PERSONAL LOAN

Personal Loan Benefits

Personal Loans require minimum documents and the approval process is quick.
The lenders offer you the flexibility to choose your loan tenure.
The maximum amount that you can avail depends on your income level, your profession and the lender’s assessment of your loan application
You can apply for a Personal Loan jointly with your spouse, or any other family members like parents or siblings.

Eligibility Criteria

Age should fall under the range of 21 years to 60 years
Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs
Credit score must be above 700
Debt-to-income ratio
Employment stability
Maintained a good credit score
Clear repayment history
Must be a Resident Citizen of India

document required

Identity Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
Proof of Residence or Address Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card
Age Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
Income Proof - 1 year Bank statement, 3 months Salary Slips
Employment Proof - Employment Certificate, Office address proof
GST or VAT Registration for Self-employed
Photograph - Passport-size photographs
Business proof - Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.
Income tax returns – Documents of the past 2-3 years to verify income and tax payment history

PERSONAL LOAN

KNOW MORE

Taking out a personal loan can also help you consolidate high interest debt from credit cards or medical bills, saving you money in the long run. By combining all of your debts into one loan with a lower interest rate, you can simplify your finances and pay off your debt faster. This can also improve your credit score over time, making it easier for you to qualify for better interest rates on future loans. Making the decision to take out a personal loan for debt consolidation can have long-term financial benefits.

If you are considering taking out a personal loan for debt consolidation, it is important to weigh the benefits and risks carefully. Consolidating your debts into one loan with a lower interest rate can save you money over time and simplify your financial situation. This can ultimately help you improve your credit score and qualify for better rates on future loans. Our team of financial experts is here to provide you with personalized advice and guidance on how to best manage your investments and achieve long-term financial success. By working with us, you can feel confident that your financial future is in good hands. Contact us today to learn more about how we can help you reach your financial goals.

It is important to note that taking out a personal loan can also be a strategic financial move when it comes to managing your debt. By consolidating high interest debt from credit cards or medical bills into one loan with a lower interest rate, you can save money in the long run. Not only does this simplify your finances, but it can also improve your credit score over time, making it easier for you to qualify for better interest rates on future loans. This proactive approach to managing your debt can have long-term financial benefits and pave the way for a more secure financial future. Our team of experts is dedicated to helping you make the best financial decisions for your individual situation. Contact us today to learn more about how we can assist you in achieving your financial goals and securing your future.

PERSONAL LOAN

Fixed Rate of Interest

With a fixed interest rate, borrowers can confidently plan ahead for the duration of the loan and avoid any surprises that may come with variable interest rates. This can be especially beneficial for individuals who prefer stability and peace of mind in their financial commitments.

Floating Rate of Interest

Floating interest rate loans can be beneficial for borrowers who are willing to take on a level of risk for the potential of lower interest rates in the future. While the initial interest rate may be lower than a fixed rate loan, there is also the possibility that it can increase over time, leading to higher monthly payments. It's important for borrowers to carefully consider their financial situation and risk tolerance before choosing between a fixed or floating interest rate loan.

Foreclosure Charges

By considering the option of prepaying your loan, you can potentially save a significant amount of money in interest payments over the long term. Many lenders charge foreclosure fees as a way to recoup some of the interest they would have received if you had stuck to the original term of the loan. It's important to weigh the cost of these penalties against the savings you will enjoy from paying off the loan early. Calculate the total amount you would save in interest by prepaying and compare it to the foreclosure fees to make an informed decision.

Credit score

Having a good credit score not only increases your chances of getting approved for a personal loan, but it can also lead to lower interest rates. Lenders use your credit score as a way to assess your creditworthiness and determine the level of risk involved in lending to you. By demonstrating responsible financial behavior and maintaining a high credit score, you show lenders that you are a reliable borrower who is likely to repay the loan on time. This can result in lower interest rates offered to you, saving you money in the long run.