A personal loan is the type of unsecured loan and helps you to meet your current financial needs. It is known to be an unsecured loan because the borrower does not require keeping any collateral or security with the bank while availing personal loan and in return the lender allows the borrower to use the funds as per your choice, this fund will be helpful to the borrower in serving their traveling expense, renovating house, medical emergency wedding, etc. 

Eligibility for Availing Personal Loan:

1. Salaried person government, MNC or any private company or any self-employed person like Doctor, CA, CS or Architect.

2. The age limit of availing the personal loan lies between 21 years to 60 years.

3. Rs. Twenty-five thousand per month for the salaried person and Rs. 5 lakh gross annual receipts for professionals.

Personal loan interest rates:

Personal Interest Rate: 11.25% to 22.00% per annum

Loan Processing Charges: Up to 2.25% per annum of loan amount plus GST

Payment Charges:  5% per annum of principal outstanding plus GST

Loan cancellation Charges: 3000 plus GST

Loan Tenure: Up to 5 years 

Required Documents to Avail Personal Loan in Akola:

1.    2 Photographs with the application form.

2.    Residence Address Proof.

3.    Identity Proof.

4.    Salary & Income Proof (Form 16 / ITR / Salary Slip/ PaySlip any).

Salaried Individuals

For salaried individuals, the following are the requirements:

1.    Salary should be 18,000 or above (Monthly).

2.    Age criteria: 21-60 years of age.

3.    Experience at Work Place: overall experience should be of 3 years and experience of 1 year in the current job.

4.    Most importantly, you should possess a CIBIL score of more than 700.

5.    Lastly, a person who gets his salary cash in hand is also not eligible for availing a personal loan. You must have your salary slips for proofs.

   Self-Employed Individuals:

For salaried individuals, the following are the requirements:

1.    The age of the borrower varies from 25 years to 65 years.

2.    Should have filed annual Income Tax Returns of 2.5 to 3 Lakh.

3.    Residence Proof: Should own an office or house of his own.

4.    Stability at Workplace: Should own a financially stable business which is being run from the last three years.

5.    Again, most importantly should possess a CIBIL score of more than 700.






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Description: Personal Loan Interest Rates










How much can a person borrow?

1. This primarily depends on your income and depends upon the salaried or self-employees

2. Any ongoing loans are also considered while the lender lends the personal loan

About Akola: Akola is a city in Vidarbha region in the state of Maharashtra in central India. It is about 580 km east of the state capital. It is also the administrative headquarters of Akola District located in Amravati Division. The Akola municipal corporation governs it. Akola city also has a very good grain market as well as oil mills and is known for cotton. The IT sector is also growing in Akola.