Personal Loan

Personal Loan

Personal Loan is an unsecured loan which means loans provided without any security and can be taken for any purpose like : purchasing consumer durables, paying credit card bills, or a wedding expenses.The amount of loan which most banks and NBFC’s offer upto 15 lakhs and the tenure for repayment varies from 1 to 5 years.

 

Various Factors Which affects Personal Loan Eligibility:

  1. Income : This means if a person taking Personal Loan, it will help the bank to understand how a person can repay the loan.Every bank have minimum level of income for calculating eligibility for personal loan.
  2. CIBIL : Credit history of a person which can be checked by Credit Information Bureau of India on the basis of all loan/credit card borrowers in the country.
  3. Company : In which a person is employed. Every bank categorize all the company in various category as Cat-A, Cat-B, Cat-C, Cat-D and others.The loan amount and interest rate depends upon the company category. Eg. Cat-A company has more loan amount with lesser R O I as compared to Cat-B,C and D.

How Much time take for a Personal Loan

 It is the most important factor while applying for a personal loan and different banks take time according to their TAT and normally it is 7 days after submitting all the supporting documents.

Various Factors Which affects Personal Loan Eligibility:

Apart from the rate of interest, there are also other charges levied by the banks as

A)  Processing fee, generally between 1-2 percent of the loan amount .

B)  Prepayment on late penalty- The bank charges prepayment from borrowers for early payment of a loan which normally 2-4       percent of the outstanding loan amount. Similarly bank charges late penalty for not paying EMI on time and the charges are between Rs250 to Rs 500.for every bounced EMI.

 Documents:

The Various documents required for a personal loan are Salary Slip, 3-6 Months bank statement, Pan Card Copy, Adhar Card Copy,residence proof and other supporting documents. 

 

Personal Loan Interest rates

Personal Loan interest rates varies on different criteria and it depends upon your income level, company in which you are working and the residential status.

Different banks offers interest rates and other charges are based on set criteria. 

Personal Loan Interest Rate Starts from 10.99% *