All About Indiabulls Personal Loan
Indiabulls Personal Loan is basically not a bank but a financial group that was created by Sameer Gehlaut back in 2000. It is a financial company. This group helps in giving housing loans, and finances to people across the country who needs money. They also provide personal loans. Indiabulls is a NBFC (Non Banking Financial Company).
What exactly is Indiabulls Personal Loan?
A person who needs immediate/instant money from the bank will take a personal loan. This is the best way to take money as the procedure involves only your own documents and your credit history (CIBIL Score).
Personal Loan can be opted in case of family wedding/function, travelling, any medical issue in the house, education loan, house renovation or any other personal reason.
The main benefit of this loan is that you can get easy and quick disbursal within 24 hours. The procedure is hassle-free and hence consumes less time.
What is Indiabulls?
The Indiabulls Group is a financial service which is headquatered in Gurugram, India. The main focus of this company is to provide housing finance, consumer finance and wealth management. It was formed in January, 2000. The Group has a presence in pharmaceuticals and real estate as well.
Dialabank helps you to choose the best option of banks by providing you the comparison of different banks so that you can make the right choice. Once you fill a simple form, which is basically to know your capability, our customer relationship managers will have a word with you and help you choose the right option.
You will get a call from our customer champions within two days so you can ask all your queries to them and they will try their level best to solve them.
Eligibility criteria for Indiabulls Personal Loan:
• CIBIL Score: It is the summary of your credit history. The score is derived using a CIBIL report, which is also known as (CIR) Credit Information Report. All the previous payments regarding loans and credit card history get checked through that.
• Salary: The bank decides the loan amount based on your net pay. So, make sure to think wisely while considering the amount of loan that you want to take.
• Location: It is yet another primary concern while opting for a loan. You can get a loan only if there is a branch of the bank near your current living location.
• Tenure of the loan: All banks have a different tenancy for giving credit. So you need to decide for how long you want a Personal Loan.
• Age: A person between the age of 21-60 years can avail a Personal Loan. The condition applies to both salaried and self-employed people.
• Company’s Profile: For salaried people, it means that your company’s background is checked whether it comes under the list of banks or not. For self-employed people, the age of the company is taken into consideration along with how much profit it makes on an annual basis.
• Special Discounts: It is not always necessary that the bank in which you have your current salary account is going to offer you the best loan interest rate. So try to explore more in this case that which bank has to provide what. There might be other banks as well who can give you some other exciting and attractive loan schemes. Don’t get into a trap.
• Processing Fee: Last but not least, all banks charge you some rate of processing fee while sanctioning of your loan amount.
• Capability: Only apply for the amount which you can repay to the bank quickly.
• Avoid Multiple Loans: When you take multiple loans (means more than one loan from the same bank or different banks), then the bank thinks that you might not be able to repay the amount of to be sanctioned loan timely. Make sure that you are under no multiple loan schemes to avoid rejection for your loan.
• Avoid Reapplication: There are several banks that do not provide credit to applicants who have applied earlier in the past six months. Try to keep a gap of at least six months for reapplying to take a Personal Loan.
• Stability: Always ensure that you must have the capability of repaying the money to the bank for which you need to be more stable if you are working in a corporate sector and in case of self-employed people your company must earn a handsome amount of profit and must be sustainable in the market.
• Loan Amount: Only apply for the amount you think you are eligible for.
Required documents for Indiabulls Personal Loan
Always keep in mind that whenever you submit your documents to the bank, make sure to cross check them all by yourself first. The purpose of doing this is that there are very high chances of your loan rejection based on the documents that you provide to the bank, so to ensure that all the materials that your show to the bank are genuine.
Keep the following documents with you:
Documents Required for Salaried Applicants:
1. Last three months salary slips
2. Six months old bank statements are considered
3. PAN Card is must
4. Adhar Card is required
5. Residence Proof (Owned/Rented/Company provided) is necessary to know where exactly you are living.
6. Two passport sized photographs for filling up your application form.
*NOTE: In case of rented apartments, rent agreement is to be attached.
Documents Required for Self-Employed Applicants:
1. All financials are considered, which includes the essential documents of the company and ITR files.
2. PAN Card
3. Adhar Card
4. Residence Proof
5. Two passport sized photographs
Indiabulls Personal Loan Interest Rate for all banks
All NBFCs have different schemes to attract the customers so that they opt for loans more often. The main criteria is the amount of interest every NBFC charges while providing a loan to the applicants. The reason to opt for a NBFC is that they are more profitable than banks in terms of interest rates.
Indiabulls provide 11.99% rate of interest on personal loans. Also another reason is, when a bank disagrees to give a loan to a particular customer (due to any reason), then NBFC holds the hand of the customer and helps him by giving the loan.
1. Easy Disbursal: There is an easy disbursal involved in the process of Personal Loan. You can now get the loan disbursed in just one-two days and sometimes within one day only.
2. No need of any guarantor: The best thing about this type of loan is that you don’t have to show or keep any confidential papers.
3. Personal Documents: When you go for this loan, make sure that all your documents are genuine as your documents speak for yourself.
4. Simple Application Process: Your few documents, along with your passport-sized pictures, are required for filing your application form for a Personal Loan.
5. Hassle-Free Process: There is no need to get confused while the process is ongoing as the bank executives help you with all your queries in one go. Just sit back and relax while the bank is doing all the formalities.
What is CIBIL Score?
CIBIL Score is the history of your payments that you have done to the bank. Depending on your bank statements and payments, the bank decides how your CIBIL Score level is. The CIR (Credit Information Report) is the history of your credit score which checks your account’s history for different loans that you have taken (if any) and the credit card history (if you have). It is essential to maintain your CIBIL Score while taking a loan because your loan sanctioning depends a lot on your credit history.
Look at following table that will give you an idea about how banks decide your loan application procedure.
650 or below
650 – 700
Delay in money
700 – 750
750 – 850
850 – 900
What is an EMI?
EMI is the Equated Monthly Installments that you pay to the bank for your loan amount. The borrower (an applicant) pays a fixed amount to the moneylender (the bank) at the end date or start date of every month.
The EMI is calculated based on your work profile (net salary) and the amount of loan you have to take from the bank. The scheme of EMI has been introduced by the banks so that the person can repay the loan amount by giving a fixed due every month, and there is less burden on the applicant.
Basic FAQs about Personal Loan Interest Rate
When it comes to taking a loan from the bank, our primary concern is the rate of interest being charged by the banks on the loan amount. So let’s have a look at different questions that arise in people’s mind while going for a Personal Loan.
1. What is Indiabulls Personal Loan?
Indiabullls is a financial service group that provide finances and lends money to people across the country.
2. Who can apply for a Personal Loan?
Anyone who is an employee of a company or owns a company can take a Personal Loan. All you need is your details for verification by the bank or a NBFC.
3. Does only a bank provide Personal Loan?
When a person is not able to get a loan from any bank due to any reason, then NBFCs (Non-Banking Financial Company) come into play. They provide financing to people who need immediate money and fail to get a loan from the bank. So, a bank is not the only option that you have while taking a Personal Loan. Many different NBFCs are there to provide loans. NBFCs like Bajaj Finserv, Fullerton India are popular and are known for their best quality service to its customers.
4. How can I apply for a Personal Loan?
Anyone who needs fast money can opt for this type of loan as it gets quick and hassle-free disbursal within1-2 days. You can go to the nearest bank branch and even to a NBFC for this procedure, meet their customer relationship executives/managers and ask them to help you get a loan or you can fill a form online on our website, and get in touch with one of our customer relationship managers/executives who will guide you.
5. For how long does a Personal Loan last?
Personal loan last from 1 year to a maximum tenure of 5 years.
6. Are there any other charges included for a Personal Loan?
• Pre-closure amount: If a person can earn or save enough money that now he can repay the remaining loan amount in one go only (which leads to the closing of a loan), then every bank has its procedure. Banks charge a maximum of 5% of the loan amount if you want to pay all the money back to the bank and hence close your loan account. The percentage of charge of the pre-closure amount on the loan amount varies from bank to bank and also on the duration of the loan.
• Processing Fee: Every NBFC charges some fee while sanctioning of your loan amount. NBFCs have different processing fees depending on your bank type and your loan amount.
7. How do I avoid rejection for my loan?
By making sure that all the documents you provide for the loan procedure are genuine and must be self verified first.
8. What if I’m not able to repay the loan amount?
If a person fails to repay the loan amount, then he/she is charged with penalties and a higher rate of interest, but there is no arrest in this case. Your CIBIL score is affected a lot if this situation arises. So try to make monthly payments on time to avoid the disturbance in your credit history. You eventually land up in civil debts.
9. How will i get my laon amount?
The mode of transfer will be your bank account. The money will be transfered to your bank account.
10. Can I take more than one Personal Loan at a time?
No, you cannot opt for another Personal Loan while you already have one loan active. The main reason behind this clause is, the bank thinks that you will not be able to take so much of burden of more than one loan at a time. But, there are many other factors also on which depends your sanctioning of the loan matters. So, read all terms and conditions very carefully while opting for a loan.
11. How important is to maintain your CIBIL score?
It is a vital part of loan processing. Your CIBIL score is checked every time you want to opt for a loan, be it a personal loan, education loan, car loan, etc. The main reason behind the idea of checking the CIBIL Score is that it keeps a tarck of your credit history.
Table of Contents
- 1 All About Indiabulls Personal Loan
- 1.1 What exactly is Indiabulls Personal Loan?
- 1.2 What is Indiabulls?
- 1.3 Why Dialabank?
- 1.4 Eligibility criteria for Indiabulls Personal Loan:
- 1.5 Required documents for Indiabulls Personal Loan
- 1.6 Indiabulls Personal Loan Interest Rate for all banks
- 1.7 What is CIBIL Score?
- 1.8 What is an EMI?