Loan

Personal Loan

Documents Required for Personal Loan

Documents Required

Salaried

Firms, Partnerships

Signed Application Form

Required

Required

Identity Proof

PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card

PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card

Certificate and Proof of Business Existence

 

PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI

Address Proof

Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old)

Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter

Age Proof

PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate

PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate

Income Proof

Last 2 years Form 16, last 6 months salary slip, last 6 months' bank account statement showing salary credit

Last 2 years ITR, last 6 months bank account statement

Quick Guide on Personal Loan

Purpose: Some of the basic purposes for which this loan is granted include vacation or travel, higher education, wedding, medical treatment, credit card payment and many more. Banks specify the purpose for which they are willing to grant this loan.

Key Features:

  • Age of the borrower: Loan available for both salaried and self-employed professionals within the age group of 22 and 60 years
  • Loan Amount: In the range of ₹ 1 Lakh to ₹ 75 Lakh.
  • Loan Tenure: Can range from 12 to 84 months.
  • Interest rates: Personal Loan Interest Rates starting from 10.50%.
  • Personal Loan EMI: Attrective Emi
  • Work Experience: Up to 1 years of total experience.
  • Processing Fees: 1 to 2 % of loan amount.
  • Documents Required: Address Proof, Identity Proof, Income Documents.

Special Schemes: Banks offer customized personal loan interest rates and schemes for salaried borrowers working in government, defense, private or MNC companies. Banks offer personal loan to self employed professionals like Doctors, CA, CS, Architects.

Personal Loan

Personal loans are unsecured loans available for both salaried and self-employed professionals to help meet their general personal or private expenses that are urgent and immediate in nature. Unsecured loans are loans without any security that can be availed quickly. The rate of interest on personal loans is higher than that on secured loans. There are multiple personal loan providers in India which offer cheap and quick loans. You need a new loan only if:

  • You are in the midst of a financial crisis and need immediate funds.
  • You do not have a collateral to take a secured loan.
  • You do not have time to go through detailed documentation and loan process.
  • You need a short term loan of not more than five years.

Benefits of taking a personal loans are : -

  • Unsecured in nature with no requirement of collateral or a security
  • Fast turnaround with loan approval in as quick as a few hours. Banks now offer instant personal loans as well.
  • Minimum documentation with approval based on basic KYC, quick background checks, CIBIL score and income proofs