About Barclays Bank Personal Loan
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:-
- 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.
- 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.
- Travelling loan:– This loan might be used for costly family vacations.
- 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 |
Private | 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.