Personal Loan- Personal Loan interest rates starting @ 10.29%
Personal Loan Guidelines
Applying for Personal loans online or offline requires the borrower to submit a list of documents as demanded by the loan provider. Documents required for Personal loan vary as per the employment type of the individual, i.e. salaried or self-employed.
- Photo ID and age proof
- Signed application form with photograph
- Processing fee cheque
- Last 6 months bank statement
Documentation for salaried applicants:
- Proof of identity (a copy of PassportNoter ID Card/Driving License/Aadhaar)
- Proof of residence (a copy of Passport/ Voter ID Card/ Driving License/ Aadhaar/Leave and License Agreement/ Utility Bill of not more than 3 months)
- A copy of latest salary slip/current dated salary certificate with the latest Form 16
- Bank statement of previous 3 months
- 2 passport size photographs
Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
| Particular | Salaried | Self-Employed |
|---|---|---|
| Age | 21 – 60 years | 21 – 68 years |
| Minimum Income | Rs. 15,000 (per month) | Rs. 5 Lakh (gross annual) |
| Credit Score | Above 750 | Above 750 |
| Employment stability | Total experience- Minimum 2 years Minimum experience in current organisation. 1 year | Total experience- Minimum 2 years in current business |
Personal Loan Feature and Benefits
- No Collateral Required
- Flexible end use
- Flexible Tenure
- Simple Documentation Process
- Quick disbursal
- Flexible Quantum of Loan
| Loan Amount | Interest Rate | EMI for 1 Year | EMI for 2 Year | EMI for 3 Year | EMI for 4 Year | EMI for 5 Year |
|---|---|---|---|---|---|---|
| 5 Lakhs | 10.75% | 44,132 | 23,245 | 16,310 | 12,862 | 10,808 |
| 10 Lakhs | 10.75% | 88,265 | 46,491 | 32,620 | 25,724 | 21,617 |
| 15 Lakhs | 10.75% | 1,32,397 | 69,737 | 48,930 | 38,586 | 32,426 |
| 20 Lakhs | 10.75% | 1,76,530 | 92,983 | 65,240 | 51,448 | 43,235 |
| 25 Lakhs | 10.75% | 2,20,662 | 1,16,229 | 81,551 | 64,310 | 54,044 |
BALANCE TRANSFER (BT)
Why should you opt for personal loan balance transfer?
- For Better Rate of Interest
- For Longer tenure on Loans
- For Better Features
- For Top-up loan Facility
- Dissatisfaction with the Services offered by Current
Bank or Financial Institution
Why should you opt for personal loan balance transfer?
- Access the new offer promptl
- Consider the cost involved
- Read the fine print carefully
- Analyze the offer as per requirement
Conclusion
On a closing note, balance transfer facility can benefit borrowers through reduced total interest burden and overall savings over the long run.
The process of personal loan balance transfer may take only a few working days with minimal documentation.
With the reduced interest rate burden and increased income level over the time, it would become easy for borrowers to repay the loan sooner. Personal loan balance transfer can be profitable facility when it is utilized after a careful analysis and evaluation of the balance transfer offer.