BENEFITS OF PROCESSING YOUR PERSONAL LOAN WITH YOURLOANADVISORS.COM
We at yourloanadvisors.com are committed to Customer service.
- Process your Personal loan at the best available ROI.
- Get customized Quotes from leading banks/NBFC
- With our experience we are now poised to help our customer’s to achieve funds desired with the best terms & conditions.
- No hassle to customer, we give Door step delivery of your Personal loan.
- Sincere follow up on behalf of our Customer with banking institution.
- Expert advice & guidance to for solving any of loan related issues such as Debt consolidation.
- Expert advice & guidance to for solving any of loan related issues such as Debt consolidation.
FEATURES OF A PERSONAL LOAN
Most Leading Banks & NBFC’S actively offer Personal Loans as a Primary product. With slight variations the basic features remain the same.
- A Personal Loan is a Loan issued without any co laterals or guarantee.
- Loan Amounts offered for minimum of 50k up to 30 lakhs.
- Flexible repayment options available from12 months up to 60 months.
- The Loan amount is to be paid back through Equated monthly Installements (EMI)
- The Rate of Interest is fixed for the approved tenure; EMI is calculated @ monthly reducing balance.
- Personal Loans are disbursed within 3 to 5 working days.
CHARGES FOR A PERSONAL LOAN
RATE OF INTEREST DEPENDS ON
- The Company with the applicant is currently employed.
- The monthly salary credited to the Salary account..
- The Loan amount sanctioned.
The Processing fees are paid by the Applicant to cover costs incurred by the Bank to process a file & forward the Loan amount. The amount may vary from one institution to another. Discounts may be offered on large loan amounts & to prime customers. The Processing fees are usually deducted from the Personal Loan amount disbursed.
ELIGIBILITY CRITERIA FOR A PERSONAL LOAN
- Applicant should be an Indian citizen over 21 years of age.
- She/he should be gainfully employed for the 12 months or more.
- Minimum salary drawn should be 15,000/- per month or more.
- Salary should be credited regularly to the Salary account month on month.
- Applicant should hold a valid proof of Identity.
ADVICE FROM YOUR LOAN ADVISORS
- Give clear self attested copies of all documents for processing to avoid delays.
- Put in your Loan application in Advance, as your Personal Loan approval will be valid for a week to a month as per the policy of most Banks.
- Be Aware of all pertinent charges applicable to Personal Loan (Rate of Interest, Processing fees, Pre closure charge.)
- Choose a suitable Tenure, for calculation of your EMI: your monthly installement should not be a burden on your budget.
- Our experienced Team at Yourloanadvisors.com is ready to give our Esteemed Customers a clear idea of the pros & cons of the Banks & NBFC’S, to help, guide & assist to successfully fulfil their Personal Loan requirement. Our dedicated services are free of charge!
- Identity Proof – PAN / Passport / Driver’s License / Voter ID card / Aadhaar card, etc.)
- Address Proof– Passport / Aadhaar card / Landlines Telephone Bill / Electricity Bill, Ration Card, etc.)
- Aadhar Card Copy.
- 2 Passport Size photographs.
- Bank statements of the last 6 months
- Details of the previous loans and A/c Statement for last 1 year, if any
FOR SALARIED EMPLOYEES
- Form 16 or IT returns – last 2 years
- Salary slips for last 3 months
- Income Tax Returns
- Turnover proof/service tax returns
- Proof of business continuity
- Balance sheet for the last 3 years
- Address proof of the work place
- Qualification or registration proof required for Self-employed Professionals
Please note that the documents proof may vary from individual to individual. We take pride in ourselves on keeping up an active & responsible relationship with our customers throughout the process from applying till disbursal.
Personal Loan Applications – Common Reasons for Rejection
Personal loans require very little paperwork and lesser processing time when compared to other loans. Furnishing an income, identity and address proof along with the loan application is all that you need to do to apply for loan. What possibly can go wrong in this simple process? How come your loan application gets rejected even if you have a stable job that pays well?
From factors that you can control to those you may not be aware of; there are quite a few reasons that can cause lenders to decline a loan, including but not limited to those outlined here:
Blank fields are a cause for concern as lenders are bound to simply ignore such applications even if you otherwise fully qualify for the loan. Typo errors and spelling mistakes may result in incorrect details even if unintentional. Tampered proof documents or falsified information also ruin your chances of availing loans in future as well.
Your personal loan application must be complete in all respects and the details you provide must be verifiable.
Personal loans are unsecured and hence a risky proposition for lenders. There is no reason for them to offer a loan to applicants who have a track record of deferring or delaying payments, be it EMIs on current/earlier debts or credit card bills. Credit History and credit score is one of the key reasons for loan rejection.
Despite meeting eligibility criteria, applications may get rejected if the income does not really seem enough to pay up the request loan amount, given the average cost of living at any given time. Requesting a loan that is within your repayment capacity (based on income proof) stands a better chance.
Job continuity matters as it is indicative of commitment and resilience of the applicant. Frequently switching between jobs even if highly rewarding, or taking frequent breaks from service may be interpreted as lack of seriousness or discipline.
Applications from borrowers who may already be burdened multiple concurrent debts are bound to be rejected, especially if they are unsecured loans. Remember, your income can service only a limited number of EMIs in addition to your regular expenses.
Applications from potential borrowers who have not been regular in filing income tax returns may also get rejected. Reporting income is considered to be a disciplined and responsible action that works in your favour during loan processing.
Being associated with a defaulted /bad loan in any way can spoil your chances of availing a personal loan. Your loan application will be rejected in case you
are guarantor of a defaulted loan
accidentally happen to reside at the erstwhile address of a defaulter
work at an organization where several employees have poor credit history
A co-applicant with not so great credit history or multiple loans too can cause lenders to reject a loan application, even if the primary applicant is eligible for a loan.
Just about any reason that flags you as a potentially risky borrower can result in rejection of your loan application. Make sure to look out for and avoid these pitfalls when applying for a personal loan, and do not attempt to ask for changes to the terms once your loan is approved.
Different Types of Personal Loans
Banks and Non-Banking Financial Companies (NBFC) in India offer different types of personal loans to meet specific purposes or expenses. While a personal loan can serve any purpose and it is not mandatory for you to state the purpose when applying for one, the different loan products simply help make the shopping process lot simpler. For example if you are looking for a personal loan to fund a wedding, researching and comparing wedding loans will prove a great starting point.
Personal Loan Types
Here are some of the common types of personal loans available in India. Some of them may be available at select banks /lenders only. The loan amount, tenure, interest rates, eligibility, fees, penalty and terms and conditions will vary across lenders.
A timely wedding loan can help you take care of all major expenses in a planned and organized manner allowing you fully enjoy the special occasion without being bogged down by financial concerns.
With sufficient funds to spruce up your home with latest amenities or address vital/extensive repairs, home renovations /improvements need no longer drain your earnings. Make sure to consolidate your wish list and get a quote from a trusted contractor before applying for this loan.
Holidaying abroad or at an exotic location is very much affordable with holiday travel loans that help finance your entire trip right from tickets to shopping. Saving up for a dream holiday, though typical, can cause you to lose a lot of precious time. Instead you can opt for suitable holiday loan and spend quality time with loved ones at your favourite destination, without burning a hole in your pocket.
Regular business loans involve elaborate documentation, stringent scrutiny and extensive processing norms. Personal loans for business help address immediate need for funds to bridge any shortages or kick-start expansions. Excellent credit ratings and repayment capacities can help avail a substantial loan to meet imminent expenses.
Electronic appliances form an integral part of Indian homes. From basic television sets to food processors, air conditioners and geysers, consumer durables do make life a tad easier and comfortable. You can now furnish your home without cutting down other expenses or using up savings, by picking an affordable consumer durable loan.
Education is a costly affair at present times, but is essential to survive in this competitive setting. Funding your child’s education or even your own higher education with an education loan is a wise decision, for it enables you to pursue learning without being worried about the expenses involved in achieving your dream qualifications.
India is a land of festivals. Each festival has its own significance and customary expenses as well. If you are unable to make ends meet this festival season, check out the festival loan offered by few lenders. Small, short-term loans (12 months) with low interest rates are characteristic of this loan, which may prove handy to dole out gifts to your loved ones.
Did you know that your first salary slip makes you eligible for a personal loan of about 1 – 1.5 Lakh rupees? While it is important that you spend the money responsibly, you can afford to treat your friends and family or rent a studio apartment in your city of work, pick up few sets of formal clothing – just address any immediate expenses comfortably.
Personal loans for medical emergencies and debt consolidation are also available. Top-up loans are also conditionally offered, over and above current personal loans to address additional requirement for money.