Loans » PERSONAL LOAN

Personal Loan


 Get a footstep closer to your dreams and goals by availing Personal Loan and accomplish your financial needs. This is the best and smartest way to get rid from financial worries. This loan seems to be attractive as you need not deposit any assets to the lender.






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What is a Personal Loan?

In this modern world needs are rising high so the expenses are also rising at fast rate. It is very difficult for a person to cope up with this unstable climate. Personal loan is the best loan option to handle all expenses easily. Personal loan is an unsecured debt which can be availed without pledging any valuable property to the lender. Personal loan is a multipurpose loan that can be utilized for fulfilling many purposes. These purposes could be debt consolidation, paying medical bills, taxes and many more. Personal finance is an instant finance which a person can avail within 48-72 hours with minimal documentation required.

 

Types of Personal Loan

Personal Loan can be categorized in two ways:

1.  Unsecured loan

2.  Secured loan

 

Unsecured Loan

In unsecured loan, you do not need to pledge any property as collateral to the lender. Lenders charge high interest rates while granting unsecured loan to cover for any risk occurrence. These loans are much expensive and flexible as compared to other secured loans like home loan and car loan. Unsecured loan can be paid within tenure period of 12-60 months.

Secured loan

In secured loan, you need to pledge a property as security to the lender. This property could be gold, car, home or plot. If you fail to pay loan on time, lender will take possession over the property provided to recover the loss occurred. These loans are available at low interest rates as no risk is involved.

 

Why should one choose Personal Loan?

  • The Loan amount depends upon the income and repayment capability of the person.
  • It is a multi-purpose offer that can be used for almost all financial problems of life.
  • No need to put any property or asset as Collateral to the lender.
  • No cosigner needed.

 

Eligibility Criteria for Personal Loan

Salaried Individual

1. Minimum age of the borrower : 21 years

2. Maximum age of the borrower : 60 years

3. Minimum annual income: Rs.1,20,000

4. Net monthly income: Rs. 20,000/- & above

5. Total experience in employment: 3 years and above

6. Current experience: 6 months and above

 

Self employed Individual

1. Minimum age of the applicant: 25 years

2. Maximum age of the applicant: 65 years

3. Minimum annual income: Rs.1,20,000

4. Total experience in employment: 3 years and above.

 

Personal Loan Interest Rates 

Name Of The Bank

CAT A

CAT B

Others

HDFC

14.5%- 19%

14.5%-19%

21%

SBI

14.75%

14.75%-20%

14.75%-18%

AXIS Bank

15%

17%

19%-23%

Bank Of Baroda

15.50%

16%

N.A.

Citibank

16%-17%

17%-18%

18%-19%

Fullerton India

17%

20%-22%

20%-28%

 

 

Documentation

 

Salaried Individual

Self Employed People

Latest 6 month bank statements

Latest 6 month bank statements

Last 2 month salary slips

Last 2 years Balance Sheet

Last 2 year Form 16

Last 2 Years ITR

Photocopy of Pan Card

PAN Card photocopy

Residence & Address Proof

Residence & Address Proof

2 passport size photographs

2 passport size photographs

 

About Vadodara:

Baroda, also known as Vadodara is the 3rd largest city in the Gujarat state of India. It lies on the banks of the Vishwamitri river. It is also home to the Maharaja Sayajirao University of Baroda, which is the largest university in the state.

 

Special Note: Bank does not provide Personal Loan to poor credit holders. However, one can fulfill their financial requirement with a Gold Loan easily.

 


REMINDER SERVICESEMI CALCULATOR

PERSONAL LOAN INTEREST RATES

 

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