Personal Loans

OVERVIEW

Unsecured loans given by the banks and by NBFC (Non Banking Financial Company) without taking any collateral security is called as personal loan. Personal loan are very useful to fulfill your personal purposes, overdue credit card payments, dream tours, shopping or marriage, medical treatment, festivals etc. This kind of cash can be obtained easily via Personal Loans. Personal loan is not valid loan for start a new business or investment in shares and commodities etc.

You can get personal loan with your very few documents just like your KYC documents and your income documents like salary slip, salary account, form no. 16 etc. Personal loan is a simple hassle free process and it is easy to avail personal loan with minimum documentation and within quick time. It is just takes minimum 24 hours and maximum 7 days to get results from various institutions. Process times is purely depends on entire policy of Banks and profile of customer.

You have various options to get personal loan. Each bank has different interest rates different tenure and different loan amount criteria. The personal loan amount and rate of interest is dependent on customers profile like working company, take home salary, Average bank balance, designation, Cibil score etc. Every banks give personal loan on base of multiple of net take home salary. Multiple are minimum 7 and maximum 18 times of net monthly take home salary.

Personal loan can also be rejected by banks because of major three reasons. Firstly, if customer has CIBIL problem or customer is defaulter in some bank. Secondly if customer is over leverage and thirdly is customer stability is not proper matched with banks criteria. Some other reason also effect like customer’s Average Bank balance, current company stability, and current resident stability if he is rented then only.

Every document is verified by verification agencies such as authorized by different banks. After verifying the documents and CIBIL credit do sanction loan or reject loan. If loan is sanction then it’s disbursed after various process of agreement with banks and submission of security cheques in favor of respective bank.

After personal loan disbursement repayment starts from next months. If loan is disbursed after 15th of the month then EMI will come from next to next month but bank will deduct pre EMI interest from loan amount.

Free Bird Advisors Pvt Ltd give you best platform to get offers from many banks and NBFC. By applying here you will get value of your profile and banks come to your doorsteps to give you best. Here you can take decision as per your choice, your loan amount, interest rate and in touch with as many banks as possible and get them to make loan offers to him. Then he can then try to negotiate with them and select the most cost effective option for him. The borrower will also have to take into consideration the processing fee and prepayment charges while finalizing the lender.

DOCUMENTS FOR PERSONAL LOAN (SALARIED)

  • 3 Month Salary slip Latest
  • 6 Month salary Bank account
  • Company Appointment Letter
  • Last two year form no. 16
  • 3 Years old Job proof (Old appointment letter, Form no. 16, Reliving letter)
  • Pan card copy and Aadhar card copy (Applicant + Co- Applicant)
  • Resident light bill latest
  • Rent Agreement (If Rented)
  • If any loan live then welcome letter of all
  • 1 Passport size photo (Applicant + Co- Applicant)
  • Visiting card
  • Office I-card