Instant Personal loan in India


personal loan

Unsecured personal loans are a common way to get the money you need right now. Due to its
adaptability, it can be used for a range of occasions, such as weddings, home renovations, vacations,
and more. A personal loan, as opposed to other forms of borrowing, might hasten the process of credit
building. This is because it carries a danger. After all, it is hazardous.
Overall, a personal loan may help you through any short-term financial emergency.
You may get hassle-free instant personal loans from banks, NBFCs, and peer-to-peer lending platforms
in a matter of minutes. The approval time for these loans is as quick as one minute. Through these fast
loans, an individual may obtain a loan amount ranging from Rs. 5,000 to Rs. 5 lakhs.
Due to the availability of several NBFC and peer-to-peer lending platform applications, it is now simpler
to obtain a fast cash loan with interest rates as low as 1% p.m. Through these applications, you may
apply for a loan of up to Rs. 5 lakhs while relaxing in your house.

Benefits

  • Low EMI
  • Higher Loan Amount
  • Track my loan
  • Simplified disbursement
  • Minimal Documentation
  • Lowest Processing fee
  • No Hidden Charges
  • No Prepayment Penalty

Features

  • Processing Fee 1.00 % of the loan amount + GST
  • The loan amount is 20 times of Gross Monthly Income, a maximum of Rs 20.00 Lakhs.
  • Repayment Period up to 7 years for salaried and 5 years for others
  • Minimum annual Income – 3.00 Lakhs.
  • One Guarantor acceptable to the Bank
  • The lowest interest rate on personal loans is provided by the Bank of Maharashtra in India.

Conclusion

Utilizing the bank’s digital lending facility is as easy as following step-by-step instructions.

Most banks and NBFCs provide personal loans in India, although there are various qualifying criteria. The following requirements

must be met for salaried and self-employed people to be approved for an online personal loan:

Age

18/21 years – 60/65 years

Employment Type

1. Salaried

2. Self-Employed professionals

Credit score

750 or higher and an excellent credit history

Minimum Net Income (Monthly)

₹15,000(non-metro cities)

₹20,000(metro cities)

Loan Amount

Depending on the credit history, up to 50 lacs

Work Experience

Salaried

Employed at the current company for at least 6/12 months

Self-Employed

Business tenure of at least 3 years (continuous)

ITR of the last 3 years

Required Documents:

For Salaried Individuals

1. Identity & Age Proof

2. Filled personal loan application with a photograph

3. PAN Card

4. Residence documentation includes a passport, driver’s license, voter identification card, postpaid

landline bills, and utility bills (electricity, water, and gas).

5. Bank statements for the last 3 months (preferably your salary account)

6. Salary Slips for the last 3 months

7. Form 16 or Income Tax Returns of the last 3 years

For Self-Employed Individuals

1. Identity & Age Proof

2. Filled personal loan application with a photograph

3. PAN Card

4. Utility bills (electricity, water, and gas), a driver’s license, a postpaid landline bill, and a passport are all

acceptable forms of identification.

5. Bank statements for the last 3 months (preferably your salary account)

6. Salary Slips for last 3 months

7. Last 3 years Income Tax Returns with computation of Income

8. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Utilizing the bank’s digital lending facility is as easy as following step-by-step instructions.

Most banks and NBFCs provide personal loans, although there are various qualifying criteria. However,
all financial institutions must meet a particular set of standards. The following requirements must be
met for salaried and self-employed people to be approved for an online personal loan.