Numaish Road, Bharatpur | 321001 10:00 AM - 5:00 PM

info@indoliyaassociates.com +91 07665900665 | +91 07665900666

Offers For New Customers

Loan of up to Rs. 40 Lakh

Tenure of up to 84 Months

No Guarantor / Collateral

Features and Benefits of our Personal Loan

A personal loan is an unsecured loan that is not backed by collateral or security. This makes it a flexible financing option, as there are no limitations on its use.

The followings are the ways a personal loan can be useful:

Debt consolidation: Combining multiple debts into a single loan with a lower interest rate to save money on interest payments and make it easier to manage debts.

Home renovation: Using a personal loan to fund home renovation projects can increase the value of your home and improve your living conditions.

Medical expenses: If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.

Emergency expenses: A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.

Personal Loan Eligibility Criteria

To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.

Age should fall under the range of 21 years to 60 years

Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs

Credit score must be above 650

Debt-to-income ratio

Employment stability

Maintained a good credit score

Clear repayment history

Must be a Resident Citizen of India

Documents required to apply for Personal Loan

Identity Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

Income Proof – 1 year Bank statement, 3 months Salary Slips

Employment Proof – Employment Certificate, Office address proof

Registration Certificate - GST or VAT Registration for Self-employed

Photograph – Passport-size photographs

Business proof – Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.

Income tax returns – Documents of the past 2-3 years to verify income and tax payment history

Frequently Asked Questions

What happens If I defaults on my loan payments?

If you default on your loan payments, it can have serious consequences on your credit score and financial situation. Here are some of the potential consequences of defaulting on a personal loan:

Late Fees and Penalties: If you fail to make a payment or are late, the lender may charge you late fees and penalties. These fees can quickly add up and make it difficult to catch up on your payments.

Negative Impact on Credit Score : When you default on a loan, the lender may report the missed payments to credit bureaus, which can hurt your credit score. A lower credit score may make future credit applications more difficult, as well as result in higher interest rates and fees.

Legal Action: If you continue to miss payments, the lender may decide to sue you. A wage garnishment or a lawsuit is examples of this. Legal action can be costly, and you may be found liable in court.

Collection Calls: If you default on a loan, the lender or a debt collection agency may contact you. These calls can be stressful, and they may continue until the debt is cleared.

Collateral Seizure: If you have secured your loan with collateral, such as a car or home, the lender may seize the collateral if you default on your loan payments. This can result in the loss of your property.

How long does it take to process a personal loan application?

If you submit an application for a personal loan online or through a lender’s website, you can get an immediate approval, and the loan amount might get disbursed in your account in a few business days. However, depending on the lender’s internal processes, the application process may take several days or even weeks if you apply for a loan in person at a bank or credit union.

Having all the required paperwork prepared and making sure the application is accurate and complete will help the loan application process go more quickly. If the lender requests it, you should be prepared to provide further supporting documents or information to speed up the process.

Is collateral or security needed to apply for a personal loan?

Personal loans typically do not demand security or collateral because they are unsecured loans. Instead, lenders rely on the borrower's creditworthiness, income, and other factors to determine whether to approve the loan and what interest rate to offer. However, if the borrower has bad credit or a high debt-to-income ratio, certain lenders could want collateral or a cosigner before approving a personal loan. If the borrower defaults on the loan, the collateral or cosigner acts as a guarantee that the lender would be compensated.

Is there any charges for prepaying personal loan?

Yes, there may be fees associated with prepaying a personal loan, which are commonly referred to as prepayment penalties. Some lenders charge these fees if you repay your loan before the end of the term. The prepayment penalty varies by lender and can be a fixed fee or a percentage of the outstanding loan amount. It is crucial to carefully read the loan agreement to determine whether there are any prepayment penalties associated with the loan and what the charges would be if you decided to repay the loan.

Can I take out personal loans from different bank at same time?

Yes, you can obtain personal loans from two different banks at the same time, provided you meet the eligibility requirements for each loan and can afford the repayments for both. However, it’s critical to keep an eye on your overall debt level and avoid taking on more debt than you can handle.

What is the minimum salary required to be eligible for a personal loan?

The minimum salary required to be eligible for a personal loan can vary depending on the lender and their specific eligibility criteria. However, in India, most lenders have a minimum salary requirement of Rs. 15,000 per month to qualify for a personal loan. This means that if you earn less than Rs. 15,000 per month, you may not be eligible for a personal loan from these lenders.

Get In Touch