All about personal loan

All about personal loan

First of all let’s know about personal loan. What is personal loan?

Personal loan is an unsecured loan to meet your current financial needs. It is referred as an unsecured loan as there is no security against it. It is usually taken by borrowers who are looking for quick and easy loan with manageable interest rate and minimum documentation. You can use a personal loan as per your convenience without being monitored for the actual usage.

Let’s go through the banks offering personal loan-

  1. ICICI Bank Personal Loan

ICICI bank offers loan to borrower’s an attractive interest rates with the bare minimum required documentations. Let’s check out the scheme of personal loan of ICICI Bank.

  • Interest rate range

Rate is 11.49%-18.49% and it is fixed interest of rate here.

  • Processing fee

Processing fee range is 2.5% and for minimum Rs. 1149 this is one time fee. And you can get a personal loan of up to 20 lakh. (Maximum Amount). Bank rolls out personal loan with time period of 1 to 5 years.

  • Documents Required

List of documents for salaried individuals

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

List of documents for Self-Employed

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

Your eligibility matters

For salaried individual-

Your Age should be 23 years – 58 years. Net Salaried individuals with minimum monthly income Rs.17,500 (Rs.25,000 for applicants residing in Mumbai & Delhi Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata) Total years in job/profession 2 Years in current residence1 Year.

For self-employed-

If you are self employed your age should be 28 years and 25 years (for doctors); Maximum age – 65 years. And Minimum Turnover Rs. 40 lakh for non-professionals Rs. 15 lakh for professionals as per audited financials Minimum Profit After Tax Rs. 2 lakh for Proprietorship Firm/Self employed Individuals and,  Rs. 1 lakh for non-professionals as per audited financials Business Stability In current business for at least 5 years and, minimum 3 years for doctors Existing relationship with ICICI Bank Minimum 1 year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months repayment track as required.

2. Axis bank personal loan

An extremely competitive interest rates axis bank offers to their customers for personal loan and it is quite popular due to its excellent customer service. Let’s go through the scheme of axis bank personal loan.

  • Interest rate range

Rate is 15.50% – 24% and it is floating interest rate.

  • Processing fees

Processing fees is 1.50% to 2.00% plus service tax applicable and time period is 60 months.

  • Documents required-

Signed application form with photograph.

Copy of passport, voter ID card, and driving license.

Processing fee cheque.

Last three months bank statement or six months bank passbook.

For salaried individuals

 Latest salary slip and Current dated salary certificate with the latest Form 16.

For self employed

Latest Bank Statement and Latest  ITR or Form 16.

Eligibility criteria-

Eligibility criteria for salaried individuals-

Minimum age of an applicant should be 21 years and maximum age at loan maturity should be 58 years.  Minimum net monthly income is Rs. 15,000, loan amount offer Rs. 1 lakh to Rs. 15 lakh and minimum service period with current employer is one year.

Eligibility criteria for self employed individuals-

Minimum age of an applicant should be 24 years and maximum at loan maturity should be 65 years. Minimum net annual income is Rs. 2,00,000 loan amount offer Rs. 1 lakh to Rs. 15 lakh. Minimum work experience in current business or profession should be three years.

3. HDFC personal loan

Personal loan on HDFC bank is also a very popular choice among Indian citizen due to its attractive interest rates and 24 hours customer helpline. Best think of HDFC personal loan is, it provides to special offer loan to women applicants. Let’s get in to it.

  • Interest rate

Interest rate is 12.50% – 19.50% and it is fixed rate.

  • Processing fees

There is Rs.0 processing fee range. And you can apply for loan up to Rs.25 lakh maximum amount with in time period of 1 to 5 years.

Documents required-

For salaried individuals-

  • Copy of passport, voter ID card, driving license as identity proof.
  • Copy of ration card, telephone or electricity bill, rental agreement, passport as address proof.
  • Last 3 months bank statement, 6 months bank passbook.
  • Latest salary slip, current dated salary certificate with the latest Form 16.

Eligibility criteria

This category includes salaried doctors, CAs, employees of private limited companies, employees from public sector undertakings including central, state and local bodies. You should be 21-60 years of age. Have a job for at least 2 years, and a minimum of 1 year with your current employer be earning at least Rs. 12,000 per month net income (Rs. 15,000 in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmadabad, and Cochin).

About the author

Sheetal Pawar

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