The loan which is offered to people for personal use is known as a Personal Loan. The loan can be availed to use for a variety of purposes pertaining to personal ends. Moreover, it does not require any asset to pledge as collateral with the lender.

Why should one choose Personal Loan Modi Nagar?

  1. It involves simple procedures and fast Loan approvals.
  2. There is no need to provide a cosigner to avail this loan.
  3. There is no need to put any property or asset as collateral to the lender.
  4. The amount borrowed can be used for almost all financial problems of life.

Personal Loan Modi Nagar Eligibility

Not everyone can get a personal loan. There are some criteria on the basis of them the bank provide a personal loan to the applicants. Let us discuss them.

There are two categories of applicants.

  1. Salaried
  2. Self-employed

There are different criteria for both categories. Let us see both of them one by one.

Salaried Applicant:

  1. The minimum age of the applicant should be 21 years and maximum of up to 60 years.
  2. If the applicant is residing in a metropolitan city, then they should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
  3. The applicant should have the work experience of the last three years, and the salary should come in their account only.
  4. The applicant should have a good credit score, and it should be more than 700.
  5. The applicant has to submit their bank statement for the last three months and the salary slip of the last six months.

Self-employed Applicant:

  1. The minimum age of the applicant should be 25 years and maximum up to 65 years.
  2. The applicant should file ITR for the last three years.
  3. The credit score of the applicant should be good, and no debt should be left due.
  4. The ITR should be of Rs. 2.5 Lakhs per annum at least.
  5. If the applicant has a business than his business should be running from the last three years.

Salaried People

Parameters

Metro

Tier-2

Tier-3

Tier-4

CitizenShip

Indian

Same as Metro

Same as Metro

Same as Metro

Minimum Age

21 Yrs

Same as Metro

Same as Metro

Same as Metro

Maximum Age

58 / 60 Years at loan maturity

Same as Metro

Same as Metro

Same as Metro

Salary

18,000

12,000

10,000

10,000

Experience

Overall 3 years

Same as Metro

Same as Metro

Same as Metro

Telephone / Mobile

Mandatory

Mandatory

Mandatory

Mandatory

Current Experience

One year

One Year

One Year

One Year

Salary in Cash

Not Applicable

Same as metro

Same as Metro

Same as metro
 

 

Self Employed People

Parameters

Metro

Tier-2

Tier-3

Tier-4

Citizenship

Indian

Same as Metro

Same as metro

Same as Metro

Minimum Age

25 /28 Yrs

Same as Metro

Same as metro

Same as Metro

Maximum Age

65 Year at the loan maturity

Same as Metro

Same as metro

Same as Metro

ITR required

2.5 lakhs - 3.0 Lakh

Same as Metro

Same as metro

Same as Metro

Residence

Office or Home

should be Owned

Same as Metro

Same as metro

Same as Metro

Telephone / Mobile

Mandatory

Mandatory

Mandatory

Mandatory

Business Stability

Business should be running from last 3 years

Same as Metro

Same As metro

Same as Metro

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Loan Modi Nagar Documents

  1. Identity proof: It includes Aadhaar card, Passport, Voter card, Driving license.
  2. Residence proof: It includes Updated Passbook, Aadhaar card, Passport, Voter card, Driving license, ration card. And if the applicant is living in a rented apartment, then they have to submit their rental agreement, electricity & water bill which has to be in the name of the applicant and the address of the owner.
  3. Two colored photographs
  4. The applicant has to submit their PAN card which is an essential document under the KYC formality.
  5. If the applicant is a salaried one, then they have to submit their salary slip of the last three months and the bank statements of the last six months.
  6. And if the applicant is a self-employed then they have to submit the ITR of the last three years and registration of their business should be done.

Salaried

Self Employed

Last 3 months salary slips & last 6 months bank statement

 ITR of 2.5 lac minimum for last 3 years

Identity Proof: Aadhaar Card/Pan Card/Voter Id/ Driving License/ Passport

Address Proof: Aadhaar Card/Pan Card/Voter Card /Passport/Driver License and if the person is living in a rented apartment then rental agreement, electricity & water bill and owner’s address

2 passport size colored photographs

PAN Card photocopy

 

Personal Loan Modi Nagar Interest Rate

The minimum rate of interest that you can get on this loan is 10.75%. In addition to this, as the interest rate entirely depends on the individual, you might get a lower interest rate in comparison to the other borrower who is availing for the same loan amount.

Personal Loan Modi Nagar Tenure

The tenure of the personal loan is from 1 year to 5 years.

Personal Loan Modi Nagar Benefits

Some benefits of personal loan are :

  1. A Loan without any collateral or security: A Personal Loan is not a secured loan. Banks don’t ask for any security or guarantee. So, there is no need of pledging collateral or security. It is purely given as per the customers' income.
  2. Simple Documentation: Personal Loans are simple and easy. You can get it with minimum documentation with a quick process. Banks need some necessary documents of a borrower like identity proof, address proof, income proof, etc.
  3. Loan Amount:The amount can be ranging from Rs. 50,000 to Rs. 20 lakh.
  4. Quick Loan Approval: It is easily sanctioned within 48-72 hours without any hassle. After getting the documents, banks will do the verification of the given details and the loan will get disbursed within 24 hours of confirmation.
  5. Multipurpose finance: Personal loan can be used for various purposes, i.e. in paying old bills, home improvements, wedding shopping, financing trips and many more.
  6. No Third party involvement: The loan is directly given to the borrower without the involvement of the third party. It is a relationship between the borrower and the lender.
  7. Hassle free:Getting a personal loan is now a hassle-free process. Online loan portals have made it more convenient and comfortable. You can get the loan amount in your account without stepping out of your place.

About Modi Nagar

Modi Nagar is a city and municipal board in Uttar Pradesh. Gujarmal Modi founded the city in 1933. The city is famous as the Home of Modi Mills. It has been developing as the educational center as various educational institutions are being established on a large scale. 

 

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