Personal Loan: Characteristics and Details
- It is an unsecured loan which means a loan offered without keeping any assets (e.g., house or car) as collateral. Unsecured personal loans are offered based on the buyers credit history. If you have not defaulted on payments of an earlier loan and have paid all your credit card bills on time, you will be viewed as a low-credit risk.
- Personal loan interest rate is allocated according to the customer's salary, the amount being borrowed, and other criteria.
- The repayment time period for a personal loan is fixed and ranges from 1 year to 5 years.
- It requires minimum paper work and is approved within 48 hours of submitting an application.
- In addition to Processing fee, a personal loan includes the following charges as well: pre-payment fee, late payment penalties, documentation charges, cheque bounce charges.
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According to the parameters set by banks and other financial institutions lending the loan, you:
- Should have been employed by your current organization or been involved in your business for a certain number of years
- Should have some monthly repaying capacity or the required minimum salary
- Must qualify the age bracket defined by the lending bank or institution
- Should not have bad credit history under your name for three months prior to submitting the loan application
- Duly signed and filled application form
- Passport Size Photograph
- Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Adhar card, employee identity card in case of government employees.
- Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/ electricity/ water/ credit card bill or Property tax.
- Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Adhar Card, pension payment order or receipt of LIC policy.
- Income proof
- Latest 3 months salary slips
- Form 16 with proper computation of income
- Salary account bank statement for six months
- Latest acknowledged IT return
- Last two years' computation of income, Profit and Loss statement, and balance sheet certified by a C.A.
- Latest six months' bank statement
- Last two years' sales and copies of acknowledged IT returns as proof of turnover