Personal Loans - All You Wanted to Know 1

Personal Loans – All You Wanted to Know

It is a problem to lose. No guarantors or safety /collateral is required. Loans to salaried & self-hired. Special offers for Doctors, Chartered Accountants, Engineers, Architects, Company secretaries, MBAs,, etc. Loans will be from Rs. 50 000/- to Rs. 20 lakh. Repayment alternatives from 12 to 60 months in easy EMIs. Loans are available in opposition to surrogate income from 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. Income-based total loans are given based on per month/year for salaried and self-employed, resp individuals actively. Non-income-based total loans, additionally recognized as surrogate loans, are given based on compensation-tune statistics of current private loans, vehicle loans, home loans, and Credit cards from permitted banks. The minimum installments paid/Months on books required is twelve months.

The eligibility criteria for salaried and self-employed are:

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


Applicant needs to be an Indian citizen working and living in Mumbai.
The minimum age required is 23/25 years, and the Maximum is sixty-five years.
Minimum of three years of experience in an 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 is obligatory at the residence and office.
Partnership companies, Private Ltd. Organizations, and deemed Limited businesses are eligible.


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

Loan tenure is the length of time the applicant wants to repay the loan. Loans can be repaid in 1 year to 5 years. The rule of thumb is that the longer the tenure, the higher the loan eligibility, and vice versa. The applicant’s age and the period of service left also influence the loan tenure.

One can apply for a personal loan at any time in anticipation of quick, hassle-free, and unsecured finance. The verification process at the residence and office is physically done within 2/3 days to submit all required documents. A simultaneous credit check determines the applicant’s credit history in the bank they applied to and other banks. If all the checks are positive, the credit officer normally has a telephone or physical discussion with the applicant at his office/place of work.

Subject to a positive discussion, the applicant has to sign an agreement and hand over PDCs (Post-Dated Checks) or authorization for ECS(Electronic Clearing System). The applicant generally gets a direct credit in their account or receives a Draft within 2/3 working days after executing the agreement. The entire process may take 5/7 working days.


I am a writer, financial consultant, husband, father, and avid surfer. I am also a long-time entrepreneur, investor, and trader. For almost two decades, I have worked in the financial sector, and now I focus on making money through investing in stock trading.