Eligibility and Terms of Personal Loans
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To make the right choice when choosing personal loans, you need to compare interest rates, fees and charges, and repayment flexibility.
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Compare these Criteria of Different Major Banks
|
Bank |
Interest Rate |
Processing fee |
Foreclosure Charges |
|
10.75% onwards |
Till 2.5% of the total loan amount, upto a minimum of Rs. 2,999 and to a maximum of Rs. 25,000. |
Up to 4% |
|
|
Standard Chartered Bank |
11% onwards |
Up to 3% |
2% - 5% |
|
Kotak Mahindra Bank |
10.99% |
Up to 2.5% |
5% |
|
ICICI Bank |
11.25% |
Up to 2.25% |
5% |
|
Yes Bank |
10.99% |
Up to 2.50% |
4% |
|
State Bank of India |
10.50% |
1% |
3% |
How to get Personal Loans
Getting loans from banks is not like borrowing from your parents.
Your parents probably won’t pay much attention if you later can’t repay them back. But banks will. They also have a more stringent eligibility check.
These checks are for determining whether you are at all capable of repaying the loan. Here are the criteria on which your getting the loan will depend.
Personal Loan Eligibility
|
Criteria |
Salaried |
Self-employed |
|
Age |
21 to 60 |
22 to 55 |
|
Credit Score |
More than 750 |
More than 750 |
|
Net Monthly Income |
Rs. 15,000 |
Rs. 25,000 |
|
Minimum Loan Amount |
Rs. 50, 000 |
Rs. 50, 000 |
|
Maximum Loan Amount |
Rs. 25 lakhs |
Rs. 30 lakhs |
But passing eligibility criteria is not the only determining factor. You need to submit some documents too.
Documents You Need to Submit for Personal Loan
|
Requirements |
Salaried Individuals |
Self-Employed |
|
ID Proof |
Aadhar card, Passport, Driving License or the PAN Card |
Aadhar card, Passport, Driving License or the PAN Card |
|
Residence Proof |
Utility bills or passport |
Utility bills or passport |
|
Income Proof |
Bank statement of applicant’s salary account for the previous 2 years |
Bank statement of applicant’s salary account for the previous 2 years |
But I’m a NRI! Can’t I get a loan here in India?
Sure you can! However, you need to submit different documents. They are:
-
Copy of your Visa
-
Copy of your passport
-
The email ID of your HR or your own official email ID
-
Salary slips
-
Bank statements
-
Proofs of residence, identity, assets and income
-
Recently-taken passport-size photos of your guarantors and you
-
NRE/NRO bank statements of the last 6 months
We hope that this information will be helpful to you. After all, its easier when everything is in the same place! Next up, we’ll be discussing the Top Benefits of Personal Loans.
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