Personal Loans – All You Wanted to Know

The main features are:
It is a unsecured loan suitable for any purpose Like:

– Education
– Marriage
– Medical purpose
– Purchase of Property or Assets
– Repay old loans
– Investments
– Holidays
– Gifts…etc.

It is hassle free. No guarantors or security /collateral required. Loans to salaried & self-employed. Special offers for Professionals like Doctors, Chartered accountants, Engineers, Architects, Company secretaries, MBA’s etc. Loans are available from Rs. 50, 000/- to Rs. 20 lakh. Repayment options from 12 to 60 months in easy EMI’s. Loans available against surrogate income of any auto, personal or home loan.

Minimum documentation & fast approval. What are the Various types of personal loans available? Personal loans can be broadly divided into income based and non income based. Income based loans are given on the basis of income per money budgeting tips month/per year for salaried and self employed respectively. Non income based loans also know as surrogate loans are given based on repayment track records of existing personal loans, car loans, home loans and Credit cards from approved banks. Minimum instalments paid/Months on books required is 9-12 months.

WHAT ARE THE ELIGIBILITY CRITERIAS?
The eligibility criteria for salaried and self employed are:

SALARIED:
Applicant should be Indian citizens working and residing in Mumbai.
Minimum age required is 21 years and Maximum 58/60 years.
Minimum Work Experience-1 month in current company and 3 years overall.
Minimum Net Take Home – Rs. 20, 000/- per month.
Residence-either Owned, rented or company provided.
Telephone/mobile mandatory at residence.
Currently most of the banks are providing unsecured personal loans only to employees of Private Ltd , Limited and multinational companies.

SELF EMPLOYED:
Applicant should be Indian Citizens Working and residing in Mumbai.
Minimum age required is 23/25 years and Maximum 65 years.
Minimum 3 years experience in same business.
Minimum income Rs. 2. 50 lakh per anum.
Residence/Office -either Owned, rented or company provided. Either residence or office should be self owned.
Telephone/mobile mandatory at residence and office.
Partnership firms , Private Ltd. companies and deemed Limited companies are eligible.

HOW IS ELIGIBILITY CALCULATED?

Different banks have different ways of calculating the eligibility. In the case of Salaried generally most of the banks would calculate eligibility to be 1/1. 5 times of annual income. Factors such as existing loan liabilities , average bank balance, track record on existing loans , company profile & loan tenure also plays a part 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. Generally the loan amount is limited at 1. 25 to 4 times of cash profit generated less existing liabilities or a certain percentage of turnover less existing liabilities.

WHAT IS THE LOAN TENURE?

Loan tenure is the period within which the applicant wants to repay the loan. Loans can be repaid 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 applicant along with period of service left also

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