PERSONAL FINANCE

1. What is Personal Finance?

A Personal Loan is taken by a borrower for his/her individual wants and needs; it is commonly referred to as an unsecured loan because there is no security/collateral against it. It is also called “All-purpose loan” at times as there is no restriction on the end use of the funds.
Personal loan is availed for meeting any unexpected financial exigencies or any personal needs of the borrower like House renovation, abroad trip, purchase of any luxurious items or consumer durables, meeting hospitalization expenses, financial assistance for marriage related expenses, transfer of an existing loan to another bank or any personal aspirations. Usually the repayment tenure varies from a year to five years.
Personal loans have a fixed amount, the amount of which depends on borrower’s credit worthiness. The better it is, the more money can be borrowed. Personal loans are usually unsecured. Interest rates for a personal loan vary from borrower to borrower & lender to lender, depending on their individual credit history and amount borrowed.

2. Requirements for Getting Personal Finance?

All individuals like salaried employees or self-employed professionals seeking funds for personal needs are eligible for a personal loan. Also the following points are to be considered:
Minimum age of Applicant should be 21 Years.
The maximum age of applicant can be 58 years for salaried applicant and 60 years for self employed.

The minimum income of self employed the net income after tax should be Rs.1,00,000/-.

3. Documents Required?

The basic list of documents required for the term loan is as follows

  1. Proof of identity
  2. Proof of residence
  3. Income statements
  4. Bank Statement for 3-6 months
  5. Other Documents varies case to case basis.

4.Time required for getting Personal Finance loan?

Time Requirement will vary depending upon the Financial Instituiton.

5. Pricing ?

For Pricing and other details Click  

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