/Personal Loan

PERSONAL LOAN OVERVIEW

A Personal Loan can be termed as finance conveniently available in times of need; Expenses incurred via Personal Loan can be for higher studies, renovation of the residence/work place, marriage of a loved one, high end consumer products, vacations, medical emergencies etc.

Completely unsecured in nature, Personal loans are advanced by Banks & financial institutions solely on the basis of the borrower’s ability to pay back the Loan from his monthly income.

Loans are provided to applicants with minimal documentation & speedy process for easy availability of funds.
Worried about sudden expenditures? A “Personal Loan “is the answer to your immediate funding requirements!

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.

PROCESSING FEES;

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.

RATE OF INTEREST & PROCESSING FEES APPLICABLE FROM MAJOR BANK:

LOAN PROVIDER INTEREST RATE PROCESSING FEES (EXCLUDING SERVICE TAX) TENURE LOAN AMOUNT
11.49%-20% 0.5%-2.5% of loan amount 12 TO 60 MONTHS 50k-30 lacs
11.49%-22% 1%-2.5% of loan amount 12 TO 60 MONTHS 50k-25 lacs
13.5%-24% 2% of loan amount 12 TO 60 MONTHS 50k-20 lacs
11.75%-20% 0.25-1% of loan amount 12 TO 60 MONTHS 1 lac-25 lacs
11.5%-24% 2% of loan amount 12 TO 60 MONTHS 50k-15 lacs
15.5%-18% 2% of loan amount 12 TO 60 MONTHS 1 lac-25 lacs
16.5%-36% 2.5%-3% of loan amount 12 TO 60 MONTHS 50k-15 lac
13.5%-22% 0.5%-2% of loan amount 12 TO 60 MONTHS 50k-25 lacs
17.25%-35% 1% – 3.5% of loan amount 12 TO 60 MONTHS 50k-20 lacs
11.99%-19.0% 999/- 2% of loan amount 12 TO 60 MONTHS 50k-20 lacs
14% – 35% 2% of loan amount 12 TO 60 MONTHS 50k-20 lacs
11.99% – 23% 2% of loan amount 12 TO 60 MONTHS 50k-20 lacs

PART PAYMENT/PRE CLOSURE CHARGES;

If a borrower wishes to pay a sum towards his Loan in parts or pay off his Loan entirely before completing the Tenure, the Bank or Financial Institution will levy an extra charge. Part payments/Pre closure may be permitted only after a payment of a certain nos of EMI’S.

These charges are levied on the principal loan amount balance. Facilities for a part payment or pre-closure of a Personal Loan vary as per the individual policies of the Bank/NBFC.

LOAN PROVIDER PRECLOSURE AFTER PAYING PART PAYMENT CHARGES APPLICABLE ON PRINCIPAL OUTSTANDING
NOT ALLOWED NOT ALLOWED 2% – 4%
6 EMI NOT ALLOWED 5%
1 EMI ANY TIME nil
12 EMI 25% yearly 3%
12 EMI NOT ALLOWED 6%
1 EM1 ANY TIME nil
6 EMI NOT ALLOWED 6%
6 EMI NOT ALLOWED 3%
6 EMI 25% yearly 2%
6 EMI NOT ALLOWED 4% – 5%
12 EMI NOT ALLOWED 4%

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!

CIBIL CHECK FOR A PERSONAL LOAN

  • A CIBIL Score is not mandatory with all Banks for processing of a Personal loan.
  • Your CIBIL score reflects a complete history of all credit transactions to date.
  • A credit score of 720 points & above is considered a satisfactory score for a Personal Loan process.
  • Always check your CIBIL score before applying for a Loan.
  • Every time a Bank or NBFC an enquiry for details to CIBIL the score gets reduced by 20 points, so never make indiscriminate Loan applications.
  • There is always a room for error with CIBIL so in case your record has not been updated correctly; steps can be taken to remedy the same.

DOCUMENTS REQUIRED

KYC DOCUMENTS

  • 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.

A/C STATEMENT

  • 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

FOR SELF-EMPLOYED

  • 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.

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Important Factors to be Considered before Applying for a Balance Transfer of your Personal Loan.

By | November 30th, 2016|Categories: Personal Loans|

The Balance Transfer programme has been introduced by Banks in a bid to increase their Personal Loan portfolio, by taking over the existing Loans running with competition; Better rates & terms are offered to lure [...]

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