Personal Loan

Features, Eligibility, Documents, and Fees.

A Personal Loan is a versatile financial product designed to meet individual financial needs. It provides borrowers with quick access to funds for various purposes, such as travel, education, medical expenses, debt consolidation, or any other personal requirement.

Eligibility:

Age: Typically between 21 to 65 years.
Income: A minimum income criterion to ensure repayment capacity.
Employment Stability: Salaried or self-employed individuals with a stable income source.
Credit Score: A good credit score enhances eligibility.

Features:

Loan Amount: Flexible loan amounts to cater to diverse financial needs.
Quick Disbursement: Swift approval and disbursal processes for urgent financial requirements.
Unsecured Nature: Typically, no collateral is required, making it accessible to a broader audience.
Repayment Flexibility: Customizable repayment tenures based on the borrower’s financial capacity.
Use for Any Purpose: No restrictions on how the loan amount is utilized.
Fixed or Floating Interest Rates: Options for stable or market-driven interest rates.

Documents:

Identity Proof: Aadhar card, passport, PAN card, etc.
Address Proof: Utility bills, rent agreement, voter ID, etc.
Income Proof: Salary slips, income tax returns, Form 16 for salaried; business financials for self-employed.
Bank Statements: Typically for the last 3 to 6 months.
Employment Proof: Offer letter, employment certificate, business registration documents.

Fees and Charges:

Processing Fee: Charged for processing the loan application.
Interest Rates: The cost of borrowing, either fixed or floating.
Prepayment Charges: Fees for repaying the loan before the stipulated tenure.
Late Payment Fees: Imposed for delayed EMI payments.
EMI Bounce Charges: Applicable if EMI payments are not honored.
Foreclosure Charges: Fees for closing the loan before the agreed-upon tenure.

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