Personal Loans – All You Wanted to Know

It is problem lose. No guarantors or safety /collateral required. Loans to salaried & self-hired. Special offers for Professionals like Doctors, Chartered Accountants, Engineers, Architects, Company secretaries, MBA’s and so forth. Loans are to be had from Rs. 50, 000/- to Rs. 20 lakh. Repayment alternatives from 12 to 60 months in easy EMI’s. Loans available in opposition to surrogate income of any automobile, non-public or domestic mortgage.
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Minimum documentation & speedy approval. What are the Various sorts of non-public loans to be had? Personal loans can be extensively divided into earnings based and non-earnings based totally. Income-based totally loans are given on the idea of income per month/per year for salaried and self-employed respectively. Nonincome based totally loans additionally recognize as surrogate loans are given based on compensation tune statistics of current private loans, vehicle loans, home loans and Credit cards from permitted banks. Minimum installments paid/Months on books required is nine-twelve months.

The eligibility criteria for salaried and self-employed are:

Applicant must be Indian citizens working and residing in Mumbai.
Minimum age required is 21 years and Maximum 58/60 years.
Minimum Work Experience-1 month in contemporary business enterprise and 3 years average.
Minimum Net Take Home – Rs. 20, 000/- per month.
Residence-both Owned rented or business enterprise provided.
Telephone/mobile mandatory at the residence.
Currently, most of the banks are presenting unsecured non-public loans most effective to employees of Private Ltd, Limited and multinational corporations.

Applicant needs to be Indian Citizens Working and living in Mumbai.
Minimum age required is 23/25 years and Maximum sixty-five years.
Minimum three years experience in identical commercial enterprise.
Minimum earnings Rs. 2. 50 lakh in line with annum.
Residence/Office -both Owned, rented or organization provided. Either residence or workplace ought to be self-owned.
Telephone/mobile obligatory at residence and office.
Partnership companies, Private Ltd. Organizations and deemed Limited businesses are eligible.


Different banks have one of a kind approaches of calculating the eligibility. In the case of Salaried usually, most of the banks could calculate eligibility to be 1/1. Five times of annual profits. Factors consisting of current loan liabilities, average bank balance, track report on current loans, company profile & loan tenure also performs an element in finding out eligibility.

Loan tenure is the period within which the applicant wants to repay the loan. Loans can be repaid 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 applicant along with a period of service left also influences the loan tenure.

One can apply for a personal loan any time in anticipation of a quick, hassle-free and unsecured finance for any purpose. The verification process at residence and office is physically done within 2/3 days on submission of all documents required. There is a simultaneous 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 normally has either a telephonic or physical discussion with the applicant at his office/place of work.

Subject to the discussion being positive the applicant has to sign an agreement and also hand over PDC’s(Post Dated Checks) or authorization for ECS(Electronic Clearing System). The applicant generally gets either a direct credit in his/her account or receives a Draft within 2/3 working days after executing the agreement. The entire Process may take 5/7 working days.


Student. Award-winning communicator. Subtly charming coffeeaholic. Organizer. Gamer. A real dynamo when it comes to managing jack-in-the-boxes for fun and profit. Spent the 80's donating shaving cream in Libya. Spent 2001-2004 lecturing about Roombas in Jacksonville, FL. Garnered an industry award while getting my feet wet with sheep in the government sector. My current pet project is working on Slinkies in Orlando, FL. Spent 2002-2009 developing strategies for crayon art for the underprivileged.