Features :
PL can be paid back through Equated Monthly Installements (EMI). The ROI is fixed for the approved tenure by Bank. Normally EMI is calculated on monthly reducing balance . Personal Loans are disbursed within a week by Financial Institution.
A personal loan is a loan for your personal use, be it your child’s wedding, a dream vacation, or a shopping extravaganza. A personal loan does not require any security or collateral and completely unsecured in nature and can be availed without hassle.
Personal loans are advanced by Banks & financial institutions solely on the basis of the borrower’s ability to pay back the Loan from his monthly income
Apart from the rate of interest banks also charge some fees which are usually of two types. Once when you are applying for the loan and once when you are pre-closing the loan.
Personal loans can be taken with Co-Applicants to help you increase the loan amount you are eligible for. The income of the co-applicant also features in your valuation and helps in increasing your chances of getting a personal loan.
Get A Quotes
Reach out to us & we will respond as soon as we can.
A Personal Loan is given by bank without any security, co laterals or guarantee.
Loan Amount: Min. 50k up to 30 lakhs.
Repayment Tenure : 12 months to 60 months.
Processing fees : The fees when charged at the time of processing called as Processing Fees vary from 1-2.5% of the loan amount.
Foreclosure Charge : Foreclosure charge is the prepayment penalty paid at the time of pre-closure. This too varies from 2 – 5 %.
*Rate of Interest & Processing fees of Major Banks (It may change without prior notice)
| Loan Provider | Loan Amount | Interest Rate | Processing Fee | Tenure |
|---|---|---|---|---|
| HDFC Bank | 50k-30L | 11.49%-20% | 0.5%-2.5% of loan amount | 12 TO 60 MONTHS |
| ICICI Bank | 50k-25L | 11.49%-22% | 1%-2.5% of loan amount | 12 TO 60 MONTHS |
| Axis Bank | 50k-20L | 13.5%-24% | 2% of loan amount | 12 TO 60 MONTHS |
| Kotak | 50k-15L | 11.5%-24% | 2% of loan amount | 12 TO 60 MONTHS |
| Bajaj Finserv | 1L-25L | 15.5%-18% | 2% of loan amount | 12 TO 60 MONTHS |
| Standard Chartered | 50k-25L | 13.5%-22% | 0.5%-2% of loan amount | 12 TO 60 MONTHS |
| Tata Capital | 50k-20L | 11.99%-19.0% | 999/- 2% of loan amount | 12 TO 60 MONTHS |
| IndusInd Bank | 50k-20L | 11.99% – 23% | 2% of loan amount | 12 TO 60 MONTHS |
Personal Loan criteria for customers :
• Applicant should be an Indian citizen over 21 years of age.
• Must be employed for the 12 months or more.
• Minimum salary should be 15,000/- per month or more and bank it should be credited regularly to the Salary account.
• CIBIL Score should be more than 720
Personal loans don’t take too long to process. Banks usually disburse your loan within seven working days. However, it is recommended that you keep all your documents ready and in order, especially the post dated cheques (PDC), to avoid any delays. How fast you get your personal loan is dependent on your document collection process.
Documents Requirement :
| S.No. | For salaried Customer | For Self Employed Customer |
|---|---|---|
| 1 | 1 Photo & Signed Application Form | 1 Photo & Signed Application Form |
| 2 | KYC Documents (Proof of identity, DOB, Signature Proof and Residence Proof) | KYC Documents (Proof of identity, DOB, Signature Proof and Residence Proof) |
| 3 | -NA- | KYC Documents of Firm/Company |
| 4 | Latest 3 Months salary slips | Last 3 Years ITR Copy, Computation of income (Self & Company or Firm). |
| 5 | Last 3 Years Form-16 / Last 3 Years ITR Copy | 3 Yrs. Profit and Loss A/c and Balance Sheet Copy. |
| 6 | 6 Months salary account statements reflecting salary credit. | 12 Months Saving A/c statements & 12 Months Current A/c statements |
| 7 | Existing Loan Details with Bank statement of 1 Yr. | Existing Loan Details with Bank statement of 1 Yr. |
Team FinancialDistributor will be glad to offer you expert advice and guidance in order to help you choose the right bank/financial institution to get the cheapest rate of interest with maximum tenure along with maximum savings.
Basic Eligibility Criteria
Good Credit Score
Above 21 years of Age
Salaried professional
Resident of India
Valid Bank Account
PAN Card and Voter ID Card/Driving License
Bank Statements for the last three months
Salary Slip for last three months