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Personal Loan

Personal Loan Features

Features and Benefits of our Personal Loan

A personal loan is an unsecured loan that is not backed by collateral or security. This makes it a flexible financing option, as there are no limitations on its use.

The followings are the ways a personal loan can be useful:

Debt consolidation: Combining multiple debts into a single loan with a lower interest rate to save money on interest payments and make it easier to manage debts.

Home renovation: Using a personal loan to fund home renovation projects can increase the value of your home and improve your living conditions.

Medical expenses: If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.

Emergency expenses: A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.

Personal Loan Eligibility Criteria

To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.

  • Age should fall under the range of 21 years to 60 years
  • Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs
  • Credit score must be above 650
  • Debt-to-income ratio
  • Employment stability
  • Maintained a good credit score
  • Clear repayment history
  • Must be a Resident Citizen of India

Personal Loan Documents

  • Identity Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

  • Proof of Residence or Address Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card

  • Age Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

  • Income Proof - 1 year Bank statement, 3 months Salary Slips

  • Employment Proof - Employment Certificate, Office address proof

  • list text hereGST or VAT Registration for Self-employed

  • Photograph - Passport-size photographs

  • Business proof - Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.

  • Income tax returns – Documents of the past 2-3 years to verify income and tax payment history

Personal Loan Fees & Charges

The fees and charges of personal loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to personal loans:

Particulars Charges
Loan Processing Fees 2999/- to 5% of Loan Amount
Loan Cancellation Usually 3000 to 5% of Loan Amount
Stamp Duty Charges 150/- to 300/-
Legal Fees As per actuals
Penal Charges Usually 2% per month
EMI / Cheque Bounce Charges Approx 499/- to 599/

Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.

Personal Loan Reviews

Personal Loan FAQs

Depending on several factors, including the loan amount, loan term, income, and employment history, different lenders have different minimum credit score requirements to be approved for personal loans. Most lenders consider a credit score of 650 or above to be strong enough to qualify for a personal loan. To be eligible for a personal loan with low-interest rates and advantageous terms, some lenders may require a credit score of 700 or better.
The minimum salary required to be eligible for a personal loan can vary depending on the lender and their specific eligibility criteria. However, in India, most lenders have a minimum salary requirement of Rs. 15,000 per month to qualify for a personal loan. This means that if you earn less than Rs. 15,000 per month, you may not be eligible for a personal loan from these lenders.
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