Personal Loan

As the name suggests, a “personal loan” is offered for personal use instead of business or commercial purposes. Such loans help you to take care of your immediate requirements without much of a hassle. In fact, personal loan is one of the quickest ways of borrowing money. Also, no questions regarding the end use of the loan are asked. You can use the loan amount for any purpose such as House renovation, Holidays, Purchase of consumer durables, Education, Marriage, Short Term loan for equipment purchase, Short Term Working Capital, Pay off credit cards, Any other personal emergency. In other words, a personal loan is a loan that is granted for personal use. It is usually unsecured and based on the borrower’s integrity and ability to repay the loan. It is usually based on the general creditworthiness and past history of repayment. As it is unsecured, the lender will charge a higher interest rate because of the additional risk.

Terms & Conditions

Eligibility Criteria: Any salaried, self employed or professional Indian national is eligible for a personal loan. Personal loans are granted for a short period of time
According to the parameters set by banks and other financial institutions lending the loan, you:

  • Should have been employed by your current organization or been involved in your business for minimum 2 years. Minimum Employment Period – 2 years in total and 1 year at present loans.
  • Should have some monthly repaying capacity or the required minimum salary
  • Must qualify the age bracket defined by the lending bank or institution in between 23 years – 58 years
  • Should not have bad credit history under your name for three months prior to submitting the loan application

Loan Amount Range: Personal Loans can range from 50,000 – 30,00,000/- based on the lender and the borrower’s ability to pay back.

Repayment Period Options:

  • Flexible tenures up to 60 months
  • Repayment through Auto-debit / ECS / PDC
  • Loan payable in easy installments

Time Required For Loan Disbursement
Loans are approved within 72 hours of submission of complete documentation

Documents Required At The Time Of Application Following are the documents that lenders require at the pre-approval stage:

List of documents for Salaried

  • Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)
  • Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
  • Latest 12 months Bank Statement (where salary/income is credited).
  • Salary slips for last 3 months.
  • 2 Passport Size photographs.

List of documents for Salaried

  • Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)
  • Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
  • Latest 12 months Bank Statement (where salary/income is credited).
  • Salary slips for last 3 months.
  • 2 Passport Size photographs.
  • Last two year’s sales and copies of acknowledged IT returns as proof of turnover

    Qualification or registration proof required for doctors, architects, CA, CS, ICWA, MBA consultant, engineers Documentary proofs required may vary from customer to customer


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