Category: Personal Loan

Want to Fulfill Your Needs? Avail Personal Loan Apply Option

There comes a time when you require some funds to meet your personal aspirations or the contingency needs. This is where your old friend personal loan can come to help you. Banks and non-banking finance companies (NBFCs) provide a personal loan for various purposes like the wedding, education, medical emergency, purchasing a durable or car, etc. So, no dream is bigger with a personal loan. Let’s get through the journey of a personal loan from its basic features to the lender offers.

Basic Features-

  • Personal loan amounts range from 50,000-20,00,000
  • Loan tenure equals to 5-6 years
  • Interest rate 11%-25% per annum
  • Both salaried and self-employed can apply for personal loan
  • Processing fee amounts to 1-3% of the loan amount
  • Prepayment charges calculated at upto 5% of the outstanding loan balance

personal loan apply

Top Banks Providing Personal Loan In India-

SBI Personal Loan-

  • State Bank of India (SBI), with more 14,000 branches across India, provides a personal loan at attractive interest rates of 11.90%-14.90% per annum.
  • The maximum loan amount offered by the bank equals to 24 times the net monthly income, subject to a limit of upto 15 lakh.
  • The amount of processing fee is calculated to be 1% of the loan amount plus service tax as applicable.
  • Borrowers can prepay the loan without having to pay any penalty on the same.

SBI Personal Loan Eligibility-

  • Both salaried and self-employed are eligible for a personal loan.
  • The minimum net monthly income (NMI) required is ₹ 7,500.
  • The ratio of EMI to NMI must not be over 50.

SBI Personal Loan Application-

You can apply for a personal loan by visiting the branches of SBI or the website. The latter option could well be the most convenient of the two. Being online allows you to get the receipt of the application form easily instead of asking for the same at the branches of the bank. You can easily fill the details online to submit your application to the bank, which would then process your case further. If all goes well, the bank would disburse the loan within 2 days to a week.  

HDFC Bank Personal Loan-

  • The personal loan from HDFC Bank is available to all the salaried professionals at an interest rate of 11%-20% p.a.
  • The loan amount offered by the bank ranges from ₹ 15 lakh-25 lakh.
  • You can avail a personal loan for a maximum period of 5 years.
  • Processing fee charged upto 2.50% of the loan amount subject to a maximum of ₹ 25,000.
  • Prepayment charges are calculated at 4% of the principal outstanding plus service tax as applicable.

HDFC Bank Personal Loan Eligibility-

  • Individuals with an age of 21 years at the time of application and a maximum of upto 60 at the maturity are eligible for a personal loan.
  • The total work experience should be a minimum of two years with a year of employment with the existing organization.
  • The minimum net monthly income should be ₹ 12,000-15,000.

HDFC Personal Loan Apply-

Want to apply for personal loan at HDFC Bank? Visit any of the bank branches. If visiting the branches is not what you like, there is an option of going online to apply for a personal loan. Within 2 days to a week’s time, you would get the disbursal if there is no discrepancy in the documentation.  

Axis Bank Personal Loan-

  • You can also apply at the third largest private sector bank i.e Axis Bank for your personal needs.
  • Axis Bank Personal Loan interest rates are in the range of 15.50%-24% per annum.
  • The maximum loan tenure for the same is 5 years
  • The processing fee is computed at 1.50%-2% of the loan amount along with applicable service tax.
  • No prepayment charges

Axis Bank Personal Loan Eligibility-

  • Both public and private sector employees are eligible for a personal loan at Axis Bank.
  • The minimum age which you can apply is 21 years and the maximum age permitted at the time of loan maturity is 60 years.
  • You should earn a minimum net monthly income of ₹ 15,000.

Axis Bank Personal Loan Apply Online-

Bring home the needed funds by applying for a personal loan at Axis Bank. You can either visit the branch or opt for the online option. The second option will add to your convenience as you can apply via your mobile or computer with the help of an Internet connection.

Calculator Personal Loan-

You can use the calculator to find out the loan servicing cost. The personal loan eligibility calculator will determine the amount of loan you are expected to receive based on your income and savings. The EMI calculator will show the amount of installment you need to be ready with to pay off the loan each month. The EMI constitutes a portion of both principal and interest amounts. The amortization calculator, on the other hand, gives a schedule of the interest and principal and interest repayment each year. It also shows the outstanding balance of the loan amount every year.

Now I guess, the path for a journey full of happiness is clear with the comprehensive know-how of a personal loan. Use this as a guide to steer yourself comfortably amid all the challenges that the life presents from time to time.

Canara Bank Business Loan – A Credit to Hike Business

Business loans are the specialized loan product designed to meet the requirements of entrepreneurs and business owners. This loan product can be availed by the people who are willing to start up a new business or expand the existing one. It is very similar to personal loan because of the fact that they must be repaid in full by a certain time period, whether this be some sort of a repayment plan or a large lump sum payment. The amount disbursed under business loan can be utilized either to purchase new equipment needed, purchasing additional inventory or for any other business related purpose.

canara-bank

It is a unique product that is beneficial for Micro, Small & Medium sized enterprises. Most of the banks lend money to SME units and MSME units to grow and scale up their production under the MSME and SME loans. Canara Bank is one such bank that helps these units by offering them timely monetary assistance. Canara Bank business loan provides an aid to the business units to meet their financial objectives.

Features of Canara Bank Business Loan-

  • Disbursal of loan within time
  • Reasonable rate of interest
  • Multiple loan schemes to choose from
  • Right solutions for all your business requirements

Canara Bank Loan Schemes-

  • MSE Unnati
  • MSME Cap
  • MSME Vahan
  • MSE Vijeta
  • MSE Smart
  • Doctor’s Choice
  • Canara Trade
  • Canara Contractor Scheme
  • Canara Caravan
  • MSME Expo
  • Pradhan Mantri Mudara Yojana

The customers can select a specific business loan product as per their requirement as the bank has designed different loan plans for the different segments. The candidates can apply for a business loan by visiting the nearest branch office. The business loan service is available in all regional offices. The customer dealer will guide you regarding all the procedure.

Eligibility Criteria-

To avail the benefit of loan the customer has to meet the eligibility standards set by the bank. The bank evaluates the profile of the candidate before sanctioning the loan. The evaluation is done on the basis of certain parameters. The factors affecting the eligibility are as follows:

Factor Affecting Business Loan Eligibility

  • Loan Repayment track
  • Credit Performance / Credit Bureau Update
  • Debt servicing ability of the customer
  • Business Vintage
  • Financial Ratios
  • Existing relationship

Application Form-

The candidates have to fill the application form that is available at the bank branch. You can take the form from the customer care dealer. The form comprises of the following fields:

  • Personal Details
  • Occupational Details
  • Income and Banking Details
  • Loan Details
  • Additional Details regarding assets
  • Priority Sector Category
  • Documents Submitted

Documents Required-

The KYC documents required to be presented by the candidates are as mentioned below:

  • PAN Card – For Individual / Partnership Firm / Company
  • Identity Proof – Any one (e.g. Voter ID / Driving License / Passport / Aadhar Card)
  • Address Proof – Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
  • Ownership proof of either residence or office either in the name of applicant or jointly with family members
  • Business Continuity Proof – Any one document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed)
  • Letter certifying end use of the business loan funds on Business Letterhead
  • Passport Size Photographs of all applicants and co-applicants

Financial Documents to be submitted according to the category:

Self-Employed Individuals / Sole Proprietorships

  • Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
  • Bank statements from the borrower’s main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet

For Self-Employed Professionals

  • Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
  • Bank statements from the borrower’s main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet
  • Professional Qualification Certificate and Degree Certificate for professionals. (Doctors, Architects, Chartered Accountants etc.)

For Partnership Firms / Private Limited Companies

  • Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
  • Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet
  • Partnership Deed and partnership authority letter for partnership firms
  • Memorandum and Articles of Association and Board Resolution from the company
  • Certificate of Incorporation (COI) for companies
  • Latest shareholding patterns for Private Ltd. / Public Ltd. companies

Track the Process of Your Loans Through Bajaj Finance Loan Status

So you have applied for loans with Bajaj Finance and waiting to track your application process? Don’t know how to ascertain the process for each type of loan preferred by individuals? In order to simplify your loan approval worries, so you can comfortably plan out the other steps required towards achieving your financial dreams. We discuss the following loan categories provided by Bajaj Finance loan to help you track your loan acceptance with ease:

Personal Loan-

As there is no collateral security against personal loan availed from Bajaj Finance, the interest rates are solely based on your credit history, salary, the amount being borrowed. The lowest interest rates start from 12.99% p.a. for loan amount upto Rs. 25 lakhs. Moreover, additional charges are applicable thereon such as processing fee, EMI Bounce charges, Penal Interest and Secure Fee (only for online) rendered by individuals availing personal loans.

bajab-finance-personal-loan-1

Eligibility Criteria for Personal Loan

  • The age limit of an individual should be in between 25-58 years.
  • An individual need to be a salaried employee by profession.
  • The net monthly income of an individual should be average ₹  35,000 (Varies subject to the location and employer)

How to track your personal loan status ?

There are two ways of checking your Bajaj Finance Personal Loan Status :

Step I

  1. Go to the Personal Loan page by visiting Bajaj Finserv website  and click on “Apply Online”. Once you are directed to the page, then click  “ Track Application” given above the top of the webpage.
  1. Submit your mobile number and reference number.
  2. Click the ‘Go’ button to view your application status.

Step II

  1. 1. Click the Bajaj Finserv link : http://mysite.bajajfinservlending.in/Contact-Us/FileStatus.aspx.
  2. Enter your case id/loan id/file id.
  3. Click the ‘Submit‘ button.

Home Loan-

Home loans are available to those who are ready to occupy the property. The loans are available also on the fixtures and fittings as a part of refurbishing your home. The loans are placed upon you so as to remove your worries of looking unnecessarily for a separate Personal Loan or a Home Improvement loan either.

Home Loans are offered both to salaried employees and self-employed persons. Moreover, 3 EMI free months facility is available to those looking up to plan out their finances. Refinance facility is also available if the property has been purchased within the last 12 months through their own sources of funds and avail a loan upto the registered value of their property.

Home Loan for Salaried employee-

Home loans can be approved on an instant basis in 5 minutes where the lowest interest rates start from 8.85% p.a. for the loan amount starting from ₹  30 Lacs to ₹  5 Crores.

As a salaried employee, you can also decide for part-prepayment of your loan after paying your first EMI. As no charges are applicable upto 6 times in a calender year, so each part-payment cannot be lesser than the total of 3 EMIs. Plus there are no foreclosure charges admissible thereon which brings an additional advantage to you.

Home Loan for Self-Employed professional-

The lowest possible interest rates are applicable for loan amount upto ₹ 15 crores. The additional advantages for self-employed individuals range from securing 3 EMI holiday, getting sanction for 4000+ pre-approved properties and getting a Flexi-home loan on top-up plans.

Eligibility Criteria for Home Loan-

  • Individuals availing home loan need to be an Indian Resident
  • Individuals need to be at least 25 years of age when the loan is sanctioned
  • Individuals need to be a salaried person with a work experience of 3 years or more

How to track your Home loan status?

  • Go to the Home Loan Section by visiting Bajaj Finserv website  and click on the  “ Track Application” given above the top of the webpage.
  • Enter your mobile number and reference number.
  • Click the ‘Go’ button for viewing  your application status.

Business Loan-

Business loans are really very helpful to secure finance and increase working capital for your enterprise. It is an unsecured loan amount offered by Bajaj Finance as the loan amounts are available upto ₹ 30 lakhs at a fixed rate of interest. There is no need to provide any guarantors or give any collateral to avail Business loan from Bajaj Finance. Also, the pre-approved offers are also available which include a top-up loan or even reduction of rates from time to time.

Eligibility Criteria for Business Loan-

  • To become eligible for a business loan, you need to be either of the following :
  • Limited or Private Limited Company
  • Partnership or Proprietorship Firm
  • Chartered Accountant / Self Employed Professional

How to track your Business Loan Status?

Why & How to Apply for a Loan Online

Online process of applying for a loan is far more convenient and time-saving as compared to the offline procedure. The borrower gets to compare all the offers available for a particular loan in addition to other benefits as well. Loan is a segment that includes all kind of loans like home loans, personal loans, business loans, mortgage loans, and education loans etc. Having said that, a person can apply loan online for any kind of loan to any lender of their choice. So, here are some of the things you must keep in mind while applying online for a loan:

loan online

  • Check eligibility (use eligibility calculator for a better understanding)
  • Do proper research and select few options
  • Calculate EMI
  • Know your affordability
  • Choose the offer that if affordable to you
  • Seal the deal that suits your wallet

Now, these general steps you can follow for each type of loan. But, as you know different lender have different eligibility and offers. So, you will have to follow the steps depending on the type of the finance you are looking for.

Personal Loan- For instance, if you are looking for a personal loan, the eligibility will be as follows:

Eligibility Criteria-

For Salaried:

  • The applicant must be above 58 years
  • Minimum Net Monthly Income of the applicant should be ₹15,000/-.
  • Good score
  • Minimum work experience of the applicant should be 1 year

For Self-employed:

  • The age of the applicant should be between 24-65 years
  • Net Monthly Income of the applicant should be ₹2 lakhs
  • The applicant must have a minimum work experience of 3 years
  • Good cibil score

Eligibility Calculator

Once you know that you are eligible, you can also have the idea about the loan amount you are eligible for. Thinking about how is this possible without the help of the dealer? Well, the internet has a lot more than what you can even imagine, so there is a calculator to check the eligibility in terms of money. Here is an example for you:

Suppose you are a salaried person with the net monthly income of ₹80,000 and you save around ₹40,000 of your salary every month after you are done with other financial liabilities. Now, you have thought of applying for a personal loan but want to have an idea about how much loan amount you can get. We can have an idea about by assuming the rate, tenure, and amount.  

Amount- ₹1 Lakh

Loan Tenure- 5 years

Rate of Interest- 11.29%-24%

Your monthly EMI will be- ₹2,189-₹2,877

Here is how you can calculate the maximum loan amount

₹1 Lakh x 40000/2189 = ₹18.27 lakhs

₹1 Lakh x 40000/2877 = ₹13.90 lakhs

So, your loan amount eligibility will range between ₹13.90-18.27 lakhs.

Home Loan-

In the case of home loans, the general eligibility criteria asked is:

For Salaried:

  • The applicant’s age should be between 21-60 years
  • Minimum annual income should be at least  ₹1,20,000
  • Minimum work experience should be 2-3 years

For self-employed:

  • The applicant’s age should be between 21-65 years
  • Minimum annual income be at least ₹1,50,000
  • Minimum stability in current profession is required to be at least 3 years

Eligibility Calculator-

Suppose you are a salaried person with the net monthly income of ₹80,000 and you save around ₹40,000 of your salary every month after you are done with other financial liabilities. Now, you have thought of applying for a personal loan but want to have an idea about how much loan amount you can get. We can have an idea about by assuming the rate, tenure, and amount.  

Amount- ₹1 Lakh

Loan Tenure- 15 years

Rate of Interest- 8.35%-11% p.a.

Your monthly EMI will be- ₹976-₹1,137

Here is how you can calculate the maximum loan amount

₹1 Lakh x 40000/976 = ₹40.98 lakhs

₹1 Lakh x 40000/1137 = ₹35.18 lakhs

So, your loan amount eligibility will range between ₹40.98-35.18 lakhs.

How to apply-

You can go to the official website of the lender that you have selected and then follow the steps. Since the process is online, you will for sure a lot of time and get comparatively easy replies also.

Thus it is clear that online process is quicker and easier both with makes it altogether a great deal for you. So, what are you waiting for? Apply now!

Realise all you dreams with ICICI Personal Loan

There are many dreams on which you have to apply a brake because of financial issues. Do you wish to go on a long trip to New Zealand? Want to give the best education to your daughter? Need funds for your sister marriage? Have plans to renovate your dream house? Have a medical emergency in your family and need immediate financial assistance? If you any of these situations apply to you, then I have a good news for you. ICICI Personal loan is there to make you accomplish all your wishes and needs.

ICICI bank is one of the renowned private sector banks in the country which has created a name for itself.  The product can be availed by a anyone in the country who is a salaried employee or a self-employed individual. The maximum loan amount for a salaried employee is Rs. 20 Lakhs, for self-employed is Rs. 30 Lakhs and for doctors is Rs. 40 lakhs. You can secure the given amount for a period of one to five years. Gain a better understanding about the product by reading this article.

 

personal loan

Eligibility criteria:

Check out the eligibility norms for both self-employed and salaried individuals here-

Salaried employee:

  • The applicant should be between the age group of 23 to 58 years. he/she should not exceed the age of 58 years when the loan matures
  • The applicant should be a salaried employee earning a monthly income of a minimum of Rs. 17,500. For residents of cities like Mumbai and New Delhi the minimum salary should be Rs. 25,000. Applicants based in Kolkata, Bengaluru, Hyderabad, Pune and Chennai need to earn a monthly income of at least Rs. 20,000
  • Working experience of at least two years is mandatory
  • The applicant should be living in his current residence for a period of at least one year

Self-employed:

  • The applicant should be at least 28 years old at the time of application of loan and 65 years old when the tenure expires. For doctors, the minimum age has been kept at 25 years
  • A turnover of at least Rs. 40 Lakhs and Rs. 15 Lakhs is required for a non-professional and a professional respectively
  • A business stability of five years is important. Doctors have to be employed in their current profession for at least three years
  • The minimum profit after tax for  self- employed/proprietorship firm and non-professionals should be Rs. 2 Lakhs and Rs. 1 Lakh respectively
  • The applicant needs to have a liability or asset relationship for a period of at least one year with the bank in the previous 36 months

Documents required for the loan:

Applicants are required to deposit certain documents to the bank if they desire to secure finance from the bank. Check the list of important documents here-

For Salaried individuals

  • Identity Proof:- Driving License /Aadhar card/Passport /Voters ID card/PAN Card
  • Two Passport size Photos
  • Proof of Address:- Utility Bill (telephone or electricity/)Passport/Leave and License Agreement
  • Salary slips of the previous three months.
  • Bank Statement of the latest three months in which the applicant’s salary is credited

For Self-employed individuals:

  • Identity Proof- PAN card/Aadhar card/Passport/Voter ID card/Driving license
  • Proof of Age- School leaving certificate/PAN card/Birth certificate/High school marksheet
  • Proof of Address- Electricity bill/ Leave and License Agreement/ Telephone Bill/ Passport
  • Bank statement of the latest six months
  • Proof of Business continuity
  • Proof of Income- Income Tax returns of the previous two years along with Audited balance Sheet and Profit & Loss Account
  • Proof of ownership of Office
  • Proof of Office Address

Interest Rate and Processing fee:

It is very important to keep in account the interest rates offered by the bank before availing a loan. In case you secure a high interest rate, you will have to pay a higher EMI. The current interest rates for a ICICI Personal loan is 11.59% to 22%. The processing fee levied by the bank is 2.25% of the sanctioned loan amount along with the applicable service taxes.

In case, the applicant wants to prepay his loan, then a prepayment charge of 5% per annum of the outstanding principal is levied along with the service taxes applicable.

ICICI Personal Loan EMI Calculator:

If knowing about the interest rates is important, then having knowledge about the monthly installments is as important. You cannot ignore the EMIs you will have to pay each month. There is no point of availing a loan with high EMIs, which can easily burn a hole in your pocket. You must be thinking how can the installments be calculated, isn’t it? The process of EMI calculation can be confusing and time taking. ICICI Personal loan EMI calculator has been specifically designed to make the entire process easier and hassle free. All you have to do is feed in the details of your loan amount, rate of interest and tenure. And then wait for the magic to begin. You will get instant information relating to your monthly EMI and total interest payable.

 

 Article Source: http://wishfinblogs.kinja.com/realise-all-you-dreams-with-icici-personal-loan-1792380635?rev=1487158127895

How to get Low – Interest Personal Loans

Personal loans like any other loans are offered at an interest rate that is majorly dependent on the income profile of the applicant. Having said that, unlike other loans, a personal loan is generally unsecured and the lender does not have any authority on the usage of the money. As you know, there is an eligibility criterion on the basis of which a borrower gets a loan, different lenders have different criteria for this unsecured loan as well. However, there are also some factors that affect the eligibility of a personal loan and these factors are as follows:

Factors Affecting Personal Loan Eligibility

It is important to understand that there are some factors on the basis of which you get a personal loan and these factors are as follows:

Monthly Income: A regular and good source of income if one of the most important factors in the loan amount that a borrower can get from the banks or NBFCs. So, the more you earn the lower rate you will be offered.

personal loan rates

Age: The age criteria for a loan borrower is between the age of 21-58 years. However, some lenders have the upper limit of 65 years as well. The reason behind this is that young people are generally free from financial responsibilities as such and thus the repayment is expected to be smoother in this case.

Monthly Expenses: To get a personal loan, monthly expenses like investments and other responsibilities of the borrower are considered by the banks. In the case of personal loans, is generally expected that the applicant must have a smooth saving of more than 50% of his/her monthly salary after meeting all the monthly expenses.

Any Other Loan: Banks often find it easier to lend money to the borrower’s who have no other running loan. Thus, if you have any other loan, lenders will take into account the remaining income you have after the deduction of the other EMIs. However, if you are not having any other loan, the path is going to be smoother.  

Credit History: The credit history of the applicant is most importantly taken care of as CIBIL score play a very important role in getting a personal loan. It is important to understand that credit history defines your performance during the repayment procedure and the loan application of a defaulter is not easily accepted by the banks.

Job Stability: A person who has good working experience with a minimum of 2-3 years can get a hassle-free loan. Thus, if you are a stable employee of your current employer, lenders will find it easier to trust you and hence approve your application.

Relationship with the Bank: Maintaining a healthy relationship with the banks/NBFCs is very important to get a personal loan smoothly. People who are are an existing customer of the particular bank they are applying at, have a greater chance of getting low-interest personal loans.

Category of Your Employer: If the borrower is working in an MNC or the employer comes under fortune 100 companies, the loan eligibility increases as the loan repayment capacity also increases. Banks and NBFCs have specialized personal loans for MNCs and other reputed firms and the present lowest interest rate on a personal loan is 11.29% offered by Kotak Mahindra Bank.

Eligibility Criteria-

Now, the person who matches the above-mentioned factors will be eligible for this type of loan. Other than this, there is a certain personal loan eligibility criterion also that is required to match with the applicant’s profile. This eligibility is, however, subject to change from profession to profession, from one applicant to another, and from one lender to another as well. For the basic idea, here is the general required criteria:

For Salaried:

  • The applicant must be above 58 years
  • Minimum Net Monthly Income of the applicant should be ₹15,000/-.
  • Good score
  • Minimum work experience of the applicant should be 1 year

For Self-employed:

  • The age of the applicant should be between 24-65 years
  • Net Monthly Income of the applicant should be ₹2 lakhs
  • The applicant must have a minimum work experience of 3 years
  • Good cibil score

Personal Loan Interest Rates in Top 5 banks

  • ICICI Bank-11.59% p.a. onwards
  • HDFC Bank-15.75% p.a. onwards
  • Axis Bank-15.50% p.a. onwards
  • State Bank of India- 11.90% p.a. onwards
  • Kotak Mahindra Bank-11.29% p.a. onwards

Thus, you can decide which bank is giving your lowest rate and then apply for the one that suits your purpose. It is also advised to be true to your needs as well as affordability for a smoother loan.

 

 

Article Source: http://www.imfaceplate.com/aashnabatra/how-to-get-lowinterest-personal-loans

Know Where You Can Get Cheap Personal Loan in India

Personal loan is a loan product that is designed to meet all the personal requirement of the people. People can use the amount disbursed under this loan for any purpose such as the wedding of the daughter, education of the children, home renovation, business requirements or even for tours and travels. It is the fastest and quickest means of arranging funds on the credit basis.

As it is an unsecured loan, no collateral or security is to be presented. Also, the borrower doesn’t have to specify the end use of the loan amount. Very fewer documents are required to avail this loan facility. Therefore, it is considered a hassle-free loan and is known as signature loans. There are various lenders that provide a personal loan in India.

Each lender has the different lending policy and eligibility criteria. The borrower must check the eligibility parameters before applying for a personal loan. The personal loan eligibility criteria of few banks are given below:

Personal Loan SBI-

SBI offers a personal loan to the salaried and pensioners to serve their needs under the names- Xpress Credit Personal Loan and SBI Pension Loan. The eligibility criteria and documents required for both the schemes are mentioned below:personal loan india

Xpress Credit Eligibility Criteria:

  • The minimum age of the applicant should be 18 years but not more than 58 years
  • Minimum net income of the applicant must be ₹ 7,500 per month
  • The applicant must have 2 years working experience
  • The applicant should be employed in any of the following sectors:
  • Central and State government
  • Selected Corporates
  • Quasi-Government
  • Central PSUs
  • Profit making State PSUs
  • Educational Institutions of National Repute

     Documents Required:

  • Completely filled application form
  • Two photographs of  passport size
  • Identity Proof- Aadhar Card, Voter ID Card, Passport, PAN Card, Driving License
  • Income Proof- For salaried employees: Latest Salary slip, bank statement of the last six months and Form 16. For self-employed individuals Bank Statement of the past six months, Income Tax returns for the past two years and Form 16

Pension Loan:

  • The age of the applicant should not be more than 76 years
  • An applicant should be a central, state or defence pensioner

Documents Required:

  • Application form with two photographs of passport size
  • Proof of Identity- Aadhar Card, Passport, Voter ID Card, Driving License, PAN Card
  • Proof of Address- Aadhar Card, Electricity Bill, Telephone Bill, Ration Card, Passport, Gas Bill

Personal Loan HDFC-

The applicants meeting the following standards are eligible to avail personal loan from the HDFC Bank:

  • The minimum age of the loan applicant is 21 years age
  • The maximum age of the applicant is 60 years
  • An individual must have 2 years of working experience wherein having 1 year of experience with the current employer is important
  • The applicant must have a Net Monthly Income of ₹12,000/-. However, the Net Monthly Income should be ₹15,000/- if the applicant is living in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin  

Documents Required:

  • Identity Proof – Voter ID Card/ Driving License/PAN Card/Copy of Passport
  • Address Proof- Copy of Ration Card/ Telephone or Electricity Bill/ Rental Agreement/ Passport
  • Last 3 months bank statements
  • Last 6 months bank passbook
  • Latest salary slip/ current dated salary certificate with the latest Form 16

Personal Loan Axis Bank-

The personal loan eligibility criteria are as follows:

  • The minimum age of the applicant should be 21 years at the time of application
  • The age of the applicant should not be more than 60 years at loan maturity
  • Minimum net monthly income of the applicant be ₹ 15,000
  • The eligible segments to avail the benefit of the personal loan are:
  • Salaried Employees
  • Salaried doctors
  • Employees of Public and private limited companies
  • Public and private limited companies
  • Government sector employees including Public Sector Undertakings and central and local bodies

Documents to be submitted-

  • Application form
  • Photograph
  • Age proof
  • ID proof
  • Income proof
  • Bank statement
  • Residence proof
  • Signature verification proof

Personal Loan ICICI Bank

The ICICI bank personal loan to both the salaried and self-employed individuals. The eligibility criteria and rate of interest for the categories are mentioned below-

Eligibility Criteria & Documentation for Salaried

  • The applicant’s age should be within the age bracket of 21 years to 58 years
  • The minimum net income of the applicant should be ₹ 17,500. Whereas, for residents of Mumbai and Delhi it should be ₹ 25,000 and for applicants living in Hyderabad, Chennai, Bangalore, Pune and Kolkata the minimum net income should be ₹ 20,000
  • The candidate should have minimum job/ profession experience of 2 years
  • The applicant must have spent at least 1 year in the current residence.

Documents Required:

  • Proof of Identity: Passport / Driving License / Voters ID / PAN Card
  • Proof of Residence: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport
  • Latest 3 months Bank Statement (where salary/income is credited)
  • Salary slips for last 3 months
  • 2 Passport Size photographs

Eligibility Criteria & Documentation for Self-Employed

  • The minimum age for self-employed individuals should be 28 years and for doctors, it should be 25 years. However, the maximum age should not be more than 65 years.
  • The minimum turnover for professionals should be ₹ 15 lacs and for non-professionals, it must be ₹ 40 lacs.
  • At least 5 years of business continuity is required in the current line of business and for doctors 3 years work experience is mandatory.
  • The applicant should have an existing relationship with the bank

Documents Required-

  • KYC Documents: Proof of Identity, Address proof, Age proof
  • Proof of Residence: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport
  • Income proof (audited financials for the last two years)
  • Latest 6 months Bank statement
  • Office address proof
  • Proof of residence or office ownership
  • Proof of business continuity

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