Personal Loan

• Copy of PAN Card
• Copy of Passport
• Copy of Driving Licence
• Copy of Government ID card
• Copy of Voter ID card
• Copy of Company ID Card (for select Corporates)

• Copy of Passport (Can also be used as proof of identity)
• Copy of Telephone Bill (both landline and post paid mobile connection)
• Copy of Driving licence
• Copy of Voter ID card
• Copy of Ration card
• Copy of Electricity bill
• Copy of bank statement ( computerised statements only)
• Copy of Life Insurance premium receipt
• Copy of any title deed( Sale deed/ Index II)
• Copy of Property tax receipt
• Copy of Leave & License Agreement
• Copy of latest credit card statement

• Copy of PAN card
• Copy of Passport
• Copy of Birth Certificate issued by competent authority

• Copy of PAN Card
• Copy of Passport
• Copy of Driving License
• Signature verification from Bank

• Copy of latest three salary slips
• Copy of appointment letter or Form No. 16 indicating proof of continuity in employment
• Bank statements for the last 3 months

For Self-employed Individuals :

• Copy of last two year IT returns along with computation of income, Balance sheet and Profit & Loss a/c , audited reports ( in case of audited financials)
• CA certified financials ( in case of unaudited financials)
• Bank statements of last six months of the main business banking

Personal Loans are offered by nationalized banks, private banks and a few Non Banking Finance Companies.

Personal Loans are unsecured loan which does not require any security or collateral. It also does not require any guarantor.

Any individual who has got a source of income as salary or business income can apply for a personal loan.

It is in the interest of the borrower to repay all the EMIs as per schedule. Delay in payment of EMIs or default would badly affect the credibility of the borrower. Moreover getting a loan at a later stage would be difficult. Genrally banks share the credit history of a borrower with credit bueareu and in turn they share data of credit history of a boroower with other banks.

Most banks allow its customers to prepay personal loans  after 6 months of disbursement . Generally, banks charge a penalty as prepayment charges on the principal outstanding.

Yes, a few banks offer special rates for those who have a relationship with their bank. The relation ship could be a bank account, exisiting loan, a credit card etc.

Generally it takes 1 to 3 working days to sanction a personal loan after completion of all formalities in terms of compliance in documentation.

Rate of interest is a factor of prime lending rate (PLR) as announced by respective banks from time to time which varies with market  conditions.

No, moratorium is not applicable for personal loans. Generally first EMI starts within 45 days of the disbursement of loan.

Personal loans are generally repaid by way of  equated monthly instalments( EMI)

Yes, you have to pay processing charges as decided by the bank from time to time.

The  tenor of personal loan ranges from  12 months to 60 months. However it should be noted that tenor is the discretion of the bank and also in most of the case, the tenor is restricted to 36 months.

Personal loans are available in the range of Rs. 50,000 to  Rs. 50 lacs  depending on the income eligibility of an applicant. However banks  also have specially designed products to offer  higher loans.

You can apply for a personal loan in order to fulfill any of your  personal needs which requires   financial assistance . The loan can be used for  buying a plot, wedding expenses, hospitalization  expenses, holiday packages, buying jewellery, higher education  etc.

Personal loans does not require any  collateral or security. Exceptionally in some cases, a Co-applicant is required if certain norms are not met by the applicant.