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PERSONAL LOAN

Personal Loan

The following criteria of people who would be Eligible for Personal loan from Banks/NBFCs.

Personal Loan Eligibility In Chennai

Avail Personal Loan through quick and easy process

Get attractive interest rate on Personal Loan

Know your Loan Eligibility with simple steps


Basic Eligibility Criteria for Personal Loan in Chennai Salaried Professionals

Net Monthly Salary should be more than Rs 20,000

Salary should be received through an Account Transfer . No cash salary.

Should be working in Pvt Ltd or Ltd Company (Not in partnership or proprietorship company)

Aged between 21-60 years

Personal Loan Basic Documents Required

Passport Size Photographs

Identity proof: (passport, voters ID, driving license or pan card).

Address proof: (voters ID, driving license or passport).

Latest 3 months’ Bank statements

Latest 3 months’ salary slips

The list of documents may vary from applicant to applicant.

Factors Deciding Personal Loan Eligibility

Lenders look for many criteria before sanctioning any loan for its customers. Few never missed factors are here.

Credit Rating

Having good credit rating increases the probability of getting loan with more flexible option on tenure, amount, EMI and interest rates.

Financial Situation

It’s not always about the present, the past financial records will also have a great call on deciding whether you are eligible for a personal loan or not.

Age Criteria

Age should be between 23 to 55 years

Employment Stability

This is a very crucial aspect for personal loan consideration. Unless you are salaried and employed for more than 2 years in the current profession or if self-employed minimum 5 years of total tenure of earnings.

Employer

The employer with whom the applicant is working with is the best way to gauge the credibility of the applicant



Here are some Basic Eligibility Criteria for Personal Loan in Chennai and Business Loan Self-Employed Professionals:

Turnover more than 50 lakhs

Profits more than 5 lakhs

Age should be between 23 to 55 years

Should have a PAN Card

ITR for Latest 3 years and Business/Company should be in existence for at least 3 years (Govt Proof: SSi, Tin, Or Vat Registration Proof

Personal Loans are the loans which are provided by Banks and NBFCs (Non Banking Financial Company) without any collateral security, this means that there

is no risk on owned property. Personal loans are generally taken to manage higher standard of living, marriages, promoting business, tours, petty expenses

and investment in different financial schemes.

The Bank / NBFC takes the highest of risk by giving personal loan without any security, the bank will charge higher rate of interest ( 14% onwards ) as

compared to other loans ( Home Loan, Mortgage Loan, Car Loan and etc.,).

You can repay the loan in defined EMIs by banks, the tenure of personal loans it not extended more than 2 to 5 years and makes sense to make the

repayment well before the tenure as personal loans have a high rate of interest attached.

If you are employed and earn a monthly income, you are eligible for personal loans. You can be a salaried, self-employed professional or business man. The

amount of loan eligibility will differ based on the person's current earnings.

Processing charges / Service charges of up to 2% of the loan amount is levied. This charge might differ across various lenders.

You can repay a personal loan by issuing post-dated cheques or EMI for the entire duration of the loan.

After your personal loan amount is approved by the lender to the loan is disbursed either by direct credit into your bank account / cheque / draft Usually

lenders promise to give your loan within seven working days. If you want to avoid further delays, you must keep all your necessary documents ready,

especially the post dated cheques (PDC). Banks from where you provide your PDCs require at least a day or towards notice to give you the cheques. The loan

is disbursed only after all the required documents are submitted.