Barclays Bank Personal Loan Approval Process

Barclays Bank Personal Loan Approval Process

About Barclays Bank Personal Loan 

Barclays Bank Personal Loan Approval Process

Do you wish to apply for a personal loan at Barclays Bank, which offers a variety of personal loan options?

What is Personal Loan?

It’s an unsecured loan that helps you meet your immediate financial demands, or it’s a form of secured loan that helps you reach your long-term financial goals. Personal loans are borrowings used for personal costs that must be repaid after a set period of time. There is no need to put up any collateral in order to get a personal loan; your lender will provide you with the flexibility you need. Personal loans are a type of instalment debt that allows you to borrow a significant amount of money and pay it back in one lump sum. Unexpected expenses, moving costs, debt consolidation, vacation expenses, home renovation expenses, wedding expenses, and so on are examples of personal expenses.

Types of Personal Loan available:-

  1. Medical loan:- If you don’t have medical insurance and have a medical emergency, you can get a medical emergency loan with rapid approval and a reasonable interest rate.
  2.  Weeding loan:- Weeding is the most prestigious movement in one’s life, and it may be fairly costly; rather than spending all of one’s funds, one can take out a marriage loan.
  3. Travelling loan:– This loan might be used for costly family vacations.
  4. Higher Education loan:- A personal loan for education can be a better option for financing all of the costs of learning, including housing, travel, and other fees. It has lower interest rates than an education loan and can be used for anything.

Barclays Bank Personal Loan Eligibility

 

Particulars Salaried Self-Employed
Age 21 – 60 years 21 – 65 years
Minimum Income Rs.15,000* Rs.5 Lakh p.a.
Co-applicant Not mandatory Not mandatory
Loan Tenure 12 – 60 months 12 – 60 months
Maximum Loan Amount Rs.40 Lakh Rs.40 Lakh
Employment Type Employees of private limited companies and public sector undertakings
Self-employed individuals
Employment/Business Continuity At least 2 years; minimum 1 year with current employer
4 years Post Qualification experience for Doctors/ Chartered Accountants.
5 years Post Qualification experience for Company Secretary / Architect.
CIBIL Score 750 and above 750 and above
Residential Status
Resident Indian staying in own house or a rented house

 

*In cities such as Kochi, Kolkata, Ahmedabad, Pune, Hyderabad, Mumbai, Chennai, Bengaluru, and Delhi the net monthly income required is Rs.20,000

*Note: The eligibility criteria vary from lender to lender.

Check Personal Loan Eligibility with Top Lenders in 2021

Bank Age Limit Minimum Work Experience
Minimum Income (Per Month)
SBI Up to 76 years NA** Rs.15,000
HDFC 21 to 60 years 2 years Rs. 20,000
ICICI 23 to 58 years 2 to 5 years Rs.17,500
Axis 21 to 60 years NA** Rs.15,000
Kotak Mahindra 22 to 55 years 1 year Rs.25,000
Tata Capital 21 to 58 years 1 year Rs.15,000
IndusInd 21 to 60 years 2 to 5 years Rs.25,000
Ujjivan Small Finance 22 to 58 years NA**
Above the minimum wage limit
India Infoline Finance Limited 25 to 60 years 6 months to 2 years Rs.35,000
HDBFS 21 to 65 years 1 year to 3 years
Rs.15,000 for salaried
Rs.1 lakh p.a. for self-employed
Indian Overseas Bank Up to 58 years NA* Rs.5,000
IDFC First Bank 23 to 68 years 3 years NA*
Federal Bank 21 – 55 Years 3 years Rs.25,000
Punjab National Bank 21 – 58 years 2 years for doctors Rs.15,000
Andhra Bank 21 – 55 years NA** NA*
Canara Bank NA** NA**
Salaried: Rs.6,000 & above
Self-employed – Rs. 1.5 lakh
IDBI Bank Up to 75 years for Pensioners NA** Rs.1.5 lakh p.a.
Fullerton India 21 to 55 years 1 to 2 years Rs.15,000
RBL Bank 25 to 60 years 1 to 3 years Rs.25,000
Bank of Baroda 21 to 60 years 1 year to 2 years
60% of gross monthly income
Deutsche Bank 25 to 60 years NA** Rs.25,000
Karnataka Bank NA** 3 years NA*
United Bank of India up to 75 Years 2 years NA*
UCO Bank 21 to 65 years 1 year to 5 years Rs.20,000

 

*Personal loan disbursal is solely at the bank’s discretion and as per the bank’s terms and conditions

Learn More about Personal Loan: Click Here

 

Documents Required for Barclays Bank Personal Loan

 

List of Documents Required for Salaried Applicants

Salaried individuals must submit the following documents in addition to a completed personal loan application form:

Photo Identity Proof (Any one) Passport
PAN Card
Voter’s ID
Aadhar Card
Driving License
Address Proof (Any one)
Passport
Utility Bill (telephone, electricity, water, gas) – less than 2 months old
Aadhaar Card
Driving License
Ration Card
Income Proof
Salary slips (Last 3 months)
Bank statements for the last 3 to 6 months (showing salary credit)
Tax Paid (Any one
IT returns (for 2 years)
Form 16
Residence Ownership Proof (Any one)
Property documents
Maintenance bill
Electricity bill
Proof of Job Continuity (Any one)
Current employment certificate
Current job appointment letter (if more than 2 years have been spent in the same organisation)
Experience certificate (previous employer’s relieving or appointment letter along with job certificate)
Proof of Investment (if any)
Fixed assets, fixed deposit, shares, etc.
Existing Loans (if any)
Payment Track Record & Sanction letter
Photograph
One coloured passport size photograph

 

List of Documents Required for Self-employed Applicants

Self-employed personal loan applicants must submit the following documents in addition to a fully completed loan application form:

Photo Identity Proof (Any one) Passport
PAN Card
Voter’s ID
Aadhaar Card
Driving License
Address Proof (Any one)
Passport
Aadhaar Card
Driving License
Utility Bill (telephone, water, electricity, gas) – less than 2 months old
Ration Card
Proof of Residence Ownership (Any one)
Property documents
Maintenance bill
Electricity bill
Proof of Office Address and Ownership (Any one)
Maintenance bill
Property documents
Electricity bill
Proof of Business Existence (Any one)
Copy of GST registration
Company registration license
Shop establishment proof
Income Proof
Last 2 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
Bank statement
Savings/current account bank statement/ bank passbook for the past one year
Proof of Investment (in case any)
Investments such as fixed deposit, fixed assets, shares, etc.
Existing Loans (in case any)
Payment Track Record and sanction letter
Professional Degree Certificate
In case of professionals
Photograph
One coloured passport size photograph

 

List of Documents Required for NRI Applicants

When applying for a personal loan, NRI candidates are typically required to submit the following documents:

Identity Proof Copy of the passport
Copy of the visa
Employment Proof Letter of Appointment
Job contract
Labour/ Identity card (if applicable)
Official email ID or the HR’s email ID
Income Proof Last 6 months’ bank statements
Last 6 months’ salary slips or salary certificate
Photograph Passport size photographs

 

List of Documents Required for Pensioners

When applying for a personal loan, a pensioner must submit the following documents:

Identity/Age Proof (Any one)
Ration card
Passport
PAN card
Aadhar card
Voter ID card
Driving licence
Birth certificate
School leaving certificate
Address Proof (Any one) Passport
Aadhaar card
Utility bills
Ration card
Driving licence
Income Proof (Any one)
Last 6 months’ bank statements/salary slips
Bank passbook
Form 16
Copy of pension payment order
Income tax returns
Photographs
Passport size photographs

 

Know More About: Personal Loan Eligibility Criteria

 

Barclays Bank Personal Loan Approval Process

  • CIBIL Score and Report:- Your CIBIL Score and Report are one of the most important variables impacting your loan acceptance. Both a high credit score and a clean credit record are indicators of good credit standing.
  • Professional Background:- In addition to great credit history, lenders look for a steady income and work status.
  • Account Details:- Banks examine credit facility statuses and lawsuits that have been filed.
  • Payment History:- Banks examine any payment defaults or overdue cases, which can cast an unfavourable impact on your total report.
  • EMI to Income Ratio:- Banks take into account the proportion of your prior loans to your current pay when you request a loan. Your chances of securing a loan are lowered if your total EMIs exceed 50% of your monthly payments.

Steps to Apply for Barclays Bank Personal Loan

To minimise time-consuming documentation procedures and speed up the loan approval process, most banks are now focusing on online alternatives. Furthermore, there is a rising demand for such loans nowadays. The following steps are normally involved in getting a personal loan approved:

  • Step 1:- Eligibility Criteria –
      • You must be at least 21 years old and under 65 years old.
      • Proof of Indian residency is required.
      • All needed paperwork must be present.
  • Step 2:- Interest Rate and other charges
  • Step 3:- Calculation of your EMI
  • Step 4:- Check Required Documents (click here for checking the required documents)
  • Steps 5:- Fill the application form online (visit Dialabank.com for filling the application form)
  • Step 6:- Wait for the approval process.
    • Make a loan request
    • Your background is verified through consultation with the lender Bank.
    • Before a document may be used, it must be signed.
    • Loan disbursement and sanctioning

Barclays Bank Personal Loan Approval Process FAQs

✅ When can I take a Personal loan?

Personal loans are useful for a variety of things. When you need money for an occasion or an emergency, a personal loan can be used for a variety of items, including weddings, education, vacations, medical treatment, and other fundamental expenses.

✅ What Is the Process for Obtaining a Personal Loan Statement?

You can get a copy of your loan statement by visiting a branch of your lending bank or via the online web portal. When you enter the account number and other required information, most websites will send your personal loan statement to your registered e-mail address.

✅ Can I combine my income with my spouse to take a personal loan?

Yes, you can combine your and your spouse’s income to increase your eligibility for a PL.