Personal Loan

Why Personal Loan?

A Personal Loan is a loan taken by an individual to fund any personal expense like, for example, a wedding, to make renovations to the home or even for a vacation. It has higher interest rates than secured loans like a home-equity loan. Hence, these loans are backed only by your promise to repay, and therefore, for this reason, they are also known as “unsecured loans.” This kind of financing usually comes with a fixed interest rate as well as a term ranging from one to five years. There is no collateral to appraise, so getting an underwriting decision as well as receiving your funds can happen very quickly.

They are safer than credit cards as well as can improve your credit rating because credit scoring systems treat installment debt more favorably than revolving debt like credit cards. Finally, personal loans usually come with lower rates than comparable credit cards.

Eligibility for Personal Loan

Salaried

Profession: The person should be working in a government, private or MNC Company.

Eligible Age: The Minimum age to apply is 21 years, and the maximum is 60 years.

Minimum income: The person should be getting a minimum of 18,000p.m. Salary.

Work Experience: The applicant should have at least three years of working experience, and more than three months of experience in the current company.

CIBIL score and EMI percentage: The minimum CIBIL score required is 650 & maximum EMI should be not more than 65% of monthly income.

Self-Employed

Profession: The Person should be professionals like Doctors, CA, CS, Architects, Lawyer, or, doing his own business.

Eligible Age: The minimum age to apply for a personal loan is 23 years, and the maximum is 65 years.

Minimum income:  The minimum revenue from business or the profession should be not less than 25,000p.m.

Work Experience: The person should have at least three years of his professional experience.

CIBIL score and EMI percentage: The minimum CIBIL score required for Personal Loan is 650 & maximum EMI should be not more than 65% of monthly income.

Personal Loan Interest rate

The interest rate may vary from 10.99% to 20.00% per annum. The rate of interest offered by Banks & NBFCs is as per the prevailing market trends. The interest rates are indicative only, and the final rate offered would vary and calculated based on below-mentioned points.

   Profile of Customers

   Tenure of the Loan

   Geography of residence

   Nature of Collateral (If provided)

   Prior/existing relationship with the Bank.

Documents Required

Salaried

Identity Proof: Adhar Card, Passport, Voter ID card or Driving License

Address proof: Ration card, Passport, Rent agreement, electricity/water bill.

Last six months Bank statement & 3 months’ salary slip

Latest form 16

PAN card

Self-Employed

Identity Proof: Adhar Card, Passport, Voter ID card or Driving License

Address proof: Ration card, Passport, rent agreement, electricity/water bill.

Latest six months of Bank statement.

Latest ITR along with computation of income along with P/L audited by certified CA for the previous two years.

Tenure

Tenure is the time period for which you get the loan; here it is for one to five years.

How to apply for Personal Loan?

Visit lendingwale.com and fill all your required details like Name, age, income, etc.

Our relationship manager will contact you as soon as possible and help you get your loan approved.

FAQs

Why should I take a personal loan?

Banks & NBFCs provides a Personal Loan at a shallow interest rate with the low EMI options. Furthermore, the bank processes the Loan very fast and without any hassle.

What interest is charged on a personal loan?

Personal loan interest rates generally start from 10.99%. However, it changes from time. Besides that, it also depends on the profile of the applicant.

What is the tenure of Personal Loan?

The loan tenure of the Personal Loan is One year to Five years.

How much Personal Loan amount I can borrow?

The applicant can get a loan amount of Rs. One Lakh to a maximum amount of Rs. 40 Lakhs, depending on the professional background.

How much is the processing fee on loan?

The processing fee charged is about 1% to 7%.

Is age an eligibility factor in getting a personal loan?

Yes, age is a factor to apply for a loan. The minimum age of the applicant should be 21 years, and it can be maximum 60years.

Are there any prepayment charges?

Yes, the pre-closure charges are about 3% to 7% depending on submitted EMIs and Loan amount and tenure.

How can I get a loan with low CIBIL score?

You cannot get a personal loan with low CIBIL score; however, you can go for a gold loan.

How to check Loan EMI?

You can check your monthly EMI by our EMI calculator.