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It is a unsecured loan appropriate for any intention Like Education, Marriage, Medical Purpose, acquisition of Property or Assets, Repay old loans, Investments, Holidays, Gifts…etc. It is hassle free. No guarantors or safety /collateral required. Loans to salaried & self-employed. Special offers for Professionals like Doctors, Chartered accountants, Engineers etc.
What are the different types of personal loans available? Personal loans can be broadly seperated into income based and non income based. Income supported loans are given on the basis of income per month/per year for salaried and self employed respectively. Non income based loans also know as surrogate loans are given based on compensation track records of existing personal loans, car loans, home loans and Credit cards from approved banks. Minimum instalments paid/Months on books required is 9-12 months.
Different banks have dissimilar ways of calculating the eligibility. In the case of Salaried usually most of the banks might calculate qualification to be 1/1. 5 times of annual income. Factors such as existing loan liabilities, average bank balance, track record on existing loans, company profile & loan term also plays a role in deciding qualification.
In the case of Self Employed’s the eligibility would bet on the turnover, existing track record, net profit, cash credit /overdraft limit enjoyed, line of business, cash flow, bank statement, existing loan liability amongst other things. Usually the loan amount is limited at 1. 25 to 4 times of cash profit generated less existing liabilities or a certain percentage of revenue less existing responsibilities.
Loan tenure is the period within which the applicant wants to repay the loan.
Loans can be reimbursed from 1 year to 5 years. The rule of the thumb being longer the tenure higher would be the loan eligibility and vice versa. The age of the contender along with period of service left also manipulates the loan tenure.
Service charges, loan processing charges , bank charges are different traditions of describing the fees which the bank charges for processing and disbursing loans. It is deducted directly from the loan amount and is generally restricted to 2% to 3 % of the loan total. It is a one time cost.
WHAT IS THE LOAN PROCESS?
One can apply for a personal loan any time in anticipation of a fast, disturb free of charge and unsecured finance for any purpose. The verification process at residence and office is physically done within 2/3 days on acquiescence of all documents essential. There is a real-time credit check done to find out the credit history of the applicant in the bank applied as also other banks. If all the checks are positive the credit officer generally has either a telephonic or physical argument with the contender at his office/place of work.
Subject to the argument being affirmative the candidate has to sign an agreement and also hand over PDC’c(Post Dated Checks) or authorization for ECS(Electronic Clearing System). The applicant normally gets either a direct credit in his/her account or receives a Draft within 2/3 working days after accomplishing the agreement. The whole procedure may take 5/7 working days.