Instant Personal Loan Approval

Criteria :
The following people are eligible to apply for a Personal Loan:

• Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
• Individuals between 21 and 60 years of age
• Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
• Those who earn a minimum of 15,000 net income per month.

Charges to avail a Personal Loan :

• Interest Rate - Salaried- 10.50% to 24%
• Processing fee / Loan Processing Charges - Up to Rs 4999/- (Depends on Lender)
• Stamp Duty & Other Statutory Charges - As per applicable laws of the state
• Delayed instalment payment charge - 18% p.a plus applicable government taxes on overdue instalment amount

INTEREST RATES EXAMPLE -
What is the interest on a 1 lakh loan?
If you have taken a loan of 1 lakh at an interest rate of 12% for 12 months, then the interest for the first month will be:
= 1,00,000 x (0.12/12) = Rs.1000

Documents required

• Identity proof / address proof (copy of passport/voter ID card/driving license/Aadhaar Card)
• Bank statement of previous 3 months (Passbook of previous 6 months)
• Two latest salary slip/current dated salary certificate with the latest Form 16

Charges Post Loan Disbursement :

• Repayment mode change charges - ₹ 500/-
• Payment Return Charges - ₹ 450 Per Instance
• Delayed instalment payment charge - 18% p.a plus applicable government taxes on overdue instalment amount

Premature Closure Charges :
Premature Closure Charges (For Full Payment)

• Premature closure Charges (applicable on principal outstanding) post Cooling Period off / look-up Period.
• Up-to 24 EMI repayment - 4% of principal outstanding,
• Post 24 EMI and up to 36 EMI repayment - 3% of principal outstanding,
• Post 36 EMI repayment - 2% of principal outstanding.

Premature Closure Charges (For Full Payment)
Partial Premature closure charges (applicable on part payment amount) :-

• Partial premature payment is allowed post payment of first EMI.
• Post 01 EMI and up to 24 EMI repayment - 4% of part payment amount.
• Post 24 EMI and up to 36 EMI repayment - 3% of part payment amount.
• Post 36 EMI repayment- 2% of part payment amount.
• Partial premature payment is allowed up to 25% of Principal Outstanding, only once in the financial year and twice during the loan tenure.