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What is a Personal Loan?

personal loan is an amount of money you can borrow to use for a variety of purposes. … The money you borrow must be repaid over time, typically with interest. Some lenders may also charge fees for personal loans.

Features and Benefits of personal Loan
  • The rate of Interest: The rate of interest on Personal Loans is between 11-14% depending on your credit score, income and so forth.
  • Loan amount: You can get a loan online for as low as 50,000 and as high as  50 Lakhs depending on your requirement and eligibility.
  • Loan tenure: Personal loans are available for periods as short as 12 months. The average tenure for a Personal Loan is between 12 and 60 months,depending on the loan amount.
  • Security: Due to its unsecured nature, collateral is not required.
  • Loan turnaround time: A Personal Loan typically has the fastest turnaround time in the industry. Many banks personal loans online approval within 48 hours after submission of the online application.
  • Processing fees: It depends on the individual bank. It usually ranges between 0.50%- 2% of the loan amount.
  • Prepayment penalty: Banks charge prepayment penalty if you repay your Personal Loan before the determined period. The charges range between 1-2% of the outstanding amount on the date of closure.
Documents Required

KYC Documents

  • PAN Card
  • Aadhar Card
  • Driving Licence
  • Voter ID
  • Passport
  • Registered Rent Agreement

Income Documents – Salaried

  • Salary slips for the last 6 months
  • IT Return along with Form 16 for the past 2 years
  • Bank account statements of previous 3 months that reflects your salary credits and other income
  • Employment certificate from current employer

Income Documents – Self-employed

  • Financial statements that include Balance Sheet and Profit and Loss Statement
  • IT Returns for the last 2 years
  • Proof of continuity of business income such as Bank Account Statement
  • Evidence of doing business like GST Registration

Other Documents

  • Personal loan application form
  • Recent passport-sized photographs
  • Processing fee cheque

All about Document Required for Personal Loan

Top Personal Loan Providers

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IDFC first bank

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ICICI bank

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Citi bank

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HDFC bank

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Kotak Mahindra

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Tata Capital

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Yes Bank

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City bank

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PNB personal Loan

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We’d Love to Help You With Your Personal

Loan

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