Mumbai City Financial Advisor

PERSONAL LOAN

Personal Loan

Personal Loan is an unsecured loan for personal use which doesn’t require any security or collateral and can be availed for any purpose, be it a wedding expenditure, a holiday or purchasing consumer durables. A personal loan is very handy & caters to all your needs. The amount of loan can be ranged from Rs. 50,000 – Rs. 30 lakh & the tenure for repaying the loan varies from 1 to 5 years.

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  • Charges
  • Criteria
  • Documents

The Rate of interest alone should not be judged before you finalise your application. Apart from the rate of interest, Personal Loan also constitutes other charges levied by the lender which affect the overall cost of your loan & should be considered while comparing it across banks. Following are the lists of charges

  • Banks charge borrowers with a fee when they pay the loan EMIs before the tenure which normally is between 2-5% of the outstanding loan amount.
  • When there is a delay in paying your monthly EMI of your loan, banks charge a late payment fee with your EMIs. They normally range from 2-3% of the EMI.
  • These are the charges for verifying the borrower’s documents to processing the loan application. These vary from Rs.500 – Rs.3000.You should note that the above charges vary across different banks. You should consider these charges before choosing personal loan as they will determine its real cost.
  • You should note that the above charges vary across different banks. You should consider these charges before choosing personal loan as they will determine its real cost.

TheBanks offer Personal Loan to borrowers depending on various factors such as income, employment, continuity of business so as to make sure that they repay the loan with interest before the due date. Loan Ka Setting Personal loan, The eligibility criteria of this type of a Loan is primarily based on the work profile of a loan seeker which is broadly divided into the following two classes

  • Self-employed
  • Salaried

In addition to the above factors banks also consider other aspects such as age, work experience, existing relationship with the bank, repayment capacity etc.To find your eligibility Criteria across various banks in accordance with the above parameters. Loan Ka Setting has brought in the Eligibility Criteria Check for Personal Loan seekers.

The documentation process in personal loan is very fast as against secured loans. Following documents are required by financial institutions to process the loan application

  • Passport size photograph
  • Copy of PAN Card
  • Copy of Adhar Card
  • Current Residence Proof
  • Permanent Address Proof
  • Latest 3 months Salary Slip
  • Latest 3 to 6 months Bank Statement of salaried Account

In case of self-employed banks require balance sheets, profit & loss account, partnership deed & other mandatory documents etc.

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