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.
|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|