Personal Loan Overview

Personal Loan is loans that can be used to cover a number of personal expenses. Personal loan does not require any collateral or security and can be obtained with minimal documentation. Just like most loans, however, it must be repaid in monthly instalments. You can use it to fund any expense including wedding expenses, home renovations or repairs, vacation costs, unexpected expenses etc.

Personal Loan Finance Process

• Application form & document submission
• CIBIL report check
• Residence verification
• Office verification
• Eligibility calculation
• Personal Discussion
• Credit decision
• Disbursement

Criteria for Personal Loan

• An Indian resident 
• Only salaried individuals can avail personal loan 
• Employees of public and private limited companies
• Minimum age of 21 years
• Maximum age of 60 years at the time of maturity of the personal loan
• Minimum net monthly income – Rs. 25,000
• Personal loan that can amount up to Rs. 50 lakhs, for a tenure ranging from 12-60 months
• Rate of Interest Between 10.50% to 18%
• Processing fees range from 1% to 3%+ GST

Documents required for Personal Loan

• Valid Government identity proof (Pan Card & Aadhar Card)
• Latest salary slips for 3 months
• Latest 12 months bank statement 
• Last 3 years Form 16 (Part A & B) 
• Existing obligation details