Personal loan is an unsecured loan that can avail by both salaried as well as self-employed to meet their financial needs. Personal loan does not require any collateral or security. A credit score of above 750 is considered good for a personal loan and to get quick loan approval.
The rate of interest is comparatively higher as compared to other secured loans like home loan, mortgage loans, and business loan.
You can apply for Personal Loan if you are in the midst of financial crisis, having wedding expenses, having any debt consolidation, to pay your credit card bills, to finance new business, to take a dream vacation, or to improve your credit score, etc.
- No requirements of collateral or security.
- Fast turnaround with loan approval as quick as few hours. Bank is offering instant personal loan as well.
- Minimum documentation with approval based on basic KYC, quick background checks, CIBIL score and income proof.
- Personal loan available for both salaried and self-employed within the age group of 21 to 60 years.
- Loan amount in the range of Rs. 50,000 to Rs. 75 lakhs.
- Loan tenure in the range from 3 to 72 months.
- Personal Loan rate of interest starting from 10.5%
- Processing fees up to 2% of the loan amount.
Documents required for Personal Loan
Signed application form
Income documents (last 2 years Form 16, last 6 months salary slip, last 6 months bank statement).