Personal Loan is the easiest way to accommodate your immediate expenses like marriage, holiday, house renovation etc... The favorable point of taking personal loan is that, there is no collateral or security which needs to be provided. The loan amount ranges from as low as Rs.50000/ to 20 Lacs. The tenure starts from 1 year to 5 years.
Interest Rates: Interest rate varies from 15% to 21% reducing method, for salaried persons, depending upon your salary and employer profile. For self employed persons it starts from 16% to 24%, depending upon your income and Balance sheet.
Eligibility: For salaried, minimum salary asked by reputed lending institution is Rs.15000/ p.m. For self employed, the IT return should at least show Rs. 2 lac, Gross taxable income. You can also club your spouse’s income to increase your eligibility.
Processing fee: It is a one time charge initially deducted from loan payment. Varies from 1% to 2.5%of the loan amount.
Documents required
For Salaried:
- 2 Photographs
- pan card/ID proof
- Residence proof
- 3 month Salary slip
- Form 16
- 6month bank statement
For Self- employed: 2 photograph. Pan card. Residence proof. 2 year ITR and Balance sheet, 6 month bank statement
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