Unsecured loans – All You Wanted to Know

The primary features are:
It is an unsecured mortgage suitable for any purpose Like:

— Education
– Marriage
– Healthcare purpose
– Purchase of Home or Assets
– Repay older loans
– Investments
– Holidays
– Gifts… etc .

It is hassle free. No guarantors or security /collateral required. Loans to salaried and self-employed. Special offers for Professionals such as Doctors, Chartered accountants, Engineers, Architects, Company secretaries, MBA’s etc . Financial loans are available from Rs. 50, 000/- to Rs. 20 lakh. Pay back options from 12 to sixty months in easy EMI’s. Financial loans available against surrogate income of any auto, personal or home loan.

Minimum documentation & fast acceptance. What are the Various types of personal loans available? Personal loans can be broadly divided into earnings based and non income centered. Income based loans are given on the basis of income per month/per year intended for salaried and self employed respectively. Non income based loans also know as surrogate loans are given depending on repayment track records of current personal loans, car loans, home loans and Bank cards from approved banks. Minimum instalments paid/Months on books required is definitely 9-12 months.

WHAT ARE THE ELIGIBILITY CRITERIAS?
The eligibility criteria for salaried and self employed are:

SALARIED:
Applicant should be Indian citizens working plus residing in Mumbai.
Minimum age required is 21 years and Maximum 58/60 years.
Minimum Work Experience-1 month in current company and 3 years overall.
Minimum Net Take Home – Rs. 20, 000/- monthly.
Residence-either Owned, rented or business provided.
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Telephone/mobile mandatory at residence.
Currently most of the banks are providing unsecured personal loans only to employees of Private Ltd, Limited and international companies.

SELF EMPLOYED:
Applicant should be Indian Citizens Working and residing in Mumbai.
Minimum age required is 23/25 years and Maximum 65 many years.
Minimum 3 years experience in same business.
Minimum income Rs. 2 . 50 lakh per anum.
Residence/Office -either Owned, rented or organization provided. Either residence or office should be self owned.
Telephone/mobile obligatory at residence and office.
Partnership firms, Private Ltd. companies plus deemed Limited companies are eligible.

HOW IS ELIGIBILITY CALCULATED?

Different banks have got different ways of calculating the eligibility. In the case of Salaried generally most of the banks would calculate eligibility to be 1/1. 5 times of annual income. Elements such as existing loan liabilities, average bank balance, track record on existing loans, company profile & mortgage tenure also plays a part in deciding eligibility.
In the case of Self Employed’s the eligibility would depend on the proceeds, existing track record, net profit, cash credit /overdraft limit enjoyed, line of business, cash flow, bank statement, existing mortgage liability amongst other things. Generally the mortgage amount is limited at 1 . 25 to 4 times of cash revenue generated less existing liabilities or even a certain percentage of turnover much less existing liabilities.

WHAT IS THE LOAN PERIOD?

Loan tenure is the period inside which the applicant wants to repay the particular loan. Loans can be repaid through 1 year to 5 years. The rule of the thumb being longer the period higher would be the loan eligibility plus vice versa. The age of the candidate along with period of service left furthermore influences the loan tenure.

EXACTLY WHAT ARE SERVICE CHARGES?

Service charges, mortgage processing charges, bank charges are usually various ways of describing the charges which the bank charges for digesting and disbursing loans. It is subtracted directly from the loan amount and is generally restricted to 2% to 3 % of the loan amount. This is an one time fee.

WHAT ARE THE DOCUMENTS NEEDED?

SALARIED:

– Photograph.
– Skillet card copy.
– Current home proof.
– Salary slips for 3 months.
– Bank statement intended for 6 months.
– Appointment letter plus proof of work experience.
– Sanction letters of existing/closed loans.

SELF-EMPLOYED:

– Photograph.
– Pan credit card copy.
– Residence and office address proof(Either residence or
— Office should be self owned).
– IT Returns – CA qualified copies for 2 years complete fixed.
– Business continuity/existence proof 3 years old.
– Business banking 6 months.
– All existing loan sanction letters.
– Qualification proof intended for professionals.

WHAT IS THE LOAN PROCESS?

One can apply for a personal loan any time in expectation of a quick, hassle free and unprotected finance for any purpose. The verification process at residence and office is physically done within 2/3 days on submission of all paperwork required. There is a simultaneous credit check done to find out the credit history of the applicant in the bank applied as furthermore other banks. If all the checks are positive the credit officer normally has either a telephonic or physical discussion with the applicant at his office/place of work.

Subject to the discussion being positive the candidate has to sign an agreement and also give PDC’c(Post Dated Checks) or authorization for ECS(Electronic Clearing System). The particular applicant generally gets either a direct credit in his/her account or receives a Draft within 2/3 working days after executing the contract. The entire Process may take 5/7 business days.

WHO CAN APPLY?

Salaried individuals and Self employed individuals, Partnership firms, Pvt. Ltd. and Deemed Ltd. companies can apply.

What are the Income Criterias for Salaried?
A Salaried Person needs to have Minimum NTH(Net Take Home Salary) Of Rs. 20000/- pm.

Do you know the income criteria for self employed?
Minimum Income of Rs. 2 . five to Rs. 3 lakh per annum is the accepted norm.

What is the minimum and maximum loan amount?
The particular minimum loan amount for salaried is Rs. 50, 000/- plus maximum Rs. 15 lakhs. With regard to Self employed the minimum loan is Rs. 1 lakh and optimum 20 lakh.

WHAT ARE THE AGE CRITERIAS?
For salaried the minimum age is 21 years and maximum 60 years.
For Self employed’s the Minimum age required is 25 years and maximum 65 years.

Is a no income Proof loan obtainable?
Yes, salaried individuals and personal employed’s can apply on the basis of existing personal loan, auto loan & home loan songs on which minimum 9/12 EMI’s are already paid.

WHAT IS THE LOAN TENURE?
The particular minimum loan tenure is one year and maximum 5 years.

Is usually securities or guarantors required for a private loan?
No security, hypothecation, guarantors or mortgages is required in a personal bank loan.

Can a person staying on lease apply?
Yes, applicants staying possibly on owned, rented or business provided accommodation can apply. Permanent residence address proof may be necessary in case of rented/leased, company provided lodging.

WHAT ARE THE INTEREST CHARGES?
Interest charges depends on various factors like the Loan Amount, Company profile, qualification and Income etc . It could vary from 16 % to 26% on a monthly reducing basis.

CAN THE LOAN BE PREPAID?
Yes, the mortgage can be prepaid after paying 6 installment.

ARE THERE PREPAYMENT CHARGES?
Usually all banks charge 4% in order to 5% of the principle outstanding as prepayment charges.