We provide the best value Personal Loan
Simple steps you can take to improve your financial well-being for the rest of your life.
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Personal Loan Features
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Offers for New Customers
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3 Unique Variants
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Loan of up to Rs. 40 Lakh
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No Hidden Charges
Personal Loan
A dream, in its myriad forms, is a powerful force that propels individuals toward aspirations, be it the design of a newly renovated home, the acquisition of an essential appliance, the grandeur of an extravagant wedding ceremony, or the well-being of a Enjoyed – Entitled to extended leave abroad. Dreams are diverse, taking shape into various desires and ambitions that color the canvas of our lives.
In the realm of these dreams, a financial instrument emerges as a facilitator, a bridge between the supernatural realm of aspirations and the actual reality of achieving them – the personal loan. More than a means to fulfill dreams, personal loan extends its reach to cover essential and emergency expenses, acting as a stabilizing force that helps keep the pace of our lives on the desired path.
At its core, a Personal Loan is a versatile tool, accommodating diverse dreams and necessities. Whether it’s the longing for a revamped living space, the necessity of a crucial appliance, the grandiosity of a ceremonial union, or the rejuvenation of the soul through a prolonged overseas vacation, the Personal Loan stands ready to transform these visions into tangible realities. Unlike other financial products, the uniqueness of a Personal Loan lies in its flexibility – a borrower is granted the autonomy to allocate the borrowed funds according to their discretion, unrestrained by specific earmarks.
This financial product, however, is not a carte blanche for speculative endeavors or investments in tax-saving instruments. Its purpose, while broad, carries a responsibility to be channeled towards meaningful and responsible financial endeavors. The absence of collateral or a guarantor distinguishes the Personal Loan from other forms of credit, making it a readily accessible resource for those seeking financial support without encumbering their assets or involving third-party assurances.
The repayment of a Personal Loan follows a structured process, aligning with the conventional Equated Monthly Installment (EMI) mechanism. Through this systematic approach, borrowers commit to repaying a fixed amount each month, easing the burden of repayment and ensuring financial sustainability. The predictability of EMI payments facilitates effective financial planning, allowing borrowers to navigate the repayment journey with clarity and confidence.
In essence, a Personal Loan transcends the boundaries of traditional lending, embracing the multifaceted nature of dreams and financial needs. It serves as a conduit for individuals to manifest their aspirations into reality, fostering a sense of empowerment and autonomy in their financial journey. As dreams evolve and diversify, the Personal Loan stands resilient, adapting to the dynamic landscape of individual ambitions, and continuing to be a trusted ally in the pursuit of a fulfilling and enriched life.
Features of Personal Loan:
- Provided without any specific purpose.
- No collateral or guarantor required.
- Attractive Rate Of Interest.
- Shorter term loans compared to other loans (i.e 3 to 5 years)
- TAT for Personal Loan is 48 hours
- Personal loan ranges from Rs.50,000 to Rs.50 Lakhs approximately and are typically repaid in tenures ranging from 1 to 5 years.
- Higher Loan Amount + Least Loan Tenure = Low Interest Amount.
Personal Loan Eligibility Criteria
To qualify for a personal 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.
- Age should fall under the range of 21 years to 60 years
- Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs
- 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 Personal 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
- Age Proof– Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
- Income Proof– 1 year Bank statement, 3 months Salary Slips
- Employment Proof– Employment Certificate, Office address proof
- GST or VAT Registration for Self-employed
- Photograph– Passport-size photographs
- Business proof – Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.
- Income tax returns– Documents of the past 2-3 years to verify income and tax payment history
FAQ
What types of loans are available?
There are various types of loans, including personal loans, home loans, business loans, Auto Loan (Used/New), Loan against Property LAP, Over draft Limit, Inventory Funding, Loans for Professional, Machinery Loan, SME Loan, Mutual Fund & Insurance
and more. Each type serves a specific purpose.
How do I qualify for a loan?
Eligibility criteria vary based on the type of loan. Generally, factors such as credit score, income, employment history, and debt-to-income ratio are considered.
What is the interest rate on the loan?
Interest rates depend on the type of loan, the lender, and the borrower’s creditworthiness. Fixed rates remain constant, while variable rates can change based on market conditions.
What documents are required for a loan application?
Common documents include proof of identity, income statements, employment verification, credit history, and information about assets or collateral.
Can I get a loan with bad credit ?
Some lenders offer loans to individuals with bad credit, but interest rates may be higher. It’s essential to shop around and explore options.
What is the difference between a fixed-rate and variable-rate loan?
A fixed-rate loan has a constant interest rate throughout the term, while a variable-rate loan’s interest rate can change based on market conditions.
What is the loan term?
The loan term is the duration over which the borrower repays the loan. It varies by loan type and can range from a few months to several decades.
What is the difference between secured and unsecured loans?
Secured loans are backed by collateral (e.g., home or car), while unsecured loans don’t require collateral but may have higher interest rates.