Personal Loan
A consumer loan is a multi-purpose loan, which you can use to meet any of your immediate needs.
To fund medical emergency
To fund the wedding event of your child
To fund the much-awaited vacation
To expand your business
To fund your child’s education
Benefits of Personal Loan
- Offers:Â Offers For New Customers
- Multi-Purpose Loan:Â You can use Your Personal loans for any purpose including Home renovation & Health care
- Easy Process:Â Minimal documentation, such as proof of identity, address, and income, is enough to apply for a personal loan.
- Wide Utility:Â simple, and the flexibility of use allows people to get more attracted to personal loans.
- The flexibility of range and payback:Â You can be lent as much as ten times the amount of your salary. And depending on the factors that determine the period of payback, you can opt for an easy tenure in easy installments.
- Quick Approval:Â You can receive your loan without any delayance.
Characteristics of Personal Loan
- The loan amount depends on many factors, such as repayment capacity, income source, and more.
- The loan amount can range from Rs.10,000 up to a few lakhs.
- Loan tenure can range from 12 months up to 60 months based on your convenience.
- No Hidden Charges
- The higher the credit score, the lower the interest rate.
- Young individuals get loans easily with long tenures.
- There are no restrictions on how you should spend the loan amount. A personal loan allows you the freedom to use the money in any way you want.
Personal Loan - Eligibility Criteria
| Personal Loan Eligibility Criteria | Constraints |
|---|---|
| Age limit | 21 years to 60 years |
| Net monthly income | 15,000/- for both salaried and self-employed |
| Yearly transactions | Minimum of 20 lakhs |
| Credit score | Must be good & Above 650 |
| Employment | stability |
| Citizenship | Resident Citizen of India |
EMI Calculator for 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. Unlike many other kinds of loan, there is no restriction on how the borrowed amount is finally used – the borrower has full freedom to use the money for any purpose they want.
Calculate Your Personal Loan EMI Online
Personal loan is the most commonly availed loan product in the Indian debt industry. Over 78% of all credits availed in India fall under this category.
- It enables you to plan your repayment strategy beforehand by supplying you with accurate information.
The formula to calculate EMI for a Personal Loan is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P represents the principal loan amount
- R represents the monthly interest rate, calculated by dividing the annual rate by 12 and converting it to a decimal.
- N denotes the loan tenure measured in months.
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| Period | Payment | Interest | Balance |
|---|
Calculate Your Personal Loan EMI Online
Personal loan is the most commonly availed loan product in the Indian debt industry. Over 78% of all credits availed in India fall under this category.
- It enables you to plan your repayment strategy beforehand by supplying you with accurate information.
The formula to calculate EMI for a Personal Loan is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P represents the principal loan amount
- R represents the monthly interest rate, calculated by dividing the annual rate by 12 and converting it to a decimal.
- N denotes the loan tenure measured in months.
Documents required for Personal Loan
Photo Identity Proof (Any one):
- Passport
- PAN Card
- Voter’s ID
- Aadhar Card
- Driving License
Address Proof (Any one):
- Passport
- Utility Bill (telephone, electricity, water, gas) – less than 2 months old
- Aadhaar Card
- Driving License
- Ration Card
Tax Paid (Any one):
- IT returns (for 2 years)
- Form 16
Income Proof:
- Salary slips (Last 3 months)
- Bank statements for the last 3 to 6 months (showing salary credit)
Residence Ownership Proof (Any one):
- Property documents
- Maintenance bill
- Electricity bill
Proof of Job Continuity (Any one):
- Current employment certificate
- Current job appointment letter (if more than 2 years have been spent in the same organisation)
- Experience certificate (previous employer’s relieving or appointment letter along with job certificate)
A personal loan is a type of loan that is typically unsecured, meaning it doesn’t require collateral like a car or a house. It is often used for various personal expenses such as home renovations, medical bills, or debt consolidation.
Depending on several factors, including the loan amount, loan term, income, and employment history credit score requirements may differ. 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, you require a credit score of 700 or better.
Interest rates can vary widely based on your creditworthiness. They can be fixed (the rate stays the same over the loan term) or variable (the rate can change).
Students are eligible to apply for a personal loan. However, depending on the student’s financial situation, the eligibility criteria and loan terms may differ. If the student is employed or has a steady source of income, procuring a personal loan may be easier. A good credit score can also increase the likelihood of approval and result in lower interest rates.
On the other side, the student might require a co-signer if they have little to no income to be accepted for a personal loan. A co-signer is a credit-worthy individual who consents to accept financial responsibility for the loan if the borrower is unable to pay it back.
The minimum salary required to be eligible for a personal loan is Rs. 15,000 per month. This means that if you earn less than Rs. 15,000 per month, you may not be eligible for a personal loan.
Eligibility criteria vary but generally include factors such as credit score, income, employment status, and debt-to-income ratio.
You can contact us through online. Our representative will contact you shortly.
Yes, we allow you to repay the loan early without penalty.