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All about Personal Loan(s)


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Title: All about Personal Loan(s)

All about Personal Loan(s)
What is Personal Loan?
  • A personal loan is a type of unsecured loan and
    helps you meet your current financial needs.
  • You dont usually need to pledge any security or
    collateral while availing a personal loan and
    your lender provides you with the flexibility to
    use the funds as per your need.
  • One can borrow money for a minimum period of one
    year to a maximum of five years.
  • Required in need when
  • unexpected medical emergency occurs,
  • going on a vacation,
  • home renovation,
  • buying consumer durables,
  • repay credit card debt or
  • any other personal exigency which has a temporary
    effect on your earnings.

Features Benefits
  • Can have advantages of
  • flexible EMI plans
  • higher loan amount
  • flexible tenure options
  • Flexible repayment options
  • Quick approval
  • Multi-purpose loan
  • Minimal paperwork
  • No security or collateral are required
  • Reasonable interest rates

  • Individual should be an Indian citizen
  • Good Credit/CIBIL/EXPERIAN score Loan
    applications of applicants having poor credit
    score may get rejected. Its always advisable to
    keep on updating your credit score every now and
    then. If you have a bad credit score and somehow
    your loan application gets approved, you might be
    asked to pay a high rate of interest and be
    offered unfavorable terms and conditions on your
    loan as compared to someone who has an excellent
    credit score.
  • Income criteria A personal loan applicant must
    be earning the minimal wage criteria defined by
    the lender and also should be able to repay the
    loan on monthly, quarterly or yearly basis with
    on-time payment.
  • Age criteria
  • For salaried employees(21-60 years) and
  • For self - employed (25-65 years)

Eligibility Continued
  • Employment stability
  • For salaried and employed ( gt 2 years in the
    current profession)
  • For self-employed (minimum 5 years of total
    tenure of earnings)
  • Existing EMIs In case a customer has existing
    EMIs, he/she should clearly be able to
    demonstrate and prove that he has ample monthly
    residual income after his monthly recurring
    expenditures and other EMIs so that he/she is
    able to service the EMI of the personal loan.
  • Employer The employer with whom the applicant is
    working with is the best way to determine the
    credibility of the applicant. Being a part of
    reputed and high turnover companies is an asset
    when it comes to applying for personal loan, as
    their employees growth is promising.

Documents Required
  • Documents for Salaried Individuals
  • Documents for Self-Employed Individuals

Documents for Salaried Individuals
  • Identity proof Any one of Aadhar Card / Voters
    ID / Passport / Driving License / PAN Card.
  • Residential proof Any one of Leave and License
    Agreement / Utility Bill (maximum three months
    old) / Passport.
  • Salary Slips Latest (last) three months' Bank
    Statement of the account in which salary or
    income is credited.
  • Employment certificates 2-year Employment
    continuity document
  • Photographs Two passport size photographs

Documents for Self-Employed Individuals
  • Know your customer KYC documents Identity
    proof, address proof and date of birth proof.
  • Proof of Residence Leave and license agreement,
    utility bill (should not be more than three
    months old), and a copy of your passport if, you
    own one.
  • Proof of Income The audited financial report for
    the last two years.
  • Bank Statement Last six months' bank statement.
  • Official address Proof Official address proof
    should also be included.
  • Proof of residence or Office ownership The proof
    of residence or Office ownership should be part
    of the document submission.
  • Proof of continuity of business Testimony that
    the business is running for certain duration must
    be enclosed in the set of documents.

Interest Rate Charges
Thank You!!!