financial Statements, Bank statements. For more check Personal Loan Documents.