The primary features are:
It is an unsecured loan suitable for any purpose Like:
– Medical purpose
– Purchase of Property or Assets
– Repay old loans
– Gifts… etc .
It is hassle-free. No guarantors or security /collateral required. Loans to salaried and self-employed. Special offers for Professionals like Doctors, Chartered accountants, Engineers, Designers, Company secretaries, MBA’s etc . Financial loans are available from Rs. 50, 000/- to Rs. 20 lakh. Repayment options from 12 to sixty months in easy EMI’s. Loans available against surrogate income associated with any auto, personal or mortgage loan.
Minimum documentation & fast approval. What are the Various types of personal loans available? Personal loans can be broadly divided into revenue based and non income dependent. Income based loans are given on the basis of income per month/per year intended for salaried and self employed respectively. No income based loans also understand as surrogate loans are given depending on repayment track records of existing personal loans, car loans, home loans and Bank cards from approved banks. Minimum payments paid/Months on books required is 9-12 months.
WHAT ARE THE ELIGIBILITY CRITERIAS?
The eligibility criteria for salaried and self employed are:
Candidate should be Indian citizens working plus residing in Mumbai.
Minimum age needed is 21 years and Maximum 58/60 years.
Minimum Work Experience-1 month in current company and 3 years overall.
Minimum Net Collect – Rs. 20, 000/- monthly.
Residence-either Owned, rented or organization provided.
Telephone/mobile mandatory at residence.
Currently most of the banks are giving unsecured personal loans only to employees of Private Ltd, Limited and multinational companies.
Applicant should be Indian native Citizens Working and residing in Mumbai.
Minimum age required is 23/25 years and Maximum 65 years.
Minimum 3 years experience in exact same business.
Minimum income Rs. second . 50 lakh per anum.
Residence/Office -either Owned, rented or company provided. Either residence or office should be self owned.
Telephone/mobile obligatory at residence and office.
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Partnership firms, Private Ltd. companies and deemed Limited companies are eligible.
HOW S ELIGIBILITY CALCULATED?
Different banks possess different ways of calculating the eligibility. In the case of Salaried generally most of the banks would calculate eligibility to be 1/1. 5 times of annual income. Elements such as existing loan liabilities, typical bank balance, track record on existing loans, company profile & mortgage tenure also plays a part in deciding eligibility.
In the case of Self Employed’s the eligibility would depend on the turnover, existing track record, net profit, money credit /overdraft limit enjoyed, line of business, cash flow, bank statement, existing mortgage liability amongst other things. Generally the loan amount is limited at 1 . twenty five to 4 times of cash profit generated less existing liabilities or even a certain percentage of turnover much less existing liabilities.
WHAT IS THE LOAN TENURE?
Loan tenure is the period within which the applicant wants to repay the loan. Loans can be repaid through 1 year to 5 years. The rule of the thumb being longer the period higher would be the loan eligibility plus vice versa. The age of the candidate along with period of service left also influences the loan tenure.
WHAT ARE SERVICE CHARGES?
Service charges, loan processing charges, bank charges are various ways of describing the costs which the bank charges for processing and disbursing loans. It is subtracted directly from the loan amount and it is generally restricted to 2% to three or more % of the loan amount. This is an one time fee.
WHAT ARE THE DOCUMENTS REQUIRED?
– Pan card copy.
– Current residence proof.
– Salary slips with regard to 3 months.
– Bank statement with regard to 6 months.
– Appointment letter and proof of work experience.
– Sanction letters of existing/closed loans.
– Pan card copy.
– Residence and office address proof(Either residence or
— Office should be self owned).
— IT Returns – CA accredited copies for 2 years complete fixed.
– Business continuity/existence proof 3 years old.
– Business banking six months.
– All existing loan sanction letters.
– Qualification proof intended for professionals.
WHAT IS THE LOAN PROCESS?
One can apply for a personal loan any time in expectation of a quick, hassle free and unprotected finance for any purpose. The verification process at residence and office is physically done within 2/3 days on submission of all paperwork required. There is a simultaneous credit check done to find out the credit history of the candidate in the bank applied as furthermore other banks. If all the bank checks are positive the credit official normally has either a telephonic physical discussion with the applicant at their office/place of work.
Subject to the particular discussion being positive the applicant has to sign an agreement and also give PDC’c(Post Dated Checks) or consent for ECS(Electronic Clearing System). The particular applicant generally gets either an immediate credit in his/her account or even receives a Draft within 2/3 working days after executing the agreement. The entire Process may take 5/7 business days.
WHO CAN APPLY?
Salaried individuals and Self employed individuals, Partnership firms, Pvt. Ltd. and Deemed Ltd. businesses can apply.
What are the Income Criterias for Salaried?
A Salaried Individual needs to have Minimum NTH(Net Take Home Salary) Of Rs. 20000/- pm.
Do you know the income criteria for self employed?
Minimal Income of Rs. 2 . five to Rs. 3 lakh per annum is the accepted norm.
What is the minimal and maximum loan amount?
The minimum loan amount for salaried is Rs. 50, 000/- and maximum Rs. 15 lakhs. With regard to Self employed the minimum loan is usually Rs. 1 lakh and optimum 20 lakh.
WHAT ARE THE AGE CRITERIAS?
For salaried the minimum age group is 21 years and optimum 60 years.
For Self employed’s the Minimum age required is 25 years and maximum 65 years.
Is really a no income Proof loan offered?
Yes, salaried individuals and personal employed’s can apply on the basis of existing personal loan, auto loan & home loan paths on which minimum 9/12 EMI’s are already paid.
WHAT IS THE LOAN TENURE?
The particular minimum loan tenure is 1 year and maximum 5 years.
Can be securities or guarantors required for a personal loan?
No security, hypothecation, guarantors or mortgages is required in a personal bank loan.
Can a person staying on rent apply?
Yes, applicants staying possibly on owned, rented or company provided accommodation can apply. Long lasting residence address proof may be required in case of rented/leased, company provided accommodation.
WHAT ARE THE INTEREST CHARGES?
Interest costs depends on various factors like the Mortgage Amount, Company profile, qualification and Income etc . It could vary from sixteen % to 26% on a month-to-month reducing basis.
CAN THE LOAN BE PREPAID?
Yes, the loan can be prepaid after paying 6 installment.
ARE THERE PREPAYMENT CHARGES?
Generally all banks charge 4% to 5% of the principle outstanding as prepayment charges.