Personal Loan

Need cash in a hurry to cope with a medical emergency or planning to get married but running short of funds, personal loan is always considered as one of the best option. Personal loan offers the double benefit of quick access to funds and zero need for collateral to be put up as security. We offer flexible tenures, competitive interest rates, pocket-friendly repayments and super-fast disbursal.

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Features of Personal Loan

A Personal Loan can finance your needs without having to wait for capital to accumulate. We establish eligibility criteria for a Personal Loan based on few simple parameters. Your credit score and existing borrowings are also assessed to determine your repayment capacity.

Loan Term

We offer Personal Loan ranging from INR 75000/- to 25 Lakhs with loan tenure from 12 to 72 months depending upon the customer profile. We don’t ask for any collateral or security for Personal Loans.

Interest Rate & charges

Attractive Interest Rate starting at 11.25% p.a.  The final rate of Interest will depend upon customer profile, Loan amount and tenure.

Personal Loan- Eligibility

Any Indian citizen between the ages of 21 to 60 years and are either salaried or self-employed, you can apply for Personal Loan.

Age

Salaried Individuals:
(Min-Max)
21 – 60 years

Income

Monthly  Income: Minimum INR 25000/- per month

Credit Rating

Yes. A good (high) CIBIL Score and Clean Credit History is very important. All lenders refer to CIBIL score before making a final decision on Medical Equipment Loan. CIBIL Score can be a Deal Maker or a Deal Breaker.

Frequently Ask Questions

Loan eligibility is dependent on primarily the following factors:

The company where you work. Every bank has a list of companies running into thousands which they have categorized into segments like A, B, C etc depending on the credentials and financials of your employer. The higher the category the higher is the loan eligibility chances.

Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current personal loan that your are trying to apply for) exceeds 50-75% of your total net take home salary.

Your gross/net salary

Your credit score as reflected in your CIBIL or Equifax report. Having a good credit score is a necessary but not a sufficient criteria.

Your monthly EMI’s will be deducted from your salary account as per your ECS and NACH.

We will be charging you the following extra fees!

  • Processing fee charged will be upto 2%
  • Late payment charges in case of default only.

Late payment charges/bounce charges will be levied as per the rates and penalties mentioned in the sanction/welcome letter. We would hence recommend that you don’t default on EMI payments.

In this Digital age, our loan application can be completed with minimal documentation if you have access to a scanning machine.

The loan tenures are between 12-60 months.

Yes, a co-applicant can be added in order to get a better credit score and avail of a larger loan amount. The co-applicant form is found in the application form. We thus urge you to think twice before you choose your co-applicant.

We happily accept prepayment of loans after 6 months of loan payments. Hence we do not charge any prepayment fees.

We happily accept prepayments via NEFT and RTGS transfers.

An EMI is the ‘Equated Monthly Installment’, which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full.

Your Personal Loan makes you eligible for tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.

Documents

Below is the list of documents required for loan process.

PAN card (Mandatory, if income is considered for loan eligibility calculation)
Valid Passport
Voter ID card
Driving license
Aadhar Card

Utility Bill: Electricity, Telephone, Postpaid mobile, water bill etc.Ration card
Letter from employer
Bank statement /copy of Pass book reflecting address
Valid Rent Agreement

Valid Proof of Applicant’s Identity (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
Proof of Residence (any one of the following): Ration Card/Passport/Utility Bill
Proof of Age (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
Income Proof: Latest 3 month’s Salary Slips and Form 16.
Job Continuity Proof: Current Employment Certificate or Current Job Appointment letter and Experience Certificate
Bank Statement: Latest 6 month’s statement from bank
1 Passport size color Photograph
If there are existing loans submit Payment Track Record and sanction letter

Valid Proof of Applicant’s Identity (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
Proof of Residence (any one of the following): Ration Card/Passport/Utility Bill
Proof of Age (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
Office Address Proof: Property Document/Maintenance Bills/Utility Bill
Office Ownership Proof: Property Documents/Maintenance Bill/Electricity Bill
Business Existence Proof: 3 years old Salary Statement/Shop Establishment

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