Overview

Individual credits are any reason advances which are given with no insurance or underwriter. This is a special credit item wherein the borrower is at his/her carefulness to do whatever they need. As it were, not normal for some other credit item viz a vehicle advance or a shopper strong advance or a lodging advance, an individual advance can be utilized by the borrower for any of his/her own needs. There is no limitation for the use of such advances however it ought not be utilized for theoretical purposes and interest in expense sparing instruments. The credit can be reimbursed like every single other advance through the likened regularly scheduled payment (EMI) process where a fixed sum is paid every month.

1. Personal Loan Features:

  • They are not secured.
  • They are any purpose loan.
  • They come at an attractive rate of interest.
  • They are relatively short-term loans vis a vis other loan, (i.e. 3 to 5 years)

 

2. Personal Loan Advantages:

  • Most importantly a bit of leeway of a Personal advance is that it is any reason advance. Be it be occasions, wedding in the family, to satisfy your duty in charge cards, sending your kid for advanced education, purchasing gems, purchasing a bit of plot which generally no banks support, and to meet any possibilities. You need not need to outfit the end utilization of advance to the bank.
  • The advance doesn’t require any security or guarantee. It doesn’t require an underwriter either.
  • The documentation included is insignificant.
  • The time taken for handling is negligible.

The documentation for business loans is one of the simplest.

Basic KYC documents and income documents would suffice to get a Personal Loan.

The general list for obtaining a Personal Loan is as follows:

  • Photograph
  • Identity proof
  • Address proof
  • Income proof
  • Bank statements
  • Continuity proof
  • Qualification proof (applicable only for Self Employed Professionals)

 

The Detailed Documents Are as Below:

     1. Identity Proof (Any One of The Following)

  • Copy of PAN Card
  • Copy of Passport
  • Copy of Driving Licence
  • Copy of Government ID card
  • Copy of Voter ID card
  • Copy of Company ID Card (for select Corporate)

 

     2. Address Proof (Any One of The Following)

  • Copy of Passport (Can also be used as proof of identity)
  • Copy of Telephone Bill (both landline and post-paid mobile connection)
  • Copy of Driving licence
  • Copy of Voter ID card
  • Copy of Ration card
  • Copy of Electricity bill
  • Copy of bank statement (computerised statements only)
  • Copy of Life Insurance premium receipt
  • Copy of any title deed (Sale deed/ Index II)
  • Copy of Property tax receipt
  • Copy of Leave & License Agreement
  • Copy of latest credit card statement

 

     3. Age Proof (Any One of The Following)

  • Copy of PAN card
  • Copy of Passport
  • Copy of Birth Certificate issued by competent authority

 

     4. Signature Verification Proof (Any of The Following)

  • Copy of PAN Card
  • Copy of Passport
  • Copy of Driving License
  • Signature verification from Bank

 

     5. Income Documents

For Salaried Individuals:

  • Copy of latest three salary slips
  • Copy of appointment letter or Form No. 16 indicating proof of continuity in employment
  • Bank statements for the last 3 months

For Self-Employed Individuals:

  • Copy of last two-year IT returns along with computation of income, Balance sheet and Profit & Loss a/c, audited reports (in case of audited financials)
  • CA certified financials (in case of unaudited financials)
  • Bank statements of last six months of the main business banking.

Why Traders Choose Us

Professional

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Experienced

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Vibrant

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Personality

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Trust

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Quality

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