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Personal Loan is an unsecured credit provided by financial Institutions based on some criteria like employment history, repayment capacity, income level, profession, credit history and existing liability. Personal Loan is a multi – purpose loan, which you can use to meet any of your immediate needs or emergency expenses. As personal loans are unsecured loans, so there is no needs for any type of collateral. The loan amount is repaid in small amounts in the form of “ Equated Monthly Installments ( EMI )over a period of time known as the tenure or term.
Salaried person who is working at least 3 months can apply , who have changed organisation recently can apply .
Personal Loans amount usally range between Rs 50000 and Rs 5000000.
This term period ranges from a minimum period of 36 months to maximum tenure of 60 months . However a borrower can pay the full amount of loan before minimum tenure of 36 months , depends on the rules and regulations of that financial institutions
- KYC – Pan Card , Aadhaar card and one photograph
- Employment Proof – Appointment letter or Identity card
- Income Proof – 3 months salary slip and 12 months bank statement
- Ownership Proof – Electricity Bill or Property Tax receipt in own name or parents name
- Existing Liability – Existing Loan sanction letter ( if any )