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  • As on Sep 15,15:59
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Personal Loan
As per the name suggests, Personal Loan can be availed for any planned or un-planned expenditures. It could be utilized of renovating your house, or buying a fancy gadget or for marriage related expenditure etc. Personal Loans are generally easily available to the salaried class, on the basis of the individuals net take home salary, and past income statement.

The interest rate, eligibility criteria and payment options vary-from-vary bank-to-bank and individuals income as well.

In general the interest rates varies from 12-16 per cent, with payment options ranging from 36-48 months. Loan amount can be minimum up to 12 times monthly take home salary.

Most banks do not charge any pre-payment charges.
There are also some private finance companies which give personal loans.
Additional points to note, are the one-time processing fees, late payment charges and foreclosure charges if any.

Eligibility:
  • 1. Age 23-58 years.
  • 2. Atleast two years in current job or profession.
  • 3. Minimum take home is Rs 12,000 (loan eligibility would Rs 1,44,000).

Documentation:
For Salaried:
  • 1. Proof of Identity - Passport / Aadhar Card / Driving Lincese / Pan Card.
  • 2. Proof of Residence - Ration Card / Landline Phone Bill / Electricity Bill / Leave & License Agreement.
  • 3. Income Proof: Last three months income statement / Salary Slip.
  • 4. Passport size photographs.

For Self-Employed:
  • 1. Proof of Identity - Passport / Aadhar Card / Driving Lincese / Pan Card.
  • 2. Proof of Residence - Ration Card / Landline Phone Bill / Electricity Bill / Leave & License Agreement.
  • 3. Income Proof: Last six months income statement.
  • 4. Office address proof.
  • 5. Passport size photographs.

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