• Enjoy the Freedom of No End-Use Restrictions
• Secure Competitive Interest Rates, Starting at Just 10.49% p.a.
• Access Loan Amounts of up to Rs. 75 Lakhs, with the Potential for Higher Limits at the Lenders Discretion
• Benefit from a Flexible Repayment Tenure, Extendable on a Case-by-Case Basis
• Explore Top-Up Loan Options for Additional Financial Requirements
• Experience a Hassle-Free Application Process with Minimal Documentation
• Receive Quick Disbursals for Your Urgent Financial Needs
• Budget-Friendly Repayment Options

• Age: Applicants should be between 18 and 60 years old.
• Salaried Customers: Minimum monthly salary of at least Rs 15,000 is typically required.
• Self-Employed Customers: Demonstrated income of at least Rs 5 lakh p.a. is often necessary.
• Credit Score: Preferably 750 or higher, as it significantly enhances loan approval prospects.
• Employment Stability: Most lenders expect a minimum of 1 year of employment, while some may require longer work experience.
• Business Continuity: Usually, businesses should have a track record of at least 3 years, although certain lenders may mandate a longer period of business continuity.
• Employment Type: Eligible candidates often include salaried employees affiliated with well-established organizations, such as MNCs, Private and Public Limited Companies, Government entities, PSUs, and large enterprises.

• Identity Proof: Options include Passport, PAN Card, Voters ID, Aadhaar Card, and Driving License.
• Address Proof: Accepted proofs are Passport, Aadhaar Card, Lease or Property Purchase Agreement, Utility Bills (not exceeding 3 months old), and Driving License.
• Income Proof for Salaried Individuals: Salaried applicants should provide Salary Slips, Bank Account Statements, and Form 16.
• Income Proof for Self-employed Professionals: Self-employed professionals need to submit Previous Years ITR (Income Tax Returns), P&L Statement and Balance Sheet, and Bank Account Statements.
• Business Proof for Self-employed Individuals: Self-employed individuals must furnish Business Incorporation Certificate, Professional Degree, Certificate of Practice, Partnership Deed, GST Registration and Filing Documents, MOA (Memorandum of Association) & AOA (Articles of Association), and Shop Act License.

• Instant Personal Loans: Pre-approved loans with rapid disbursals, often extended by banks and NBFCs to favored customers based on credit profiles.
• Short-term Personal Loans: Featuring brief repayment periods, ranging from a few days to 12 months.
• Pre-approved Personal Loans: Tailored for existing bank and NBFC customers, reliant on credit history, income, employer, and more.
• Consumer Durable Loans: Ideal for purchasing items like smartphones, furniture, and microwaves, with purchase amounts divided into EMIs for flexible repayment. Some items may require a down payment or processing fee.
• Personal Loan Balance Transfer: Allows borrowers to switch their outstanding personal loan to a new lender for lower interest rates or improved loan terms. Consider this option when the savings outweigh transfer costs.
• Personal Loan Top-Up: Available to existing personal loan borrowers seeking extra funds, typically for those with a solid loan repayment history or a specified number of EMIs completed.
• Personal Loan for Education: Designed for individuals pursuing higher education in India or abroad, including vocational courses, when conventional education loan options are limited.
• Medical Emergency Personal loans: Medical loans are basically loans taken out for the purpose of financing medical care

When you secure a personal loan, it comes with a predetermined loan repayment tenure. During this period, you are required to settle the debt through Equated Monthly Installments (EMIs). However, if you decide to repay the loan before the tenures end, its termed as pre-payment or foreclosure.

Types of Pre-Payment:

Full Pre-Payment:

Definition: Clearing the entire outstanding loan amount before the scheduled loan tenure completion.

Pros:

• Avoid paying substantial interest on the loan amount.
• Eliminate your debt entirely if you have the means.
• Skip pre-payment interest, especially if your lender does not charge interest on pre-payment.

Cons:

• Potential penalty charges for pre-paying the loan.
• Evaluate other related factors before foreclosure, as it requires a significant lump-sum payment.

Part Pre-Payment:

Definition: Settling a portion of the outstanding loan amount before the scheduled loan tenure completion.

Pros:

• Opt for part pre-payment with available funds.
• Reduce the principal amount, leading to lower EMIs.
• Significant reduction in overall interest payments.

Cons:

• Optimal savings depend on timing the part payment.
• Potential fees from lenders for part payment of personal loans.

Modes of Loan Payment or Repayment:

Lenders offer various repayment methods, and though they may vary, common modes include:

• Electronic Clearance System (ECS): A widely used electronic mode facilitating fund transfers between banks.
• Post-Dated Cheques (PDCs): Issuing cheques for future dates, used by lenders to encash on the specified dates.
• National Automated Clearing House (NACH): Offered by the National Payment Corporation of India (NPCI), enabling real-time transaction processing for loan repayments.
• Debit Mandate or Standing Instruction: Instruct your bank to make regular payments to another bank or account, ensuring timely loan repayments.

• Credit Cleanup: Elevate your chances by improving your credit score. Check your credit reports for errors that may negatively impact your score and report them to credit bureaus like CIBIL.
• Income and Debt Balance: Ensure a healthy debt-to-income ratio by bolstering your annual income. Consider selling liquid assets or taking on part-time work to enhance your financial profile, increasing your likelihood of loan approval.
• Co-signers/Guarantors: If securing a personal loan independently proves challenging, consider adding a co-signer or guarantor with a strong credit history. They vouch for your repayment but also shoulder the responsibility if you can not repay. A guarantor with a credit score above 750 significantly boosts your loan approval chances.
• Borrow Wisely: Avoid unnecessary risks by borrowing only what you genuinely need to meet your financial goals. Calculate your requirements and request loans accordingly.
• Choose the Right Lender: Select a lender whose eligibility criteria align with your credit score and income. Multiple loan applications can lead to frequent credit checks, slightly diminishing your credit score with each inquiry.

• Submit Your Contact Information: Enter your mobile number.
• Personalize Your Loan Request: Share key personal details, including your desired loan amount, employment type, net monthly income, current residing city, the bank where you receive your salary, and your company name.
• View Additional Loan Options: To access more offers, provide details such as your total current EMIs, PAN number, total work experience, tenure at your current organization, and other relevant information.
• Compare and Apply: Compare the various loan offers available and select the one that best aligns with your financial requirements

Personal loans are a versatile financial resource for individuals to cover their expenses. Yet, a personal loan entails more than just its interest rate. Various fees and charges must be factored in, making it crucial to assess the loans affordability and overall cost, accounting for these additional expenses.

Particulars	Charges
Loan Processing Fees	0.5% to 4% of the loan amount
Pre-payment/Part-payment/Foreclosure Charges	For Floating Rate – Nil
Loan Cancellation	Usually around Rs 3,000 (may vary from lender to lender)
Stamp Duty Charges	Charged based on actuals
Legal Fees	Incurred based on actuals
Penal Charges	Typically set at 2% per month, equivalent to 24% per annum
EMI/Cheque Bounce	Approximately Rs 400 per bounce
Goods and Services Tax (GST)	Applicable for any additional services required by the loan applicant during loan sanction or repayment. The cost is borne by the applicant and is subject to GST.