Personal Loan
What is a Personal Loan?
A personal loan means to take a loan from the bank. The moneylender (bank) provides funds to the applicant against the documents that are shown by him to the bank. Instant personal loan disbursal is provided by banks across the country. The process is hassle-free and get loan amount within 24 hours.
A Personal Loan SBI may be considered when you need immediate funds for a family function, any medical issue in the family, education loan, home renovation, wedding, travelling or to repay any other loan.
Why BookMyLoans?
BookMyLoans is a platform where you can compare the best banks in India regarding a personal loan. We help you with the deals and offers by different banks across the country. Our customer relationship managers will get in touch with you as soon as you finish filling the applicant form that is displayed on our website. They will provide you the most relevant information that you require.
Eligibility Criteria for Personal Loan
CIBIL Score/Credit Score: It is a track of your credit history. All of the payments that you have done so far is recorded through this. Make sure to maintain your CIBIL Score.
Salary: It is one of the essential factors that is considered while sanctioning of your loan amount is your salary. Salary is checked just to ensure your capability of repaying the loan money.
Location-specific: Personal loan is location specific. Hence, you get loan disbursal only from the bank branches that are within 25 km of range from your current location.
Age of person: The age of the person must be at least 21 or above. The range is between 21-60 years.
Company’s Profile: For both salaried and self-employed applicants, their company’s profile is checked.
Stability: You must have a stable lifestyle according to the bank so that there are no rejections for your loan.
Documents required for Personal Loan
It is an important step in the process of sanctioning a personal loan. Always ensure that the documents you provide are genuine because most of the rejections are based only on fraud documents that people offer.
Documents required in case of a salaried applicant:
Salary slips of last three months
Bank statements that are six months old
PAN Card is a must
Aadhar Card is also required
Residence proof (self-owned or rented or company provided) is necessary
Two passport size photographs
*NOTE: In case of people living in rented apartments, rent agreement is required and must be attached along with other documents.
Documents required in case of a self-employed applicant:
All financials are considered, including the ITR documents and files of the company.
PAN Card
Aadhar Card
Residence Proof (as mentioned above)
Two photographs that are passport size are required
What is Personal Loan Interest Rate?
Different banks offer nominal charges for every personal loan that they give to their customers. The range of interest rate is from 10.57@ that can go up to 13.45%, depending on the bank and the applicant’s profile and financial stability.
How to calculate your monthly EMI?
Now with fewer efforts and with a single click, you can calculate your personal loan EMI with the help of personal loan EMI Calculator. You are now independent of knowing that what will be the fixed amount you will pay to the bank every month after taking a loan.
Basic FAQs
Whenever a person is interested in taking a personal loan, many questions come in his mind. So the questions and answers below might help you in solving your queries.
Who can apply for a Personal Loan?
A self-employed or a salaried person can opt for this type of loan.
How can I apply for a Personal Loan?
Visit any nearby SBI bank branch or go to our website BookMyLoans to apply for a personal loan online.
What is the tenure of a Personal Loan?
This type of loan is available for a minimum period of 1 year to a maximum period of 5 years.
How do I escape from rejection on my loan?
If a person provides original documents and everything goes well with the verification of the person, then he can escape from rejections on loan.
What happens when an applicant fails in repaying his loan amount?
In that case, your CIBIL Score is affected a lot.
Can I take more than one Personal Loan at a time?
No, you cannot take more than one personal loan when you are already undergoing one loan.