When considering a personal loan, there are several factors to keep in mind to ensure you make the best decision for your financial situation:
- Interest Rate: Pay close attention to the interest rate offered by the lender. It can be fixed or variable. A fixed interest rate remains constant throughout the loan term, while a variable rate may change based on market conditions.
- Repayment Terms: Understand the duration over which you'll repay the loan. Shorter loan terms typically result in higher monthly payments but lower overall interest costs, while longer terms may offer lower monthly payments but higher total interest expenses.
- Loan Amount: Determine the amount of money you need and borrow only what is necessary to avoid unnecessary debt.
- Fees: Be aware of any fees associated with the loan, such as origination fees, prepayment penalties, or late payment fees. These can vary among lenders and significantly impact the total cost of the loan.
- Credit Score: Your credit score plays a significant role in determining the interest rate you qualify for. A higher credit score generally results in lower interest rates, while a lower credit score may lead to higher rates or difficulty qualifying for a loan.
- Lender Reputation: Research lenders thoroughly to ensure they're reputable and offer favorable terms. Check reviews, ask for recommendations, and compare offers from multiple lenders to find the best fit for your needs.
- Purpose of the Loan: Clearly define why you need the loan and how you plan to use the funds. Whether its debt consolidation, home improvement, medical expenses, or other purposes, having a clear plan can help you make informed decisions and avoid unnecessary borrowing.
| Type Of Loan | Required Document | Eligibility |
|---|---|---|
| PERSONAL LOAN | ITR OF LAST 2 YEARS | 5 TO 6 TIMES OF ITR |
Required Documents
- Passport Size Photo
- Adhar Card
- Pan Card
- 2 Stamp Paper of Rs.10/- in favor of the applicant.
- Bank Account Detail/Bank Statement of last 6 months.
- Personal Mobile Number
- E-mail Id
File Charge
| Amount | File Charge |
|---|---|
| 1 Lac To 10 Lac | Rs. 2360 |
| 11 Lac To 40 Lac | Rs. 4760 |
| 41 Lac To 60 Lac | Rs. 7120 |
| 61 Lac To 80 Lac | Rs. 9480 |
| 81 Lac To 1cr | Rs. 11840 |
| More Than 1cr | (2360*10) Rs.23600 |
Types of Guarantors
Property / Government / Pvt/Ltd job / I.T.R
Documents Required For Guarantor
- Passport Size Photo
- Adhar Card
- Pan Card
- 7 Stamp Paper of Rs.50/- in favour of the Guarantor
- Bank Account Detail/Bank Statement of last 6 months
- Personal Mobile Number
- Last 2 month Salary Slip Guarantor (only in case of Pvt./Ltd. job Guarantor)
- Last 2 years I.T.R. (only in case of I.T.R Guarantor)
- Property's Paper / Khasra & Khatauni / Registry/ Kisan Bahi/ Will Papers (only in case of Property Guarantor)
Before applying for a personal loan, it's important to assess your financial situation and determine if borrowing is the right choice for you. Consider alternative options, such as saving up for expenses or exploring other sources of financing, before committing to a loan. Additionally, make sure you understand the terms and conditions of the loan agreement before signing to avoid any surprises down the line.