Personal Loan Guide
Personal loan is not a secured loan which means it doesn’t need any collateral/security. It can be available for any personal use like expenditure of wedding, buying consumer durables and any purpose. The personal loan amount can be ranged from Rs. 50,000 to Rs. 20 lakhs and repaying duration of loan varies from one to five years.
Many of banks are providing low interest personal loans without any security. Interest rates varies across all banks based on your occupation, salary/income, transaction history etc. Normally loan interest ranges from 12% – 25%, you must go for that which bank offering low interest bank loans.
Personal loan eligibility
Eligibility criteria of personal loans criteria vary across all banks based on annual income, age, residence, loan amount and bank monthly transaction history.
The personal loan documentation process is faster than secured loan. The following documents are normally needed for processing your loan application in all banks. Some banks may ask you to submit some more documents.
- Proof of identity
- Bank transaction statements over 3 to 6 months
- Proof of your residence
- Salary slips (for employees)
- Profit & loss account, partnership deed & other mandatory documents (for self employed)
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