About Personal Loan
Personal loan is the obvious choice if you need a finance for Personal finance, Medical emergency, Wedding purposes, Abroad travel, Holidays, Child education and for buying consumer durable things.
Getting finance for your Personal needs, you should be salaried and working in any Pvt Ltd, Public Ltd., LLP, Partnership or Proprietorship Firms. We, as a Loanzmitra make the process Simplify and Door Step Service.
With our expertise of services and extensive industry expereince, we will assist you the best possible Personal Loan based on your requirement and profile.
Personal loan Benefits with Loanzmitra
- Simplified Documentation
- Loan Disbursal in 4 Business Days
- Transparent Processing
- Competitive Pricing
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Features and Benefits of Loan
It’s a unsecured loan, personal loan is granted to an individual who is salaried in any company by a Bank or NBFC to meet their individual personal needs
For any Personal Loan, you should be salaried / employed in any company and the ROI will be vary based on the Company / Firm.
Faster Loan Disbursal
The disbursal time depends on the bank but it’s generally within 3 Business Days or 5 Business Days at most. You may even be eligible for instant online approval if you are an existing customer of the bank you’re applying to.
Fewer Documents
Required less documents for your personal loan. Few banks approve online, and you need to upload scanned documents for verification, thus you will be granted or approved the loan within minutes. This makes it faster to process.
Collateral Free
If you are eligible based on your income and CIBIL score, you no need to collateral your property for Personal Loan. Since it is unsecured loan, you can considered as the best form of getting financial assistance at an emergency.
Attractive Interest Rates
Interest rates for personal loan depends upon your employment and your monthly income. These comes with easily affordable for all. Your EMI remains fixed for the entire tenure of your loan.
Eligibility Criteria for Loan
Any Salaried, Self-employed or Professional Public and Privat companies, Government sector employees including Public Sector is eligible for a Personal Loan.
Any individual who is Salaried / Employed are eligible for Personal Loan
Age
Maximum age of applicant at loan maturity: 60 years
Income
Minimum Net Monthly Income: Rs 25,000
Credit Rating
Applicant should have the bank specified credit score.
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Documentation
The following documents are required along with your Personal Loan application:
| KYC Documents |
| Personal Identity proof (Copy of PAN Card) |
| Home Address proof (Copy of Aadhaar Card) |
| Bank Statement of Salary Credited Account of past 6 Months |
| Past 3 Months Pay Slip |
| Company Appointment Letter |
| Recent Hike Letter |
| Company ID Card |
Fees and charges
Each Bank's and NBFCs have different charges for Loan Application based on the customer profile and requirements:
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Types of fees
Charges applicable
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Rate of interest
Starts from 10.25%
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Processing fees
Starts from Rs. 5,000/- to 2.00% of Loan Amount
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Insurance
Depends on the Customer Profile
*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges
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Frequently Asked Questions
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Banks will determine your Personal Loan Eligibility based on your income and other factors like age, additional income, and other financial factors.
EMI refers to the ‘Equated Monthly Installment’, where you pay the amount to Banks on a specific date of every month till your loan is repaid in full. The EMI comprises of the principal and interest components which are structured based on number of months you took the Loan.
Generally, Bank offers various modes for repayment of your loan. Like ECS (Electronic Clearing System), it directly deduct from your Savings Account which you given at the begining stage of Loan.
Yes, when you use this loan for renovation or construction of your house. The benefit amount can be up to Rs 2 lakh as per Section 24B. However, it is essential that you provide adequate information on how did you utilize these funds for the aforementioned purpose.
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