Personal Loan
Personal Loan
Personal Loan is a collateral free loan based on income documents of an individual or company. Since this is an unsecured loan thus the borrower's past track records of loans & credit score has to be good.
We offer Flexible Loan Tenure between 1 to 5 years.
Personal loan processing is very easy as it requires less documents as compared to any secured loan but it always attracts high rate of interest & shorter repayment period. Personal Loan can only be availed for any valid purpose, be it a wedding expenditure, a holiday or purchasing consumer durables, the personal loan is very handy & caters to all your needs. The amount of loan can be ranged from Rs. 50,000 – Rs. 30 Lac & the tenure for repaying the loan varies from 1 to 5 years.
Any financial institution looks for credit score & income because they are not your friend and it is strictly a business transaction, therefore your good income documents & credit score will help the lender to land the money.
We have amazing offers for rural housing with great penetration in its segment.
Personal Loan can only be availed for any valid purpose, be it a wedding expenditure, a holiday or purchasing consumer durables, the personal loan is very handy & caters to all your needs. The amount of loan can be ranged from Rs. 50,000 – Rs. 30 Lac & the tenure for repaying the loan varies from 1 to 5 years.
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Features of Personal loans?
Personal Loan is a financial product designed specifically for Micro, Small, and Medium Enterprises (MSMEs). It offers a range of features tailored to meet the financial needs of businesses in this sector
A ttractive Interest Rates:
Personal Loan provides competitive interest rates, making it affordable for MSMEs to access the funds they need for various business purposes. Competitive interest rates help reduce the overall cost of borrowing.
Flexible Tenure up to 7 Years:
This feature allows MSMEs to choose a loan repayment period that suits their business cash flow. Longer tenures can result in lower equated monthly installments (EMIs), making it easier to manage repayments.
Easy, Minimal Documentation:
Personal Loan streamlines the documentation process, reducing the paperwork burden for business owners. This simplifies the loan application and approval process, saving time and effort.
No Hidden Charges:
Transparency is crucial for MSMEs. ensures there are no hidden charges, enabling borrowers to understand the total cost of the loan upfront.
Reliable & Secure Storage of Documents:
The lender offers a secure platform for storing important loan-related documents. This ensures that both the borrower and the lender have easy access to necessary paperwork throughout the loan tenure.
Easily Availed in Rural India:
extends its services to rural areas, making it accessible to MSMEs in remote locations. This is vital for fostering economic growth and development in rural communities.
Utilized for
Here are some common ways people use personal loans:
Eligibility for Personal loans
- Applicants should be at least 18 years of age to be considered eligible for the Personal loans.
- Applicant's age should not exceed 80 years at the time of loan maturity.
- Maximum tenure for which Personal Loan can be availed is 7 years.
- Minimum loan amount that can be offered is Rs 1,00,000/-
Some interesting facts on Personal loans
- A personal loan is an installment loan that can be used to pay for life’s big events or to consolidate debt.
- Personal loans offer a fixed interest rate with one set regular monthly payment.
- Personal loans are typically unsecured, which means they don’t require collateral.
- People with a wide range of credit scores could get personal loans, but a strong score might qualify you for a lower interest rate.
- When choosing a personal loan, it’s important to look at the details, including any fees or prepayment penalties.
The Benefits of Personal Loan
- Integrated branch network that facilitates loan servicing at a branch convenient to you.
- Better Personal Loan eligibility to fulfill your business requirements as per your need.
- Availability of a wide range of payment modes.
- Professional team to provide you doorstep services.
- Fast Personal loans processing and disbursals.
Required Documents for Personal loans Process :
Frequently AskedQuestions
MSME business loans will empower you to grow and take your MSME venture to the next level. In fact, there are various government schemes as well, which have an aim to encourage small businesses to grow at a rapid pace. And if you can get an Personal loans with these available government schemes then you will fast-track your small venture.
The following documents are required for an Personal loans for business- Id proof- Driving License, Passport, Voter Id card OR PAN card, Aadhar card Residence proof- Driving License, Passport, Voter Id card OR Ration card, Aadhar card, Electricity bill, Water bill Financial documents- Last two years ITR, Balance Sheet of the firm OR Profit and Loss statements, Last 6 months bank statements Personal proof- Registration certificate, Certificates of business existence OR Memorandum and Articles of Association
Enterprises who are running businesses for at least 3 years are eligible for Personal loans for business, provided they are in the 25 to 55 years age category. An IT return filed by the business for at least 1 year is also necessary.
If your documents and profile are eligible, then the minimum time to get an Personal loans for business is 7-10 days to process your application. But in cases of applications asking for a huge amount of money may take more than the usual clearance time.
Yes, credit score/CIBIL score is important for getting an Personal loans as a good CIBIL score lets the lenders make faster decisions for approval of the applicant's loan request. As the company's CIBIL rank is near 1, the better are the chances of getting approval for the loan. How much Personal loans for business can I get?
An applicant can get a loan of 50,000- 10 lakhs depending on the size of the business. Different institutions have a different capacity of providing different amounts to the various applicants. You need to mention the required amount at the time of filling up the application form. What determines my Personal loans limit, and how can I increase it?
Your credit score, your income, your age and the nature of your work are the prime factors in determining the size of your loan. Settling your previous debts and improving your credit score may help you immensely in building a better credit score. What is the lowest rate of interest for Personal loanss for new business?
The lowest rate of interest for Personal loanss varies from bank to bank or financial institution. It is recommended that you check for a low interest rate while applying for an Personal loans. Can I get an Personal Loan for my warehouse?
Yes, if you are ready to give the self-occupied property evidence. Self-occupied residence property mortgage is also required.
Yes, the loan amount will depend on the valuation of the property. You need Self Occupied Residential Property (SORP) for the same.
Yes, residential property mortgage is a must even if you are ready to give commercial property as additional collateral.
Yes, in case the customer is mortgaging his residential property too for rechecking.
Yes, if evidence of self-occupied and self-commercial use is specified.
Yes, it must be taken even if the customer has GST.
To avail an Personal Loan, you can call on our toll-free number 1800-20-888-20 or fill your details online for an Personal loans.
Here’s why our Personal loans is the perfect match for you and tailored to fulfil your requirements. - Flexibility of choosing from business loan repayment options, minimum documentation & time.
There is a minimum of two years and maximum of 7 years to repay your MSME business loan.
Your EMI depends on the loan amount. Please use our Personal Loan EMI Calculator to know exactly how much you need to pay.
