Personal Loans

OverviewDocumentationFAQ

Personal loan is an unsecured loan product mostly given to salaried individuals on the basis of their profile, i.e. income, nature of employment, years of work experience etc. Such loans, unlike property based loans or car loans do not require the borrower to give any kind of security or collateral to the bank. Most banks do not question the purpose for which the loan is required, but you would still be required to state the purpose on the application form. Almost universally, banks do not allow these loans to be taken for speculative purposes e.g.: investing in stocks etc.

Personal loans are currently offered from Rs 50,000 to Rs 15 Lakhs and are typically repaid in tenures ranging from 1 to 5 years. They can usually be processed and disbursed within a week.

These loans, are definitely costlier given that the bank has no security to fall back on in the event a borrower is unable to pay their installments on time. However it is the product- of-choice when funds are required urgently or the borrower has no other security to offer the bank.

For all those times when you need access to funds quickly and discreetly- a Personal Loan is your answer.
We offer you a common platform where in you can compare and choose the most suitable bank for your Personal loan.

The LoanPro Advantage

  • We do not charge you for our service
  • We hand hold you till the loan gets disbursed to your account.
  • One point contact during the process.
  • Currently work with more than 8 banks for personal loans
  • TAT of less than 4 days for availing a loan
  • Most competitive rates in the market
  • Balance transfer options available
  • Options of Prepayment and Zero foreclosure charges.
  • Door step document pick up facility. No leg work needed
  • Discount on Processing Fees with selected banks.
Documents Needed
Residence Proof Applicant/Co Applicant
Identity Proof Applicant/Co Applicant
Salary Slip for 3 Months Applicant/Co Applicant
Bank Statement for 6 months Applicant/Co Applicant
If vintage in the current company is less than 6 months Previous Company Relieving letter Applicant/Co Applicant
If vintage in the current company is less than 6 minths, New company appointment letter Applicant/Co Applicant
Form 16 for 3 years Applicant/Co Applicant
2 Passport Size Photographs Applicant/Co Applicant
Pan Card Copy Applicant/Co Applicant
Who can avail a personal loan?
What is the age criterion for availing a personal loan?
Is any collateral required to avail a personal loan?
What is the maximum personal loan amount that can be availed?
What are the various tenure options available?
What is the processing time for a personal loan?
How will I receive the loan amount?
Can I make my loan repayment from any of my bank accounts?
When would my EMI get debited from my account each month?
Do banks provide an option for pre-close of a loan?
How to use Personal Loans for Margin funding?
Can I apply jointly with my spouse for a personal loan?