PERSONAL LOAN

 PERSONAL LOAN: - Call on 9049061895

Features and Benefits of Personal Loan

A personal loan is an unsecured loan, meaning you don’t need to provide any

collateral or security. This makes it a versatile and accessible financial

solution for various needs.

Key Benefits and Uses of a Personal Loan:

Debt Consolidation

Simplify your finances by combining multiple debts into a single loan with a

lower interest rate. This reduces your monthly payments and makes managing

your debt easier.

Home Renovation

Upgrade your living space or improve the value of your property using a personal

loan to fund home repair or remodelling projects.

Medical Expenses

Personal loans can help you manage unexpected healthcare costs, such as

emergency treatments, surgeries, or hospital bills, without financial stress.

Emergency Expenses

Whether it’s a car breakdown, urgent travel, or unforeseen events, a personal

loan ensures you have the funds when you need them the most.

Personal Loan Eligibility Criteria

To qualify for a personal loan, applicants must meet certain basic requirements.

Lenders evaluate several key factors to determine loan eligibility,

creditworthiness, and repayment capacity.

Eligibility Requirements:

1. Age

Applicant should be between 21 and 60 years of age.

2. Income

o Salaried individuals: Minimum net monthly income of ₹15,000

o Self-employed individuals: Minimum annual business transactions of

₹20 lakhs

3. Credit Score

A CIBIL or credit score of 650 or above is typically required.

4. Debt-to-Income Ratio

A healthy ratio is preferred to ensure manageable repayment capacity.

5. Employment Stability

Stable employment or consistent business track record increases approval

chances.

6. Credit History

o A good credit score should be consistently maintained

o Must have a clear repayment history without defaults

7. Residency

Must be a Resident Citizen of India

Documents Required to Apply for a Personal Loan

When applying for a personal loan, you must provide a set of documents to verify

your identity, income, and eligibility. Below is the comprehensive list of

documents generally required:

1. Identity Proof (Any one of the following)

 Passport

 Voter ID

 Driving License

 PAN Card

 Aadhaar Card

2. Address Proof / Residence Proof (Any one of the following)

 Passport

 Voter ID

 Driving License

 PAN Card

 Aadhaar Card

 Electricity Bill

 Telephone Bill

 Ration Card

3. Age Proof (Any one of the following)

 Passport

 Voter ID

 Driving License

 PAN Card

 Aadhaar Card

4. Income Proof

 Latest 1-year bank statement

 Last 3 months’ salary slips (for salaried individuals)

5. Employment Proof (for salaried applicants)

 Employment certificate from employer

 O􀆯icial address proof of the organization

6. Business Proof (for self-employed applicants)

 Business registration certificate

 Partnership Deed / Memorandum of Association (MOA) / Articles of Association

(AOA)

7. GST or VAT Registration (for self-employed individuals/Professionals)

8. Income Tax Returns

 ITR documents for the last 2–3 years

9. Photographs

 Recent passport-size photographs

Fees and Charges for Personal Loan

Understanding the costs associated with a personal loan helps you make an

informed decision. Below are the standard fees and charges that may apply:

Charge Type Details

Processing Fee

1% to 3% of the loan amount (plus

applicable GST)

Prepayment / Foreclosure

Charges

2% to 5% of the outstanding principal (may

vary by lender)

Late Payment Charges

2% to 4% per month on the overdue EMI

amount

EMI Bounce Charges ₹300 to ₹500 per bounce (varies by lender)

Loan Cancellation

Charges

₹1,000 to ₹2,500 (if the loan is canceled

after disbursement)

Loan Statement Charges Free or up to ₹200 (depending on the lender)

Part-Payment Charges

Usually 2% to 3% of the part-paid amount (if

allowed by the lender)

Stamp Duty &

Documentation

As per state laws and lender policies

Important Notes:

 Fees vary by financial institution and are subject to change.

 Always read the loan agreement carefully for specific terms and conditions.

 Some lenders offer zero processing fee or no prepayment charges under

special offers.