- Income/ Other Income
- Age
- Qualification
- Property value
- No of dependents
- Bank Balance
- Assets/Liabilities
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Personal Loan Information
A Personal loan is unsecured form of loan that can be used for multiple purposes such as for travelling, education, purchase, home renovation, for marriage, in case of medical emergencies, for business purpose or any other household expenditures.
- Interest Rate Range: 10.99% to 21% (Per Year).
- Repayment Period: Minimum of 1 Year to maximum of 5 Years.
- Processing Fee : 1%-3% of the loan amount + Service Tax.
- Representative Example:, if you take a loan of Rs. 1 lakh at the rate of 16% with repayment tenure of 3 years, your EMI will be Rs 3,516. The total payable amount at the end of 3 years would be Rs 1,26,565. Therefore, you are paying total interest amount to the tune of Rs 26,565. This, however, excludes other applicable charges which are documentation charges and processing charges:
- Loan Processing Charge@ 2% = Rs 2000 + S.T.
STEPS TO APPLY Personal Loan Secured Loan - Property Loan - Mortgage Loan
The illustration below indicates what to expect at every step during the loan evaluation process. It helps understand how the credit decisioning works in banks and the steps they take before deciding to accept or reject a loan/ credit card.
Applicant Fill Out A Loan Application Form.
Documents Hand Over To The Bank.
Bank Check Your Reports And Cibil Score.
High Cibil Score Leads To Eligibility Check Basis Documentation.