A personal loan refers to money that is borrowed from a financial institution, for personal (not professional or business) use. In opposition to larger and long-term loans, personal loans are taken into relatively short to medium terms. Generally personal loans are used to pay for one-time or short term expenses where a borrower (the person who is getting the loan) doesn't normally require disclosing the specific reason for the loan. This type of loan is used by many to resolve their current financial needs. A personal loan is taken for tenure of one to five years. Also these require lowest formalities and no collateral or security. It is a type of unsecured loan which can be availed on the basis of various criteria. Level of income, employment history, credit score and scope for repayment are those specific criteria. Considering these criteria and lender, the APR (Annual Percentage Rate) of personal loan can be anywhere between 11.29% to 35%.
In every individual's life there comes a moment where you urgently need a specific amount of money which can't be covered by your savings. The amount can be needed for any personal reason like home renovation or vehicle repair, to pay unexpected medical bills, for wedding, travel, credit card outstanding balance transfer etc. Here the option of getting this desired amount via personal loan comes extremely handy.
Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for a business loan from ZipLoan with Ruloans’ latest online application process. We help you borrow right.
We have developed an efficient, smooth and easy process for our consumers to get a business loan. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process
We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a business loan with us, gives you a chance to avail the best offers and deals from ZipLoan.
Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime.
Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime
We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency..
There are many reasons behind the popularity of taking personal loans. Go for personal loans by choosing any one or all from below
The main reason behind the popularity of personal loans is untroublesome availability. The personal loans can be acquired within 24 to 48 hours of loan application and submission of required documents. Almost all banks offer personal loans to its customer thus making it easily accessible.
Unlike the other long term or larger loans, personal loans require very little documentation. Thus these loans are approved quickly without any hassle.
The main reason behind the popularity of personal loans is untroublesome availability. The personal loans can be acquired within 24 to 48 hours of loan application and submission of required documents. Almost all banks offer personal loans to its customer thus making it easily accessible.
As many financial institutions offer personal loans and they require minimum documentation, they are approved quickly. When it comes to online personal approval, they are approved quickly where as the paper approval takes not more than one to two working days. The mechanism of approving personal loan is very easy, efficient and hassle free.
Banks offer personal loans to customers who fulfill their designed eligibility. The eligibility criteria changes from bank to bank and the profile of the borrower. But there are some commonalities which you have to follow or acquire to get a personal loan from any bank. Banks give personal loans by dividing their customer's profession and their income history. You can refer the following table for a gross understanding of bank's eligibility criteria:
| Particulars | Salaried Borrowers | Self-Employed Borrowers |
|---|---|---|
| Age | 21 years to 60 years | 23 years to 60 years |
| Income | Rs. 15,000 (Rs. 20,000 in metros) | Turnover of minimum Rs. 24,00,000 (differs for professional and non-professional |
| Minimum Loan Amount Approved | Rs. 75,000 | @Rs. 75,000 to Rs. 3,00,000 |
| Maximum Loan Amount Approved | Rs. 15,00,000 | Rs. 15,00,000 to 20,00,000 |
| Loan Tenure | 12-72 months | 12-48 months |
| *The eligibility criteria differ from bank to bank. The above details are generic, not specific. | ||
| Particulars | Salaried Borrowers | Self-Employed Borrowers |
|---|---|---|
| Identity Proof | Passport, Driving License, Voters ID or PAN Card | Passport, Driving License, Voters ID or PAN Card |
| Address Proof | Passport or utility bills | Passport or utility bills |
| Additional Documents | Salary slips for last 3 months | Proof of highest professional degree |
| Proof of highest professional degree | Latest Income Tax Return Balance sheet | |
| Profit and Loss for last 3 years certified by CA | ||
| *The list of documents differs from bank to bank. The above given list is generic, not specific. | ||
Personal loans are easy to pay back. Depending on eligibility criteria, the borrowed sum, payback tenure, the interest rate varies on personal loan.
customers to use ultra modern facility of EMI calculator. The calculator comes with two scales: loan amount and tenure. Here borrowers can choose their desired loan amount and tenure to pay it off. The calculator tells you the interest rate, processing fee and can help you to choose most suitable loan option as per your budget
You can pay off the loan in tenure of 1 to 5 years
The payment of decided EMI is done through auto debit or ECS facility
Applying for a personal loan on Ruloans involves few easy steps:
Yes, banks do charge a processing fee of 2-3% on the loan amount. But you can negotiate with the bank to reduce the fee.
Personal loans can be prepaid in parts or fully at any point of time. Some banks charge a prepayment penalty while some don't. Very few banks allow the part-prepayment. Thus read all the loan documents carefully before signing.
Yes, you can club your spouse's income in order to boost your eligibility to get a personal loan.
