Personal Loan

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All about Personal Loan

Personal Loan

Are you eligible for getting a Personal Loan from any financial institution? There are some Eligibility Criteria regulated by Banks to get a loan. You must be eligible if you want finance to meet your requirement. Check your Eligibility in 1 minute. Apply Online and get Dialabank for you.

What is a Personal Loan?

Personal Loan is an unsecured kind of loan that provides financial help to the customers to fulfill their personal needs. The applicant is free to use this amount of loan anywhere in his personal life. There is no restriction on the use of loan amount. But to get a Loan the applicant should have a rigid income source and CIBIL score more than 700.

Why one should choose Personal Loan?

  1. Borrow a Loan amount up to Rs 15 lakhs.
  2. Less paperwork involved.
  3. Cheapest Interest rates.
  4. No security or Guarantee requirement.
  5. Instant approval within 48 hours.
  6. Flexible loan tenure from 12 to 60 months

Eligibility Criteria

Not everyone can get a 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.

Salaried

Self-employed

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

Salaried

  1. First of all the age of the applicant should be more than 21 years.
  2. After that he/she should be earning Rs. 18000 per month at least.
  3. After that, the applicant should have the work experience of 3 years at least.
  4. After that he/she should be getting the salary in his/her bank account.
  5. The credit history of the applicant should be good.

Self-employed

  1. If the applicant is self-employed than his/her age should be 25 years at least.
  2. He/she should be filing ITR for last three years at least.
  3. His/her CIBIL score should be good.
  4. The ITR should be of Rs. 2.5 Lakhs per annum at least.

Interest Rates:

It usually comes with an affordable interest rate.  The starting interest rate of the Personal Loan is 10.75% per year; however, this rate keeps on changing time to time. Also, the interest rate varies from person to person. It depends on your monthly salary or income.

Who are eligible for Personal Loan?

Salaried, self-employed people and self-employed professionals are eligible for availing a personal loan.

Salaried Individuals:

  1. Salary: Rs 18,000 (Monthly)
  2. Minimum and Maximum Age: 21 and 60 Years.
  3. Work Experience: Overall 3 years and one year experience in the current job.
  4. CIBIL Score should be more than 700.
  5. A person getting a salary in cash is not eligible for availing Loan at affordable rates.

Self Employed Individuals:

  1. Min and Maximum Age: 25 and 65 years.
  2. An Annual ITR of 2.5 to 3 lakh is required.
  3. Residence: Office or Home should be owned.
  4. Business Stability: Your business should be running from last 3 years with continuous profit.
  5. Telephone / Mobile at the office: Mandatory.
  6. CIBIL Score should be more than 700.

Documentation

There is a requirement of a few documents to apply for Loan. These are:

  1. One Identity Proof is needed to apply for a Personal Loan. Aadhar Card/ PAN Card/ Voter ID card/ Driving License/Passport.
  2. After that one proof of residence is required. Aadhar Card/ PAN Card/ Voter ID card/ Driving License/Passport/Rent Agreement/Water Bills/ Electricity Bills.
  3. One income proof is also required. You can provide salary slips of last 6 month or bank account statements where you get your salary. If you are self-employed you have to provide you ITR statement for the last three years.
  4. It is important to note that if you don’t get your salary in a bank account then you are not eligible to apply for a loan.
Salaried People
ParametersMetroTier-2Tier-3Tier-4
CitizenShip/ PRIndianSame as MetroSame as MetroSame as Metro
Minimum Age21 YrsSame as MetroSame as MetroSame as Metro
Maximum Age58 / 60 Years atSame as MetroSame as MetroSame as Metro
Loan Maturity
Salary18,00012,00010,00010,000
ExperienceOverall 3 yearsSame as MetroSame as MetroSame as Metro
Telephone / MobileMandatoryMandatoryMandatoryMandatory
Current ExperienceOne yearOne YearOne YearOne Year
Salary in CashNot ApplicableSame as metroSame as MetroSame as metro
Self Employed People
ParametersMetroTier-2Tier-3Tier-3
Citizenship/PRIndianSame as MetroSame as metroSame as Metro
Minimum Age25 /28 YrsSame as MetroSame as metroSame as Metro
Maximum Age65 Year at theSame as MetroSame as metroSame as Metro
Loan Maturity
ITR required2.5 lakhs – 3.0 LakhSame as MetroSame as metroSame as Metro
ResidenceOffice or HomeSame as MetroSame as metroSame as Metro
should be Owned
Telephone / MobileMandatoryMandatoryMandatoryMandatory
Business StabilityBusiness Should be runningSame as MetroSame As metroSame as Metro
from last 3 years

Special Note: Bank does not provide Personal Loan to poor credit holders. However; one can fulfill their financial requirement with a Gold Loan easily.

FAQ’s

What is the minimum salary to get a personal loan?

To get a loan the minimum salary of the applicant should be Rs. 18000 per month.

How is interest on personal loan calculated?

To calculate the personal loan interest rate you can use Personal Loan EMI Calculator.

How is EMI on a personal loan calculated?

EMI Formula

E=p.r. (1+r) n/ ((1+r) n-1))

Where

E is EMI

P is Principal Loan Amount

R is the rate of interest calculated every month.

Which bank gives the cheapest personal loan in India?

However, the ROI depends on your income, job profiles and on many other factors but HDFC is best at providing a loan at lower interest rates.

How to use the loan calculator?

You just have to visit https://www.dialabank.com/emi-calculator/. After that enter the amount of loan, tenure of loan and interest rate. Your EMI will automatically get calculated.

Should I prefer Axis bank for a personal loan?

If you are an internal customer of Axis bank then you should prefer Axis Bank Personal Loan.

  1. Axis Bank Personal Loan
  2. SBI Personal Loan
  3. PNB Personal Loan
  4. ICICI Bank Personal Loan
  5. Bandhan Bank Personal Loan
  6. Personal Loan from other banks

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