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Personal Loan

  • How do I get a personal loan / For what purpose I can avail Personal Loan ?
    If you are in need of quick cash for urgent requirements be it sudden emergency, buying or gifting/wedding or paying your credit card bill, personal loan is the boon in disguise .It is an unsecured loan which does not require any mortgage and it is faster to process with simple documentation. It differs from bank to bank and their eligibility criteria.
  • How long does it take to process a personal loan?
    Personal loans are typically disbursed within 2 Days to one week of submission of supporting complete documents.
  • What is the maximum loan amount that I can avail?
    Your loan amount depends primarily on your ability to repay. Generally, banks disburse personal loans for amounts ranging from Rs 50,000/- to Rs 20 lakh, with a repayment period of one to five years.
  • What is the rate of interest that will be charged on the loan?
    The rate of interest varies from 12% to 32% per cent depending upon your profile and the scheme you opt for.
  • What is reduced interest rate and flat interest rate?
    In case of reduced interest rate, the interest on your loan reduces as it is calculated on the reduced principle amount. A flat interest rate has a fixed rate of interest and is calculated over the entire loan period.
  • What is an EMI?
    EMI means Equated Monthly Instalment which includes principal and interest. You repay your loan by way of EMIs by giving standing instructions to debit your SB account with us. EMI is recovered every month on a predetermined date.
  • How interest is charged?
    Interest is charged at predetermined rate on reducing balances. It is debited to loan account at monthly rests i.e end of every month.
  • Can my spouses income be included for calculating the loan amount?
    Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
  • Do I have to pledge some form of security?
    No security is required.
  • What are the fees and charges payable and when are they payable?
    Apart from the rate of interest bank also charge some fees which are of Usually two types. Once when you are applying for the loan and once when you are pre-closing the loan. The fees when charged at the time of processing called as Processing Fees vary from 2-3% of the loan amount. The second charge is the prepayment penalty paid at the time of pre-closure. This varies from 4 – 2 % Similar to processing charges.

Documents required

  • Proof of Identity ( Pan Card /Passport Copy/ Voters ID card/ Driving License )
  • Address Proof (Ration card /Driving License/ Voter Id Card/ Utility Bill (Latest) / Registered Rental Agreement. / Credit Card Statement / Passport copy )
  • One Pass Port size Photo
  • Bank Statements ( Latest 3- 6 Months Bank Statement )
  • Latest 3 month`s salary slip along with latest Form 16 / ITR
  • Appointment Letter ( For Joining Date Confirmation )