Product Info Personal Loan

Due to the uncertainty of moment and no reliance on the wheels of fortune, many a times we are confronted with situations where we require a substantial amount of money. We cannot ignore them, neither do we want to, but sometimes we just lack the adequate monetary resources required to handle a situation properly during the course of our lives.. This is where personal loans come in.

A blessing in disguise, a personal loan is basically meant to cater to an individual's need during any requirement, urgent or otherwise. Be it the purchase of a television or refrigerator, paying off your credit card dues, wedding of your children, etc. you can use it for anything you want. The major advantage of taking a personal loan is the fact of it's all purpose utility for one's personal use. To add to its benefits, there is no need for any clarification to the lending party regarding as to how one would use would this borrowed money (unlike specific loans like car loans and education loans, where you need to provide details for the purpose of the loan).

Another advantage is that the processing is also faster when compared to other loans. What's more, you don't even need any security, collateral or guarantor for the same. While personal loans are the seemingly perfect solution to one's needs, proper care must always be to compare all options before taking the final leap. The most important factor, as always, is the rate of interest being charged. Many times, banks might look like giving cheaper interest rates but might cover-up the costs under the heads of precessing fee and other charges. Hence, one should always look at the effective rate of interest.



Furthermore, the lender also evaluates the residential proof, the tenure of one's work experience and most importantly, the repayment capacity based on one's income,savings and debt obligations so as to ensure the borrower's credibility to pay off the loan.

1. 1. PROOF OF IDENTITY (any one)

• Passport
• Driving License
• Voter's ID
• PAN Card

1. 2. PROOF OF AGE

1. 3. PROOF OF SIGNATURE

• Ration Card
• Utility Bill
• LIC Policy Receipt

1. 4. PROOF OF INCOME (Salaried)

• Proof of Continuity of Current Profession
• Bank Statement from Operating Account
• Income Tax Returns with Computation of Income/Certified Financials

1. 5. Proof of Highest Qualification Degree for Doctors

1. 6. SECURITY

• Suitable Security is acceptable to the Bank