Personal Loan EMI and Interest Rates

What is Personal Loan

If you are looking for instant finances for any purpose like buying an expensive flat screen for your home or even paying off your medical bills, personal loan is the right choice for you. It is a secured loan that means you do not have to mortgage anything against the loan. It has very minimal documentation and loan gets approved very quickly.

Personal Loan Interest Rate

The Personal Loan interest rates depend upon the company’s profile, salary of a person and his CIBIL score. It starts from 10.75% per year.

More About:  Personal Loan

Features of Personal Loan

1. Personal loans comes under unsecured loans.
2. The loan amount depends on the income and repayment capacity of the person.
3. A personal loan is for short tenure loan.
4. It is a multi-purpose loan that can be used for almost any purpose.
5. No collateral is required.

Eligibility Criteria of Personal Loan

Not everyone can avail a personal loan as there is risk of nonpayment. There are certain rules based on which an NBFC or bank provides a personal loan to its customers.

There are two categories of applicants:

1. Salaried
2. Self-employed

There are different rules for both.

Salaried Applicant:

1. The minimum age of the applicant must be 21 years.
2. If the borrower stays in a metropolitan city, then his minimum income should be Rs 18,000. And if the person belongs to a non-metropolitan city, his minimum salary should be Rs 12,000.
3. The borrower must be a working professional from the last 3 years and the salary should be deposited in their bank accounts only.
4. If the person wants to avail a personal loan, then he should have a good credit history.

Self-Employed Applicant:

1. The age of the applicant should not be less than 25 years.
2. The applicant should have been filing his ITR for the last three years.
3. The applicant should have a good credit score, with no debt left due.
4. The minimum ITR filed should be at least 2.5 lakhs per annum.

Personal Loan Documentation

1. Identity proof (Passport/ voter card/ driving license/ aadhar card)
2. Residence proof (passport/ voter card/ driving license/ ration card/ aadhar card). If the borrower is residing in a rented apartment, then he has to submit his rental agreement and electricity bill which has to be on the name of the applicant and the address of the owner.
3. PAN card of the applicant has to be submitted under KYC formality.
4. If the applicant is s salaried one, then he has to submit his salary slip of the last three months and the bank statement of the last six months.
5. If the applicant is self-employed, then, he has to submit the ITR of the last three years, and registration of their business should be done.
6. Two passport size colored photos.

How to apply for Personal Loan?

1. Visit  www.bookmyloans.in
2. Fill the application form for the personal loan.
3. You will get a call back within 5 minutes, with proper guidance.
4. If you are eligible, then your loan will get approved within 10 minutes.

Tenure for Personal Loan

The tenure of personal loan is from 1 year to 5 years.

Personal Loan Interest Rates: Updated