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Loan Features
Offers for New Customers
3 Unique Variants
Loan of up Rs. 5 Lakh to Rs. 1 Cr.
Tenure of up 6 Months to 120 Months
No Guarantor
No Hidden Charges
Features and Benefits of our Loan
Loan Eligibility Criteria
To qualify for a loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.
-Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of a minimum amount.
-Credit score must be above 650
-Debt-to-income ratio
-Employment stability
-Maintained a good credit score
-Clear repayment history
-Must be a Resident Citizen of India
Documents required to apply for Loan
- Identity Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
- Proof of Residence or Address Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card
- Income Proof – 1 year Bank statement, Business proof (Gomasta/ UDYAM certificate).
- Employment Proof – Employment Certificate, Office address proof
- Photograph – Passport-size photographs
- Business proof – Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.
Have Questions?
Depending on several factors, including the loan amount, loan term, income, and employment history, different lenders have different minimum credit score requirements to be approved for personal loans. Most lenders consider a credit score of 650 or above to be strong enough to qualify for a personal loan. To be eligible for a personal loan with low-interest rates and advantageous terms, some lenders may require a credit score of 700 or better.
Students are eligible to apply for a personal loan. However, depending on the lender and the student’s financial situation, the eligibility criteria and loan terms may differ. If the student is employed or has a steady source of income, procuring a personal loan may be easier. A good credit score can also increase the likelihood of approval and result in lower interest rates.
On the other side, the student might require a co-signer if they have little to no income to be accepted for a personal loan. A co-signer is a credit-worthy individual who consents to accept financial responsibility for the loan if the borrower is unable to pay it back.
Yes, pensioners who have a pension account with one of India’s leading banks may be eligible to apply for a personal loan. Many banks and financial institutions in India provide personal loans to retirees, with some lenders catering specifically to this demographic.
Personal loans for pensioners may have different eligibility criteria, terms, and conditions than regular personal loans. Lenders, for example, may impose age restrictions or require proof of pension income to qualify for a loan. Before applying for a personal loan, pensioners should carefully review the eligibility criteria as well as the terms and conditions. They should also compare various lenders and loan options to determine which one best meets their needs and financial situation.
Even if you already have a home loan, you can still apply for a personal loan. But, while determining your capacity to repay the personal loan, the lender may consider your current financial obligations, including your mortgage. While assessing your eligibility and the terms of the loan, your credit rating, income, and other variables could also be taken into account.
Yes, you can use a personal loan for marriage expenses. Because weddings may be extremely pricey, personal loans are frequently utilized to pay for them. However, it’s important to consider whether you can afford to repay the loan, as defaulting on a loan can negatively impact your credit score and financial future.
When applying for a personal loan for marriage expenses, you may need to provide the lender with an estimate of the total costs and a breakdown of how the funds will be used. The terms of the loan, such as the interest rate and repayment period, will depend on factors such as your credit score, income, and the amount you are borrowing. It’s a good idea to compare different lenders and their loan offers before applying to find the most favorable terms for your financial situation.
Yes, you can obtain personal loans from two different banks at the same time, provided you meet the eligibility requirements for each loan and can afford the repayments for both. However, it’s critical to keep an eye on your overall debt level and avoid taking on more debt than you can handle.
Yes, there may be fees associated with prepaying a personal loan, which are commonly referred to as prepayment penalties. Some lenders charge these fees if you repay your loan before the end of the term. The prepayment penalty varies by lender and can be a fixed fee or a percentage of the outstanding loan amount. It is crucial to carefully read the loan agreement to determine whether there are any prepayment penalties associated with the loan and what the charges would be if you decided to repay the loan.
The maximum loan amount that you can borrow through a personal loan in India depends on several factors, such as your income, credit score, repayment capacity, and the lender’s policy. Typically, lenders offer personal loans ranging from Rs 10,000 to MAX. However, the maximum loan amount that you can borrow will depend on your eligibility, and it is advisable to borrow only what you need and can repay comfortably.
Yes, you can apply for a personal loan online. Applying for a personal loan online is becoming more and more popular due to its convenience and ease of use. To apply for a personal loan online, you will typically need to visit the website of the financial institution/Bank and fill out an online application. The application process usually involves providing personal information such as your name, address, social security number, and employment information. You may also be asked to provide information about your income and expenses, as well as the purpose of the loan.
If you default on your loan payments, it can have serious consequences on your credit score and financial situation. Here are some of the potential consequences of defaulting on a personal loan:
Late Fees and Penalties: If you fail to make a payment or are late, the lender may charge you late fees and penalties. These fees can quickly add up and make it difficult to catch up on your payments.
Negative Impact on Credit Score : When you default on a loan, the lender may report the missed payments to credit bureaus, which can hurt your credit score. A lower credit score may make future credit applications more difficult, as well as result in higher interest rates and fees.
Legal Action: If you continue to miss payments, the lender may decide to sue you. A wage garnishment or a lawsuit is examples of this. Legal action can be costly, and you may be found liable in court.
Collection Calls: If you default on a loan, the lender or a debt collection agency may contact you. These calls can be stressful, and they may continue until the debt is cleared.
Collateral Seizure: If you have secured your loan with collateral, such as a car or home, the lender may seize the collateral if you default on your loan payments. This can result in the loss of your property.
