PERSONAL LOANS

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Overview

Personal Loans is a unique product which has been designed to fulfill your existing plans and any other financial needs. This product has been specifically designed for Salaried Customers for fulfilling their Personal requirements which may be hampered due to shortage of finances.
Let us consider an example where your child is planning for some kind of higher studies but since the monetary requirement is too high you, you are unable to finance that dream. Personal Loans provide you a unique way in helping you and your family achieve their goals and aspirations. This is one of the most hassle free loans provided with a minimum requirement of documentation. Banks or Financial Institutions do not also ask for any kind of End use documentation to be appended in the said Proposal. Therefore, the Loan amount can be used for any number of financial commitments like Education, Marriage, Medical Expenses, etc. These kinds of loans are also very much available for Salaried Employees working in Government Organizations as well as Individuals working in School, College & other Technical Institutions. Personal Loans are normally hassle free loans provided with minimum documentation, instant approvals, competitive interest rates and come at a very low cost for fulfilling your needs.

Features

Product Overview

  • Customized Personal Loan Solutions with attractive interest rates without any kind of third-party guarantee.
  • Quick Processing and Hassle-free loans with minimum documentation requirements which could be repaid in easy monthly instalments

Criteria

Applicant could apply for a Personal Loan in his own Individual capacity or if required, any of his immediate family members could act as a co-applicant for the sake of fulfilling his eligibility or other stability norms.

Quantum

Maximum Tenure of 5 Years based on the credentials as well as restricted to Bank’s Policies &other criteria norms.

CIBIL Score

Financial Institutions and Banks will check the Credit Report which is downloaded from Credit Bureau of India Ltd website to understand the applicant’s & co-applicant’s past repayment history and also to understand the existing Loan obligations serviced by the Individual. Based on this past History and Loan Obligations, the Financial Institutions finally appraise the said proposal for final sanctioning. Based on the Cibil score, the final Personal Loan interest rates could also vary.

Personal Loan Eligibility Norms

Loan Sanction Criteria varies based on the

Profile.If you are Salaried Individual, the calculations are normally done based on consideration of your Gross Salaries and Net Salaries which could vary with respect to Financier. Tentatively the range is around 45%-55% of your Salary Credit.

For Self Employed Individuals, the Calculations are Normally done based on different methods which Include Income declared as per the Latest Financial returns filed, Bank Statements, GST Returns, Gross Turn Over Products etc. But it is normally restricted to Fixed Obligation to Income Ratio Norms (FOIR).

Rate of Interest

Interest Rates vary based on the Cibil Score, Company Listing and it also depends on various other Parameters such as his Net Take Home Salary, Loan Amount & Profile of the Customer.

Lesser the Interest Rate, lesser would be the EMI charged which could in turn Increase the Loan Amount proportion.

Personal Loan Processing Fees & Other Charges

Apart from Personal Loan Interest, Banks and other Financial Institutions will charge a Fixed Nominal Charges which normally needs to be paid at the time of Loan Processing. While making your comparisons make sure you also consider these charges. Below are details of this charges which are normally paid at the time of Loan Disbursement :-

Processing Fees

While processing your Loan Application Bank normally charges you a Processing Fees this is considered to be the charges for processing of your Loan documents and overall cost which Includes Sales and Back-end process charges as well as documentation verification and other credit checks. These charges are likely to vary with different Banks.

For Personal Loans, it varies from 0.5% to 2% based on the Loan Amount, as well as it varies within the Banks or Financial Institutions.

Loan Insurance

In Order to Secure the Loan Proposal, the Bank provides a Loan Cover in order to secure the Loan. Cover could be of Different types in order to reduce the premium amount such as Accidental Death Cover or Complete Loan Cover due to natural death. The Insurance amount is added to the Loan Amount which indirectly increases the EMI amount.

Franking Charges & Notice of Intimation

While Executing the Loan Agreement between the Financial Institutions and Customer. The State Government normally charges a Nominal Stamp Duty which the Customer needs to bear along with the Legal Fees during execution of the Loan Agreement.

Post Loan Disbursement

Customer needs to be aware of the below charges which could be charged: –

  • Cheque / ECS Dishonour Charges
  • Penal Interest Charges
  • Duplicate Loan Statement & Other Related Documents

Preclosing Charges

For Personal Loans, the Preclosure Charges may vary from 2 to 5% or may be on the other criteria which could vary within the Bank or Financial Institutions. For Personal Loans, special approvals could be taken at the time of Loan Sanctioning which could be taken on exceptional basis.

 

Personal Loan Documentation Details

Below Documents need to be submitted along with your Loan Application
Documentations
Options
KYC Documents
Check box
Income Documents
Bank Statements
Existing Loan Details
Appointment Letter Previous Company Relieving Letter

Above List could vary based on the Banks and other Financial Institutions and solely depend on the Final credit approval provided any additional documentations required for final credit assessment.

Tenure

As mentioned earlier, the maximum tenure an Individual can apply is for 5 years. It is always subject to Credit Norms and the loan terms which is finalized could be reduced on the sole discretion of the Banks and other Financial Institutions.

Personal Loan Balance Transfer &Top-Up Options

In case of Existing Personal Loans, we do have an option of transferring the Loan to another Financer and we could also enhance the amount as a Top-up which could be utilized for fulfilling your Personal requirements. This product could actually facilitate and will allow you to utilize the enhanced amount for fulfilling your other challenges or meet up your Personal needs.

 

We'd love to hear from you

Contact Us

Atharva Financial Solutions is one of the leading Financial Consultant Services established in 2007 to produce fast and reliable fund-raising solutions all over India.

Reach us through

  • B-8 Aaradhana Society
    42/2 A Shivaji Nagar
    Pune :- 411005
  • 9370672252/ 9822142252
  • contact@yoursite.com

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