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303 / 3rd floor, Balaji Niwas, Yari Road Versova , Andheri West, Mumbai +91 8828441770 yourskype

Personal Loan

Unsecured loans are the loans which are provided by financial institution without any collateral security, this means that there is no risk on owned property. A loan -- one without collateral -- for the same amount is not as safe for the lender. Because of this, the lender charges higher interest rates to balance out the greater risk. Even though the interest rates on personal loans are higher than those of secured loans, personal loan interest rates are usually still lower than credit card rates -- at least after the initial teaser rates.

Personal Loan Eligibility

Most importantly, Personal Loan deals agreed and supported by relevant papers. Self-employed and salaried require different documents to support the deal. Before signing the Personal Loan documents, recheck all terms and conditions.

A customer must understand and agree with each of the clauses in the documents. Do not sign any blank documents.

For Salaried

• Applicant should be Indian Citizens
• Minimum age required is 21 years and Maximum 60 years.
• Minimum work experience of one month in the current company and 3 years overall.
• Minimum net take Home - Rs.15, 000/- per month.
• Residence-either Owned, rented or company provided.
• Currently most of the banks are providing unsecured loans only to employees of Private Ltd, Limited and Multinational Companies.

For Self - Employed

• Applicant should be Indian Citizens
• Minimum age required is 23 years and Maximum 60 years.
• Minimum 3 years experience in same business.
• Minimum income Rs. 3.50 lakh per annum.
• Residence/Office -either Owned, rented or company provided either residence or Office should be self-owned.
• Partnership firms, Private Ltd. companies and deemed Limited companies are eligible

Document Required

Usually, the procedure of Approval of personal loans is quick and a loan is approved with simple documentation.

For Salaried Employees

• KYC Documents (Photos/PAN Card)
• Proof of Identity (Passport Copy/Voters ID card/ Driving License).
• Address Proof (Ration card Tel/Elect. Bill/ Rental agreement / Passport copy)
• Bank Statements(latest 6 months bank statement /Passbook)
• Latest salary slip or current dated salary certificate with latest Form 16

For Self - Employed

• KYC Documents (Photos/PAN Card)
• Proof of Identity (Passport Copy/Voters ID card/ Driving License)
• Address Proof (Ration card Tel/Elect. Bill/ Rental agreement / Passport copy)
• Bank Statements(Last 1 Year bank statement /Passbook)
• Last 3 Years ITR File with Balance Sheet and PL Statement.
• Last 5 Years Business Proof(Est.Registration/Tax Receipts)

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