Personal loan is an unsecured loan provided by a bank or non-banking financial company (NBFC) to an individual on the basis of key criteria such as income level, credit history, repayment capacity, employment history and other relevant factors that tend to vary from lender to another. Also known as a signature loan, a personal loan is extended to salaried and self-employed individuals alike on the basis of a judgment call made by the loan sanctioning officer on the basis of documentation submitted by the applicant.

A personal loan can be used for almost any type of expense ranging from big ticket appliance purchases and home renovations to luxury vacations and debt consolidation. Some other cases where personal loans may be useful include payment to unexpected medical bills.

Yes. Though the exact amount of the minimum personal loan amount varies from one lending institution to another, most lenders have set their minimum personal loan principal amount at Rs. 30,000

When calculating the maximum personal loan amount in case of salaried people, the bank/financial institution takes care that the EMI does not exceed 30% to40% of the applicant’s take home salary. Any existing loans that are being serviced by the applicant are also considered when calculating the personal loan amount. And, for the self employed, the loan value is determined on the basis of the profit earned as per the most recent acknowledged Profit/Loss statement. 

Personal loans feature tenure of 1 year to 5 years or 12 to 60 months. In rare cases, shorter or longer personal loan tenures may be allowed by the borrower on a case by case basis.

Yes, personal loan can be applied either by yourself (singly) or together with a co-applicant (jointly).The co-applicant needs to be a family member like your spouse or parents.  By getting a co-borrower, your loan application will be processed in a higher income bracket, enabling you to avail a larger loan amount. 

Though the documentation requirements of personal loans vary from one financial institution to another, some of the key documents that you would need to provide with your personal loan application include:

• Income proof (Salary Slip for salaried/recent acknowledged ITR for self-employed)
• Address Proof Documents
• Identity Proof Documents and others
• Certified copies of degree/license (in case of self-employed professional

It is always a good idea to compare the offers of individual banks before you decide to settle on a specific provider. Use online tools like the loan eligibility calculator and personal loan EMI calculator to find the loan option that suits you the best. Some of the key factors to consider when deciding on a loan provider include interest rates, loan tenure, processing fee, etc. </

Low EMI offers can typically result from a low interest rate, a long repayment term or a combination of the two factors. Thus in some cases, you might end up paying a lot more to your lender as interest if you choose the lower EMI option. Instead use online tools like the personal loan  EMI calculator to figure out your interest payout over the loan tenure and your repayment capacity before making your decision.

Log on to Financeseva.com and fill out our personal loan eligibility tool to get a list of all available personal loan option along with key data such as applicable interest rate, processing fees as well as information about other charges such as pre-payment charges. Using these data, you can easily compare the various personal loan options available with multiple banks and NBFCs.

A personal loan can be used for almost any type of expense ranging from big ticket appliance purchases and home renovations to luxury vacations and debt consolidation. Some other cases where personal loans may be useful include payment to unexpected medical bills

• There is total transparency with regard to the rate of interest and the fees charged by us.
• We offer personal loans at the competitive rates of interest, with no security or collateral
• We provide finance for any personal need or requirement, amount being determined on the basis of repaying capacity.
• We levy interest based on daily/monthly reducing balance, unlike the annual reducing balance method used by several other banks.

Part Payment: A part-payment amount is less than the full loan principal amount and this payment is made before the loan amount becomes due.

Pre-Payment: This occurs when you pay off your personal loan in part before it becomes due as per the EMI schedule. The pre-payment amount may or may not be equal to the total due amount.  Pre-payment charges usually range from 2% to 5% of outstanding loan amount. Additionally, may banks do not allow pre-payment/pre-closure of personal loan before a specified nu

Here's why our personal Loan is perfect for you :-

• Quick loan payment

• No collateral or security needed

• Minimal documentation

• Flexible EMI plans and many repayment options

Getting a Personal Loan is made easy. Just complete a simple form and upload the necessary documents. Your loan will be approved as on the basis of your given document's

Online

We are with you any time of the day.

Phone

Our customer support team is happy to help you, always. Contact us at 9863-02-02-02.