A personal loan, also called a consumer loan, is money borrowed from a lender, such as a bank, for an undisclosed purpose. Personal loans have gained popularity because no collateral is required to get funding. Whether you are a salaried individual, a freelancer, or self-employed, you are eligible for a personal loan with proof of steady income. These loans can be used to cover big-ticket expenses, such as marriage, home or office renovation, education, medical emergencies, or even a trip.

Feature

Salient Features

Ticket Size: 5,000 – 100,000
Loan Tenure: 1 Year
Interest Rate: Will be applicable as per extant rates as advised by ALCO
Nature of Interest Rate: Diminishing
SMS Alerts: Available at time of disbursement, and installment payment
Note: Loan features may vary depending on geography to manage risk.

Security

Type: Unsecured loan
guarantee: Mandatory

Disbursement and Repayment

Disbursement Mode: Through Savings Bank account
Disbursement Frequency: 1 Tranche
Repayment Frequency: Daily/Weekly/Fortnightly/Monthly
Mode of Repayment: Meeting/Agent Banking
Foreclosure option: Available - Client can pre-close loans at any point of time within the tenure of loan without any penalty

Charges

Processing Fee: Up to 1.75% plus Service charge prescribed by Government
Life Insurance (Credit Shield): Available - rates applicable to the insurance scheme
Late repayment and prepayment - No charge

Basic Features

Eligibility Criteria

Age Limit: 18 – 65 years
Domicile Status: Own / Rented with Minimum 1 Year of stay
Nominee Required
Eligibility criteria may vary depending on geography to manage risk.

Income Details

Salary Slip
Account Statement
Business Details

Pre-sanction Document List

Photograph
Valid KYC – Preferably: Aadhaar card, Pan Card, Bank Passbook

Co-Applicant

Aadhar Card, Pan Card, Photograph

Credit Assessment

AML / Credit Bureau verification
KYC Verification
Total indebtedness for the customer (as per credit bureau report) should not exceed the limits specified by RBI norms for JLG/SHG loans.

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