Personal Loan > Personal Loan in Bangalore
As it is an unsecured loan, it can be used for any purpose like closing existing loan, buying gold, Credit card out standings, Medical expenses, Vacation, grand function in family, sending children abroad for higher education and much more.
Always go for personal loan where part payment options where you get options to use the surplus amount and there by savings in interest outgo. Interest rate for personal loan varies from 11.99 to 20 percent based on the type of company you work for.
Banks go for systematic analysis of loan applicant’s creditworthiness, employment details, past credit history, independent credit reports and borrower’s ability to repay the personal loan. Generally banks have innovative ways to assess your income and repayment capacity. You need to have higher credit score in the eyes of lenders. Then the chances for you is high.
Banks also look at debt to income ratio to figure out whether you are eligible to given amount of loan size.
Studies have revealed that the borrowers having high debt to income are more likely to have trouble than those who are having less debt to income ratio. Hence debt to income ratio plays vital role towards your personal loan getting approved.
Personal loan eligibility for Salaried People:
Salaried people need to meet following criterias to qualify for personal loan
Age limit 21 to 60 years
Loan processing charges: Up to 2.5% of the loan amount, Minimum of Rs.1000
Net monthly income should have Rs. 15,000
Should have work experience of at least for 2 years and with current organization 1 year.
Personal loan features and benefits:
Getting approval and sanction is very fast. If you are looking funds for emergency needs, personal loan is best option.
No collateral or Security Needed
Easy Payment options
Personal loan Eligibility for Self employed people:
Age Limit: 21 to 60 years
Minimum net profit 2 lacs after deductions
Work experience of 5 years
Documents needed for salaried people:
Passport, Driving license, Voters Id, PAN card
Maintenance bill, Electricity Bill, Voter's ID, Passport, Driving License, Ration card, registered rental /lease agreement
Last 3 months pay slips, Bank statements for last six months, Current salary certificate
Documents required for self employed people:
Application form and recent photograph
Age proof: PAN card, Passport
Know your customer documents
Income proof for the last two years
Latest six months bank statements
Business Continuity Proof
Profit and loss statement for last 3 years
Balance sheet for 3 years
Personal loan is best ally when it comes to your emergency needs.
If you have any queries about personal loan in Hyderabad, have a word with us.