All about Personal Loan(s)

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All about Personal Loan(s)
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What is Personal Loan?

• A personal loan is a type of unsecured loan and
  helps you meet your current financial needs.
• You dont usually need to pledge any security or
  collateral while availing a personal loan and
  your lender provides you with the flexibility to
  use the funds as per your need.
• One can borrow money for a minimum period of one
  year to a maximum of five years.
• Required in need when
• unexpected medical emergency occurs,
• going on a vacation,
• home renovation,
• buying consumer durables,
• repay credit card debt or
• any other personal exigency which has a temporary
  effect on your earnings.

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Features Benefits

• Can have advantages of
• flexible EMI plans
• higher loan amount
• flexible tenure options
• Flexible repayment options
• Quick approval
• Multi-purpose loan
• Minimal paperwork
• No security or collateral are required
• Reasonable interest rates

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Eligibility

• Individual should be an Indian citizen
• Good Credit/CIBIL/EXPERIAN score Loan
  applications of applicants having poor credit
  score may get rejected. Its always advisable to
  keep on updating your credit score every now and
  then. If you have a bad credit score and somehow
  your loan application gets approved, you might be
  asked to pay a high rate of interest and be
  offered unfavorable terms and conditions on your
  loan as compared to someone who has an excellent
  credit score.
• Income criteria A personal loan applicant must
  be earning the minimal wage criteria defined by
  the lender and also should be able to repay the
  loan on monthly, quarterly or yearly basis with
  on-time payment.
• Age criteria
• For salaried employees(21-60 years) and
• For self - employed (25-65 years)

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Eligibility Continued

• Employment stability
• For salaried and employed ( gt 2 years in the
  current profession)
• For self-employed (minimum 5 years of total
  tenure of earnings)
• Existing EMIs In case a customer has existing
  EMIs, he/she should clearly be able to
  demonstrate and prove that he has ample monthly
  residual income after his monthly recurring
  expenditures and other EMIs so that he/she is
  able to service the EMI of the personal loan.
• Employer The employer with whom the applicant is
  working with is the best way to determine the
  credibility of the applicant. Being a part of
  reputed and high turnover companies is an asset
  when it comes to applying for personal loan, as
  their employees growth is promising.

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Documents Required

• Documents for Salaried Individuals
• Documents for Self-Employed Individuals

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Documents for Salaried Individuals

• Identity proof Any one of Aadhar Card / Voters
  ID / Passport / Driving License / PAN Card.
• Residential proof Any one of Leave and License
  Agreement / Utility Bill (maximum three months
  old) / Passport.
• Salary Slips Latest (last) three months' Bank
  Statement of the account in which salary or
  income is credited.
• Employment certificates 2-year Employment
  continuity document
• Photographs Two passport size photographs

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Documents for Self-Employed Individuals

• Know your customer KYC documents Identity
  proof, address proof and date of birth proof.
• Proof of Residence Leave and license agreement,
  utility bill (should not be more than three
  months old), and a copy of your passport if, you
  own one.
• Proof of Income The audited financial report for
  the last two years.
• Bank Statement Last six months' bank statement.
• Official address Proof Official address proof
  should also be included.
• Proof of residence or Office ownership The proof
  of residence or Office ownership should be part
  of the document submission.
• Proof of continuity of business Testimony that
  the business is running for certain duration must
  be enclosed in the set of documents.

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Interest Rate Charges
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Thank You!!!