Personal Loan

Personal Loan at 10.75%*

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What is 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 hence, 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.

Personal Loan Eligibility Criteria

  • Age: 21-60 years.
  • Minimum Salary: Rs. 15,000/- per month net income

Personal Loan Eligibility Documents

For Salaried:

  • Identity Proof
  • Current Address Proof
  • Last 6 months bank statements
  • Latest 3 months salary slips
  • PAN Card Copy
  • Two Colored Photographs

For Self-Employed:

  • Identity Proof
  • Current Address Proof
  • Last 1 year Bank Statement
  • Last 2 years ITR
  • PAN Card Copy
  • Two Colored Photographs