Apply for Personal Loan: for Salaried, Self Employed and Professionals

Dialabank.com helps you find the most suitable offer for Personal Loan 

1. Personalised Service: Our trained Relationship Managers will understand your requirements and your profile and help you find the most suitable Personal Loan offer.

2.  Rate Comparison : We help you understand the details of all costs involved in taking a Personal Loan and help you find the Cheapest Offer.

3.  Research : Benefit from our detailed research on all the products from the leading Personal Loan players in the market and make the right choice.

4.  Zero Charges : Dialabank offers personalised service to its customers at zero fees. Use our services to find the right Personal Loan deal at no extra cost.

5. Unbiased and Transparent Search : Our objective is to simplify your Personal Loan search and we provide information in an unbiased and transparent manner

Find the right Personal Loan Offer with help from www.dialabank.com

1. Online :Fill in your Personal Loan requirements in the online application form and our trained Relationship Manager will contact you with the best Personal Loan offer basis your profile.

2. Dial “60011600”and get the personalised service of a trained Relationship Manager who will help you with your Personal Loan requirements

Take benefit of our EMI calculator to check affordability of your Personal Loan EMI

Types Of Personal Loan

Personal Loans of all types can save many of us during the rough spots in our lives. Personal loans are used to meet the expenses such as home improvements, wedding, purchase of a vehicle or any appliances, children’s education, luxury holiday etc.

Secured Personal Loan

A secured loan is guaranteed by property and, therefore, has a lower interest rate. For example, a mortgage is a secured loan, guaranteed by the home itself. If the borrower defaults on the loan, the lender can take possession of the home to recoup the money on the defaulted loan. The fact that the lender has the collateral in case of default is part of what drives down interest rates on secured loans.

Unsecured Personal Loan

Unsecured personal loans are the loans which are provided by financial institution without any collateral security, this means that there is no risk on owned property. A personal loan -- one without collateral -- for the same amount is not as safe for the lender. Because of this, the lender charges higher interest rates to balance out the greater risk. Even though the interest rates on personal loans are higher than those of secured loans, personal loan interest rates are usually still lower than credit card rates -- at least after the initial teaser rates.

Bad credit Personal Loan

This Kind Of Personal Loan is the best option when one is stuck in a bad credit situation. Specially designed for people with blotted credit history, this personal loan option gives them the opportunity to get out of the financial crisis and improve their credit history too, but at higher interest rate and a very stringent repayment plan.

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Personal Loan Eligibility

Personal Loan for Salaried:

• Applicant should be Indian Citizens
• Minimum age required is 21 years and Maximum 58/60 years.
• Minimum work experience of one month in current company and 3 years overall.
• Minimum net take Home - Rs.20, 000/- per month.
• Residence-either Owned, rented or company provided.
• Telephone/ mobile mandatory at residence.
• Currently most of the banks are providing unsecured personal loans only to employees of Private Ltd, Limited and Multinational Companies.

Personal Loan for Self Employed:

• Applicant should be Indian Citizens
• Minimum age required is 23/25 years and Maximum 65 years.
• Minimum 3 years experience in same business.
• Minimum income Rs. 2.50 lakh per annum.
• Residence/Office -either Owned, rented or company provided either residence or Office should be self owned.
• Telephone/ mobile mandatory at residence and office.
• Partnership firms, Private Ltd. companies and deemed Limited companies are eligible

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Personal Loan Documentation

Usually the procedure of Approval of personal loans is quick and a loan is approved with simple documentation.

For Salaried Employees

• Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence).
• Address Proof (Ration card Tel/elect. Bill/ Rental agreement / Passport copy/Trade licence /Est./Sales Tax certificate)
• Bank Statements(latest 6 months bank statement /passbook)
• Latest salary slip or current dated salary certificate with latest Form 16

For Self - Employed

Self –Employed Persons and Professional ( Doctors / Lawyers / Engineers / Architects ), except for the salary statements above, other documents such as tax return documents, Balance Sheet / Profit Loss Statement of the firm he owns may be required.

Tenure For Personal Loan

Loan Tenure is the period within which the applicant wants to repay the loan .Loans can be repaid from 1 year to 7 years.
The rule of the thumb being longer the tenure higher would be the loan eligibility and vice versa. The age of the applicant along with period of service left also influences the loan tenure.

Personal Loan - Rate Of Interest (Aug 2011)

Charges Applicable For Personal Loan

Service charges, loan processing charges, bank charges are various ways of describing the fees whichthe bank charges for processing and disbursing loans. It is deducted directly from the Personal Loan amount and is generally restricted to 1% to 3 % of the Personal Loan amount. It is a one time fee.

Banks charge borrowers with prepayment fee when they pay the loan EMIs before the tenure which normally is between 2-5% of the outstanding loan amount.