Personal Loan is an unsecured loan for personal use which doesn't require any security or collateral and can be availed for any purpose, be it a wedding expenditure, a holiday or purchasing consumer durables, the personal loan is very handy & caters to all your needs. The amount of loan can be ranged from Rs. 50,000 – Rs. 20 lakh & the tenure for repaying the loan varies from 1 to 5 years.
A Personal Loan is not a secured loan,Its doesn't Required any security (bank doesn't ask for any security or collateral) as against a Secured Loan where one is required to pledge a house or other security to acquire a loan.
A Personal Loan can be accessed with minimal paperwork or documentation & doesn't take much time to procure as against a Secured Loan.
Personal Loan is a means to fulfill bigger loan requirement, you can take a loan ranging from Rs. 50,000 to Rs. 15 lakh.
The personal loan interest rate ranges from 12% to 24%, you must go for that loan which is offering you at the minimum rate.
It is a fee charged by banks from the borrowers to process their loan application; it is normally between 1-2 percentage of the loan amount.
DOCUMENTS REQUIRED | |
SALARIED | SELF EMPLOYED |
Pan card | Pan card |
Address proff | Address proff |
3 Months latest salary slip | Business licence |
FORM-16 latest 1 year | Latest 2 years ITR |
6 Months latest bank statement | 6 Months latest bank statement |
Photograph | Photograph |
Enquiry |