Advantages:
- No collateral security or guarantor
- Easy repayment generally 12 months to 60 months
- Easily available
- Minimum documentation
- Quick processing
Dis-advantagaes:
- High interst
- No part final payment
- Loan amount related to credit score
Documents Required for Personal Loan:
|
Criteria
|
Documents
|
Salaried
|
Self Employed /Professional
|
|
Loan Form
|
|
√
|
√
|
|
Photograph
|
|
√
|
√
|
|
Identity Proof ( Any One )
|
Aadhar Card
|
√
|
√
|
|
Voter Card
|
√
|
√
|
|
Passport
|
√
|
√
|
|
PAN Card
|
√
|
√
|
|
Driving Licence ( Recent)
|
√
|
√
|
|
Address Proof ( Any One)
|
Aadhar Card
|
√
|
√
|
|
Voter Card
|
√
|
√
|
|
Passport
|
√
|
√
|
|
Driving Licence ( Recent)
|
√
|
√
|
|
Ration Card
|
√
|
√
|
|
Voter Card
|
√
|
√
|
|
Electricity Bill
|
√
|
√
|
|
Telephone Bill
|
√
|
√
|
|
Life Insurance Policy
|
√
|
√
|
|
Shop & Establishment Certificate
|
x
|
x
|
|
SSI Certificate
|
x
|
X
|
|
Sales Tax Certificate
|
x
|
x
|
|
Bank Statement( Last 6 months)
|
√
|
√
|
|
Income Proof
|
Latest Salary Slip ( Last 3 months)
|
√
|
x
|
|
Form 16 ( Last 2 Years )
|
√
|
x
|
|
|
Income Tax Return
|
x
|
√
|
|
|
Audit Balance Sheet
|
x
|
x
|
|
|
P&L Accounts ( Last 2 Years)
|
x
|
X
|
|
|
Company’s IT Retrun( Last 2 Years)
|
x
|
x
|
Eligibility Criteria for Personal Loan :
| |
|
Criteria
|
Documents
|
Salaried
|
Self Employed /Professional
|
|
Age
|
|
Min. 21 Years
Max. – 75 Years
|
Min. - 21 Years
Max. – 60 Years
|
|
Residence Area
|
Rural/Semi-Urban/Rural
|
√
|
√
|
|
Income
|
Per month
|
Min. Rs.10,000.00 pm
|
Min. Rs.10,000.00 pm
|
|
Experience
|
Work
|
Min. Two Years
|
Min. Two Years
|
|
Credit History
|
Loan Repayment History
|
√
|
√
|
|
EMI Amount
|
Existing
|
√
|
√
|
|
Personal Loan Interest Rate
|
|
Personal loan company
|
Interest Rates
|
Processing fee/ Documentation Charges
|
|
Allahabad Bank
|
MCLR+4.50%
|
NIL
|
|
Andhra Bank
|
MCLR+3.35 – MCLR+4.35
|
|
|
Axis Bank Ltd
|
15.00% - 24.00%
|
1.50% to 2.00%
|
|
Bank of Baroda
|
MCLR+5% - MCLR+8%
|
Rs.1,000.00 to Rs.10,000.00
|
|
Bank of India
|
MCLR + 0.85%
|
Rs.500.00
|
|
Bank of Maharashtra
|
8.70%
|
1% of the Loan Amount (Min.:Rs.1000/-)
|
|
Canara Bank
|
11.50% - 14.65%
|
0.5% on the loan amount with a minimum of Rs.1000/- and maximum of Rs.5000/-
|
|
Central Bank of India
|
MCLR+3%
|
Rs.500.00
|
|
Corporation Bank
|
12.65%-13.65%
|
1.50% of the loan amount subject to minimum Rs.500/-
|
|
Dena Bank
|
13.00% - 14.00%
|
1%
|
|
Federal Bank
|
MCLR+3.92% - MCLR+5.72%
|
|
|
HDFC Bank
|
15.75% - 20%
|
Min. 1000.00 Max. 25000
|
|
ICICI Bank Ltd
|
10.99% - 22%
|
2.25%
|
|
IDBI Bank Ltd
|
MCLR+3.90%
|
N.A
|
|
Indian Overseas Bank
|
11.80%
|
0.40% - 0.50%
|
|
Oriental Bank of Commerce
|
BR+2.50%
|
0.50%, min. Rs 500/-
|
|
Punjab National Bank
|
MCLR+3.55% - MCLR+6.55%
|
1.80% / Rs.270/- to 450/-
|
|
State Bank of India
|
11.90% - 14.75%
|
1%
|
|
Syndicate Bank
|
MCLR+3.50%
|
0.25%, Min.250/-
|
|
Uco Bank
|
MCLR+2.75% - MCLR+3%
|
1% of the loan amount maximum Rs.750/-
|
|
United Bank of India
|
MCLR+5.15% - MCLR+5.40%
|
1%
|
|
Union Bank of India
|
13.40% - 14.40%
|
0.50% ,Min.500/-
|