Personal Loans

How it Works?

Generally, if you’re approved for the loan, then you’ll be ready to choose from the various repayment periods which are available like 24, 36, or 60 months. The rate of interest may, however, range from below 5 percent to over 30 percent, and there’s often a minimum and maximum amount which you could thus borrow.  You can also choose from a variable-rate loan and a fixed loan. A loan with a fixed interest will, however, have an equivalent rate of interest throughout the lifetime of the loan — which suggests that your monthly payment would never change. Variable-rate loans thus often start with a lower rate of interest than a fixed-rate loan.

However, variable interest rates also can be increased within the future, which may thus cause higher monthly payments and also a greater cost to you over the lifetime of the loan. If you’ll repay the loan quickly, then a variable rate may, however, save money, but if you would like a definitive budget for the longer term, then a fixed-rate is the way to go. 

Documents required for Personal Loans:

For Salaried:

• ADDRESS PROOF
• AGE PROOF
• LAST 2 YEARS ITR
• FORM 16
• LAST 6 MONTHS BANK STATEMENT
• PAN CARD

For Self Employed:

• ADDRESS PROOF
• AGE PROOF
• LAST 2 YEARS ITR
• LAST 6 MONTHS BANK STATEMENT
• LAST 2 YEARS PROFIT & LOSS STATEMENT
• PAN CARD
• BALANCE SHEET OF LAST 2 YEARS
• PROOF OF BUSINESS EXISTENCE

Advantages of Personal Loans

• No security required
• No tracking of its use