Personal Loan is associate unsecured loan for private use that doesn't need any security or collateral and may be availed for any purpose, be it a marriage expenditure, a vacation or getting consumer goods, the private loan is extremely handy & caters to all or any your desires. the number of loan may be range from 50000 to 200000 & the tenure for repaying the loan varies from 6 months to 2 years.

A Loan without security: a private Loan isn't a secured loan (bank doesn't invite any security or collateral) as against a Secured Loan wherever one is needed to pledge a house or alternative security to amass a loan.

Simple Documentation: a private Loan is accessed with bottom work or documentation & doesn’t take abundant time to acquire as against a Secured Loan.

No specification about the end use of the loan amount: you're not needed to disclose the tip use of the money borrowed, Banks square measure involved concerning the very fact that whether or not the receiver is in a position to pay back the loan with interest before the day of the month or not and that they ensure this by checking the financial gain, employment or business & alternative factors of the receiver.

Features And Benefits

Key Features
  • Affordable EMI
  • Low down Payments
  • Speedy processing
Eligibility

The applicant must meet the below eligibility criterias.

  • Monthly income 4 times of monthly EMI
  • Valid ID proof
  • Valid Address proof
  • Bank satement
  • 2 guarantors (their photos and documents)
The documentation process in personal loan is very fast as against secured loans. Following documents are required by financial institutions to process the loan application:

  • Identity proof (KYC)
  • 3 to 6 months Bank statements
  • Residence proof
  • 3 Months Salary slip
  • Form 16 of 2 years

In case of self-employed banks require balance sheets, profit & loss account, computation of income, partnership deed, MOA & other mandatory documents etc.