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How long will it take for my Personal loan to be processed?
Once you submit your application form and the required documents as per Bank/NDFC’s criteria, you can expect approval and disbursal within 2 to 5 working days, provided everything is in order. All loan approvals are at the sole discretion of the Lender.
Eligibility Criteria for Personal
|Age||21years to 58years||25 years to 70years|
|Income||Rs.18000 (p.m.)||Rs.25,00,000 (Turnover p.a.)|
|Loan Amount Offered( In Indian Ruppes)||50,000 – 40,00,000||1,00,000 – 5,00,000|
|Tenure ( In years)||1 to 5||1 to 3|
|Work Experience( In years)||2||3|
What documents are required for Personal loan application?
|Proof of Identity and Address||Voter’s ID card / Driving license / Job card issued by NREGA / Aadhaar card / PAN card (PAN card only as identity proof)|
|Proof of income||Latest 3 salary slips||IT returns for the last 2 years and computation of income for the last 2 years certified by a CA|
|Bank statement or Pass Book where salary or income is credited||Last 6 months bank statement of salary account.||Last 6 months|
What are applicable Charges in Personal Loan
|Processing fees||2 % – 3%of the loan amount|
|Interest rate||10.99% onwards to depend upon Income and other eligibility criteria of Lender Bank/NBFC.|
What is CIBIL ?
Credit Information Bureau (India) Limited, commonly known as CIBIL, is India’s first Credit Information Company or Credit Bureau. It maintains records of all credit-related activity of individuals and companies including loans and credit cards . The records are submitted to CIBIL by registered member banks and other financial institutions on a periodic (usually monthly) basis. Based on this data, CIBIL issues a Credit Information Report or CIR (commonly referred to as a credit report) and a credit score.
Please note that CIBIL is a database of credit information. It does not make any lending decisions. It provides data to banks and other lenders who use it as a quick and efficient resource to filter loan application.
Can my CIBIL Score affect my loan sanction ?
The CIBIL Score plays a critical role in the loan application process. After an applicant fills out the application form and hands it over to the lender, the lender first checks the credit score and credit report of the applicant. If the credit score is low, the lender may not even consider the application further and reject it at that point. If the credit score is high, the lender will look into the application and consider other details to determine if the applicant is credit-worthy. The credit score works as a first impression for the lender, the higher the score, the better are your chances of the loan being reviewed and approved.
What CIBIL Score is considered as good?
The CIBIL credit score ranges from -1 to 900. CIBIL Score -1 is No credit history and closer you are to 900, the more confidence the credit institution will have in your ability to repay the loan and hence, the better the chances of your application getting approved. Anything above 700 is considered a decent credit score and 750+ is considered as good credit score.
How do I repay the loan?
You can repay the loan in Equated Monthly Instalments (EMI’s) using the ECS facility or SI ( Standing Instructions).
Are there any additional charges for loan repayment?
The additional charges (if any) are applicable in case you default or in case of SWAP (i.e. change the repayment mode or Bank account ). The charges varies from Bank to Bank. Usually SWAP charges Rs500+ Tax.
What will be done with the post dated cheques if I request to change the mode of repayment/account for my loan or after Loan closure.
Post Dated Cheques(PDCs)/Security Cheques submitted towards loan repayment that have not been encashed, will be defaced and retained by the Lender. In case, you wish to have your old Post Dated Cheques(PDCs)/ Security Cheques to be returned to you, kindly lodge a request at Service department through Phone or email.
Can I repay the Personal loan earlier?
Yes, you can choose to repay your loan anytime after 6 months of taking the loan ( Some Lender ask for minimum 12 months) and with applicable foreclosure charges which ranges between 3% to 5% of POS ( Principal outstanding on date of pre closing the loan).
Can I part pay my Personal Loan?
Yes, few banks/NBFCs are allowing part payment of Personal loan.
What are the minimum and maximum loan amounts in salaried Personal Loans?
Personal loan amount ranges from Rs50k from Rs40 Lakhs. The final sanction will depend on your income and various other criteria.
What are the tenor options available?
You can choose a tenor ranging from 12 to 60 months depending on your preference and the loan sanctioning conditions.
Do I have to provide any security, collateral or guarantors?
No security, collateral or guarantors are required for obtaining a salaried Personal Loan.