Personal loan is a loan which can be acquire for any personal purpose like wedding, purchasing consumer goods etc. It doesn’t require and guarantor that’s why it is also called unsecured loan. The amount of loan varies from bank to bank and also your eligibility criteria. It is very easy to get a Personal Loan as it requires very less paperwork and is the best option when you are in urgent need of money. Once you have eligible for the loan it takes only about few days to get the loan amount disbursed to you.
The rate of interest depends on various criteria in India. The major point is your income level. Different banks have different criteria based on interest rates are calculated.
To acquiring personal loan from the financial institution or banks, requirement of a professional service is becoming very important now a days. Since personal loan is a unsecured loan then every people need assistance to get the personal loan easily.
Sujay Project Finance Consultancy is tied up with multiple banks in India in regards of personal Loan. We guide you in getting hassle free Personal Loan in a very competitive rate.
Eligiblity for availing Personal Loan
Loan eligibility depends upon various factors which differ from banks to banks. The main factor of course, is your ability to repay the loan. Also your profile, in terms of residence and the place you work in also matters. Do make sure to check all such other eligibilities before applying.
Loan eligibility depends upon various factors. The main factor is your ability to repay. The bank would like that the installment you pay should not exceed more than 30 to 40% of your net salary or 2-3 times of your income tax return.
Personal Loan can be applied jointly with a co-applicant (either be your spouse or your parents). This helps you to increase your income eligibility and you can also avail for a larger amount of loan, if you want to, as your co-applicants income also gets added to your income and that total is taken into consideration for calculating the loan amount you will be eligible for availing personal loan.
Documents Required
The documents needed by the Banks or financial institutions are as follows:
- Identity Proof
- Last 6 months Bank statements
- Resident Address Proof
- Income proof of all the applicants
- If Salaried, Employment Details & Pay Slip
- IT Return
- Photograph
All you have to do is to provide supporting documents so that the Personal Loan process can start moving forward.
Procedure for Project financing for Personal loan
Enquiry with a financier
The first step is you need to get more than one banks as possible and get them to make loan offers to you. Choose the best offer among all the banks and then negotiate with them to get the best interest rate. After getting all the banks to make their offers to you, select your bank based on the information you have in front of you.
Documents Collection
After selecting your bank, the bank will send a agent to your place for collecting documents for supporting proof of income, residence proof, and identity. You need to produce copies of salary slips, bank statements, IT returns, ration card, passport, driving license, and other relevant documents etc. These documents vary from bank to bank.
Verification & Investigation
After submitting the documents, all should get verified by either visiting your residence or work place from the bank side. This is compulsory that you are present during this visit to make loan get confirmed otherwise your application can get rejected.
Loan approved
If everything going fine and the bank is satisfied with the verification, the loan is approved. The bank then disburses the amount through cheques or demand drafts.
