We have "Personal Loans" for you
We have "Personal Loans" for you
Personal loans become a very common need for everyone. It has become a basic need for every family. As personal loans are coming with flexible ends and these loans can be used for any personal expenses also. Comparing to other loans the application procedure of the personal loans is very easy.
Anyone who are interested in taking personal loans and who want to know the complete details of applying for a personal loan, can follow the below article. Below here we provided all the required details about personal loans.
The following are the points whose descriptions are also given under the points. You can easily check for the particular details of which you are looking for. These points makes you easy to directly check the details of what queries you have about the personal loan.
About Personal Loan-
An unsecured loan which is very helpful for anyone to meet their current financial needs is a Personal Loan. The security levels and the lengthy procedures for taking a loan is not there for personal loan.
These are available with very short procedures. The complete details are given here. You can follow the article to know the complete details. Your loan lender will provide you all the flexibilities to use with the fund provided by the bank as per your needs.
Personal Loan Eligibility -
The age limit required to apply for the loan should be minimum 21 years of age. 60 years is the maximum age for the salaried employees and for the self-employed professional the maximum age is 65 years at the time of maturity of loan. The applier should get minimum Rs. 25000/- salary monthly for personal loan. The maximum EMI is 65% as percent of income.
|Age||21 - 60 years||21 - 68 years|
|Minimum Income||Rs. 15,000 per month||Rs. 5 lakh per year (gross)|
Total experience - minimum 2 years
Experience in the current organization-minimum 1 year
|Minimum 2 years in current business|
*The personal loan eligibility criteria mentioned above are generic in nature and actual eligibility factors will differ from one lender to another.
How Do Personal Loan Work -
Comparing to the procedures of other loans, personal loans applications and procedures are much easier. the applier will apply for the loan, submit your documents and the verification process will be there for checking your worthiness. Once the verification is done the loan will be approved. This loan must repay EMI form which is equated monthly instalments. These EMI's are depended on the factors of loan amount, the tenure u selected and the rate of the interest.
Personal Loan Interest Rates-
Interest rates on personal loans in India starts from 10% per annum. These rates are also including some of the factors such as your income, tenure year, amount you applied for the loan, credit score, capacity of repayment etc. For every bank interest rates are different.
|Bank Name||Interest Rate|
|State Bank of India||10.50% onwards|
|HDFC Bank||10.75% onwards|
|Punjab National Bank||12% onwards|
|Bajaj Finserv||12.99% onwards|
|ICICI Bank||11.25% onwards|
|Tata Capital||10.99% onwards|
*Updated as of January 2019, rates subject to periodic change.
Follow the below link to know the complete details about the loan interest rates for the different banks.
Reducing Balance Vs Flat Interest Rates Method:
In this flat rate method, the interest rate is calculated according to the main principal amount of the loan and in the Reducing balance method, the calculation of the interest rate is depended on the outstanding loan amount on monthly basis.
Document Required for Personal Loan-
To apply for any of the loans the bank asks for some documents. These documents make easy for the lenders to verify the details given by the applier is correct or not. The following are the list of the documents to be submitted for applying a loan.
Documents to be submitted by salaried employee-
1 Proof of identity - (any one among these, Driving license/ PAN Card/ Passport/ Voters ID)
2 Residence Proof - (Utility bill which is three months old only/ License and Leave Agreement, any one)
3 Bank statement in which salary is credited. Three months bank statement should be provided.
4 Payslips of last three months.
5 Passport size photographs Documents to be submitted by Self-employed applicants-
6 KYC Documents in which DOB Proof, Identity proof and address proofs are included.
7 Residence Proof
8 Proof of Income of the last two years audited financials.
9 Bank statements of latest 6 months.
10 Office address proof.
11 Office ownership or residence proof.
12 Continuity of business proof.
How to calculate Your Personal Loan EMI?
The one who want to know the procedure of calculating the EMI on their personal loans can follow the details given below.
EMI is the Equated Monthly Instalment. This EMI is calculated using the following formula as
EMI = [P *R*(1+R)^N]/[(1+R)^N-1].
In this P is the amount that is taken as the loan.
R is Rate of Interest.
N is the Tenure selected for the repayment of the amount.
Why Should I Apply for Personal Loan at Banksathi.com?
Comparing to others Banksathi.com provides you the insurance, personal loans, comparison cards and more. They follow the easy procedures and approves the loans instantly. the customer need not to wait for knowing the loan approval confirmation for longer periods.
These are all the benefits which shows why you can prefer for Banksathi.com to apply for loans.
How to Apply for Personal Loan at Banksathi.com?
Once reaching all the eligibly required for applying for the loan candidates can apply for the loan. All the necessary documents need to be submitted to apply. The details about the required documents which has to apply are given above for both this salaried and self-employed customers.
How to Apply for Personal Loan using Banksathi App?
Applicants have to download the app provided by the banksathi Bank. The App is Banksathi. Once getting the app in your mobile’s candidates can directly apply for the personal loan directly from their own places. Once opening the app need to follow the instructions asking by the app and should have to provide the necessary details asking in that.
Loan Verification Procedure-
To approve the loan to the candidate the bank will follow some procedure called as verification procedure. This procedure is as follows. The applicants who are applying for the personal loan need to complete the application from their side without giving any false statements. After applying candidates have to submit the documents to the bank. Even online application services can also be utilized by the candidates. After submitting the documents to the bank, the certificates will be verified by the employees.
How is Personal Loan Disbursed-
Once clearing the verification procedure, the sanction of the loan will be confirmed. The verification teams will confirm the clearance in documents the processing team will prepare the crucial information for the loan agreement including all the terms and conditions. Before signing on the documents of the loan’s candidates have to cross check all the conditions required for taking a loan. This is how the loan is disbursed to the applicants.
Factors affecting Personal Loan Disbursal Limits-
The affecting factors after taking a personal loan is firstly your monthly income. As from now after taking a loan EMI amount will be deducted from the regular income every month. The status of the company if you are a self-businesses person. Your payment and credit history will also effects. The relationship with the bank can change. Negotiation skills will also affect individually.
What are the Different ways to pay Personal Loan EMI?
Hence after the approval of loan, Repayment of loan starts every month in the form of EMI's. There are many ways to pay EMI's to the bank. The following are the procedures which can be followed to pay the EMI to the banks.
Charges and Fees Related to Personal Loan-
FAQs – Before Applying for Loan
Before applying for the loan the questions one have like what is the procedure for applying for the loan? What are the required documents to apply for it.
FAQs – While Applying for Loan
The few things the has to be considered while applying for the loan are mainly the interested rates that are going to be charged. That can go as low as from 10% p.a. to as increase upto 24% based on your credit score and the terms and conditions of the lender.
FAQs – After Applied for Loan
Once after approving of the loan amount the customers need to know the FAQs about the repayment details. The repayment details include how the amount of the loan have to be repaid and what will be last dates, late fees and more.
Know More How To Apply ??
Know More About
You're eligible for a Personal Loans if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
|Personal Loans Details|
|Interest Rate (Monthly reducing balance)||15.5% - 24%|
|Processing Fees||Varies with bank|
|Loan Tenure||year to 5 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Personal Loans EMI Calculator