It is a unsecured loan proper for any purpose Like Education, Marriage, Medical Purpose, Purchase of Property or Assets, Repay old loans, Investments, Holidays, Gifts…etc. It is harass free. No guarantors or safety /collateral required. Loans to salaried & self-employed. special offers for Professionals like Doctors, Chartered accountants, Engineers etc.
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What are the diverse types of personal loans obtainable? Personal loans can be largely divided into income based and non income based. Income based loans are given on the basis of income per month/per year for salaried and self employed respectively. Non income based loans also know as surrogate loans are given based on reimbursement track records of offered personal loans, car loans, home loans and Credit cards from accepted banks. Least amount instalments paid/Months on books mandatory is 9-12 months.
Different banks have dissimilar ways of calculating the qualification. In the case of Salaried usually most of the banks might calculate eligibility to be 1/1. 5 times of annual income. Factors such as obtainable loan liabilities, average bank balance, track record on existing loans, company profile & loan tenure also plays a role in deciding eligibility.
In the case of Self Employed’s the eligibility would depend on the turnover, existing track record, net profit, cash credit /overdraft limit enjoyed, line of business, cash flow, bank statement, existing loan liability amongst other things. Usually the loan amount is limited at 1. 25 to 4 times of cash profit generated less existing liabilities or a certain percentage of income less existing liabilities.
Loan term is the phase within which the contender wants to reimburse the loan.
Loans can be reimbursed from 1 year to 5 years. The rule of the thumb being longer the tenure higher would be the loan eligibility and vice versa. The age of the contender along with period of service left also manipulates the loan tenure.
Service charges, loan processing charges , bank charges are various ways of describing the fees which the bank charges for processing and disbursing loans. It is deducted straightforwardly from the loan amount and is normally restricted to 2% to 3 % of the loan total. It is a one time charge.
WHAT IS THE LOAN PROCESS?
One can apply for a personal loan any time in expectation of a rapid, hassle free and unsecured finance for any purpose. The confirmation process at residence and office is physically done within 2/3 days on submission of all documents required. There is a simultaneous credit check done to find out the credit history of the contender in the bank applied as also other banks. If all the checks are affirmative the credit officer generally has either a telephonic or physical argument with the applicant at his office/place of work.
Subject to the discussion being positive the contender has to sign an conformity and also hand over PDC’c(Post Dated Checks) or endorsement for ECS(Electronic Clearing System). The applicant usually gets either a direct credit in his/her account or receives a Draft within 2/3 working days after accomplishing the conformity. The whole Process may take 5/7 working days.
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