Personal Loan

PERSONAL LOAN, as the name signifies, is funds give to individuals for personal purpose, without any restrictive conditions. Sometimes you just need some extra money.

PURPOSE OF PERSONAL LOAN :-
  • Marriage, Holiday, Medical, education, pay off higher loan of credit cards etc.
  • Buying Consumer Durables like TV, Fridge
  • House extension, Repairs
  • Help you build or improve your credit by adding another line of credit to your credit report. Your lender will report your monthly payments to the three credit bureaus—Equifax, Experian and TransUnion
OFFERED TO :-
  • Salaried Employees
  • Salaried Director of Company Holding less than 10% shareholdings
  • Self Employed Professionals
CHARACTERISTICS OF PERSONAL LOAN ARE :-
  • Personal Loan is given as a certain percentage of the Net Earning [For salaried: - Net Salary credited to bank; and for professional: - Certain Percentage of Receipts]
  • Finance from Rs. 1 Lacs to Rs.75 Lacs is provided.
  • It is calculated on EMI [Equated Monthly Instalment] paying capacity of the borrower. In general, a person is assumed to be eligible to pay EMI up to 70% of NTH Salary.

Therefore for the purpose of obtaining the maximum loan amount a borrower is eligible to obtain by considering:-

  • Only Net take home salary to be consider for eligibility
  • Existing liabilities: EMI on current loan of all types in a month
  • 70% of balance left.
  • Rate of interest and tenure on per Lacs factor.
  • Balance amount as above divided by factor per month.
  • Interest rates on the personal loan may range from 11.49% to 18%.
  • With the tenure of the loan up to 12 months to 60 Months.
  • Processing Fees of 999/- - 2% is charged on loan amount, which is deducted from the disbursed amount.
 

Apply Personal Loan

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