Personal Loan
Personal Loan
Personal loans are unsecured borrowing options offered by banks and NBFCs, designed to meet diverse personal needs like medical emergencies, weddings, vacations, or debt consolidation. These loans require no collateral and involve minimal documentation, such as KYC and income proof.
Approval is quick and depends on factors like CIBIL score, income, and financial stability, with disbursal typically within 24 hours to 7 days. Loan amounts and interest rates vary by institution, often calculated as multiples of your net monthly income.
Reasons for rejection may include poor credit history or excessive leverage. Once approved, repayments begin the following month, with the first EMI based on the loan disbursement date.
# Identity Proof (Any One of the Following):
- Aadhaar Card
- PAN Card
- Voter ID
- Passport
- Driving License
# Address Proof (Any One of the Following):
- Aadhaar Card
- Passport
- Utility Bills (Electricity/Water/Gas, not older than 3 months)
- Rent Agreement (if applicable)
# Income Proof:
For Salaried Individuals:
- Latest Salary Slips (2-3 months)
- Form 16 or Income Tax Return (ITR)
- Bank Statements (Last 6 months)
For Self-Employed Individuals:
- Income Tax Returns (Last 2-3 years)
- Bank Statements (Last 6 months)
- Business Registration Certificate/Proof
# Employment Proof (For Salaried Individuals):
- Employee ID Card
- Offer Letter or Appointment Letter (if required)
# Passport-Sized Photographs
- 3,5 passport sized photographs
# CIBIL Credit Report (Optional, but often required):
- Some banks may access your credit report directly to assess your eligibility.
#Additional Documents (If Applicable):
- Proof of Age (Birth Certificate, Passport, etc.)
- Guarantor Form (if required by the bank)
| Criteria | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Age | 21 to 60 years (at loan maturity) | 21 to 65 years (at loan maturity) |
| Employment Status | Must be employed with a government, PSU, or private sector organization. | Must have a stable business with a minimum operational history of 2-3 years. |
| Income Criteria | Minimum monthly income of ₹15,000 to ₹25,000 (varies by bank and location). | Minimum annual turnover or profit as specified by the bank. |
| Work Experience | Minimum 1-2 years of continuous employment. | Minimum 2-3 years of stable business operations. |
| CIBIL Score | A good credit score (750+ preferred). | A good credit score (750+ preferred). |
| Debt-to-Income Ratio | Preferably below 50% to ensure repayment capacity. | Preferably below 50% to ensure repayment capacity. |
| Residency | Must be an Indian citizen or provide valid residency proof. | Must be an Indian citizen or provide valid residency proof. |
| Loan Amount Eligibility | Depends on monthly income, typically 7-18 times the net take-home salary. | Determined by annual turnover, profit, and financial profile. |
- Submit the Statement of Account for Any Current Loan (if applicable).
- Provide All Required Documents Together in Hardcopy.
- Email Soft Copies in PDF Format to contact@sathyampariwar.com.
- Compare and Choose: Get quotes from multiple banks and lenders to select the best option.
- Listen and Learn: Pay attention to vendor insights; they may offer valuable information.
- Honesty Matters: Be transparent about your financial history to receive the best guidance.
- Discuss Credit History: Share your credit details for accurate solutions and to avoid rejections.
- Stay Respectful: Politeness builds rapport and fosters beneficial relationships with vendors.
- Be Prepared: Collect all documents and security cheques beforehand for a smoother process.
- Stay Connected: Keep in touch with vendors until you get a clear status update on your application.
- Track Progress: Use your application number to monitor the loan status online for real-time updates.
