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Personal loans

Personal loans are any purpose loan which are given without any collateral or guarantor. This is a very unique loan product wherein the borrower is at his/her discretion to do whatever they need. In other words , unlike any other loan product viz a car loan or a consumer durable loan or a housing loan, a personal loan can be used by the borrower for any of his/ her personal needs. There is no restriction for the usage of such loans though it should not be used for speculative purposes and investment in tax saving instruments. The loan can be repaid like all other loans through the equated monthly installment (EMI) process where a fixed amount is paid each month.

Personal Loan Features

  •   > They are not secured.
  •   > They are any purpose loan.
  •   > They come at an attractive rate of interest.
  •   > They are relatively short term loans vis a vis other loans, (i.e 3 to 5 years)

Personal Loan Advantages

  •   > First and foremost advantage of a Personal loan is that it is an any purpose loan. Be it be holidays, wedding in family, to pay off your dues in credit cards, sending your child for higher education, buying jewellery, buying a piece of plot which otherwise no banks fund, and to meet any contingencies. You neednot have to furnish the end use of loan to the bank.
  •   > The loan doesnot require any security or collateral. It doesnot require a guarantor either.
  •   > The documentation involved is very minimal.
  •   > The time taken for processing is minimal.

The documentation for business loans is one of the simplest. Basic KYC documents and income documents would suffice to get a Business Loan.
The general list for obtaining a Business Loan are as follows:

  1. Photograph
  2. Identity proof
  3. Address proof
  4. Income proof
  5. Bank Statements
  6. Continuity Proof
  7. Qualification proof( applicable only for Self Employed Professionals)

The deatailed documents are as below:

  1. Identity Proof (Any one of the following)
    •   > Copy of PAN Card
    •   > Copy of Passport
    •   > Copy of Driving Licence
    •   > Copy of Government ID card
    •   > Copy of Voter ID card
    •   > Copy of Company ID Card ( for select Corporates)
  2. Address Proof (Any one of the following)
    •   > Copy of Passport (Can also be used as proof of identity)
    •   > Copy of Telephone Bill (both landline and post paid mobile connection)
    •   > Copy of Driving licence
    •   > Copy of Voter ID card
    •   > Copy of Ration card
    •   > Copy of Electricity bill
    •   > Copy of bank statement ( computerised statements only)
    •   > Copy of Life Insurance premium receipt
    •   > Copy of any title deed( Sale deed/ Index II)
    •   > Copy of Property tax receipt
    •   > Copy of Leave & License Agreement
    •   > Copy of latest credit card statement
  3. Age Proof (Any one of the following)
    •   > Copy of PAN card
    •   > Copy of Passport
    •   > Copy of Birth Certificate issued by competent authority
  4. Signature Verification Proof( Any of the following)
    •   > Copy of PAN Card
    •   > Copy of Passport
    •   > Copy of Driving License
    •   > Signature verification from Bank
  5. Income Documents

For Salaried individuals:

  •   > Copy of latest three salary slips
  •   > Copy of appointment letter or Form No. 16 indicating proof of continuity in employment
  •   > Bank statements for the last 3 months

For Self-employed Individuals:

  • Copy of last two year IT returns along with computation of income, Balance sheet and Profit & Loss a/c, audited reports ( in case of audited financials)
  • CA certified financials ( in case of unaudited financials)
  • Bank statements of last six months of the main business banking

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