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Personal Loan

Delhi-NCR, India

Basic Details

  • Eligibility
  • Documents
  • Terms

The eligibility criteria of a personal loan applicant is as follows:

Current Income

Your current income from salary or self-employment must sufficient to pay monthly EMIs of the loan.

Work Experience​

More the work experience, more are the chances of getting a loan.​

Nature of the job and organisation

Credibility of the employer, position in the organisation, and nature of the profession (in case of self-employed) impact your eligibility for a loan.

CIBIL

Your credit score which is a function of your credit history such as repayment pattern of earlier loans, credit card limit utilization, defaults in payment of EMIs, among other factors is very important determinant of your eligibility.

Current EMIs/credit card outstanding

These are the fixed obligations from your monthly salary which reduce the disposable amount from your income. More the current obligations, lesser is the amount left for paying the EMIs of a new loan.

Miscellaneous

There may be other criteria set by lenders such as profession, age, minimum salary amount, residence, experience, minimum profit for self-employed, security, guarantor, etc.

Documents Required :

Pan Card

Adhaar Card

Address Proof

3 month salary slip

Last 6 month bank statement

2 years FORM 16/ITR

Office ID Card

2 Passport size photos

Terms & conditions :

Interest rate

It varies from 11% to 24% p.a. depending upon the lender and the financial condition and credit history of the borrower.

Tenure

It varies from 1 year to 6 years.

Processing charge

It varies from 1.5% to 5% with a minimum and maximum limit and is paid upfront on the loan amount.

Prepayment/foreclosure charges

In case principal amount is partly paid before it falls due, a prepayment fee is charged. It varies from 2% to 5% of the principle outstanding depending upon the time elapsed and/or amount outstanding. Foreclosure is when entire amount is prepaid.

Loan cancellation charges

If the loan is cancelled after its approval or disbursal, a cancellation fee may be charged by the lender.

Late payment charges

It is charged on a per month basis in case of delay in payment of EMIs over and above the usual interest.

Cheque bounce charges

It is charged as a flat amount per occurrence.