Documentation
FOR SALARIED INDIVIDUAL
KYC Documents:-- PAN Card
- Aadhar Card
- Residence proof
- Current Job Appointment letter (if it is less then 1 year)
- Experience Certificate (including your previous job certificate or appointment and relieving letter)
- Latest passport size photo
- Last 2 months salary slip
- FORM-16 (Last 2 years)
- Last 6 months bank statement where the salary has been credited
- Last 12 month personal loan statement (In case of balance transfer)
Terms & Conditions
- Stamp duty at actual as per applicable law.
- Interest rate of sub. (subject to change as per terms and conditions /agreement) as per lender (monthly reducing)
- Processing charge of the borrower will be according to the lender.
- Govt. tax and levy as per applicable government laws would be charge on all fees and charges.
- Cheque/SI/ECS return charges (without prejudice to the civil and criminal rights and remedies of the bank for the dishonor) As per lender
- Default interest / late payment charge: as per lender
- Legal repossession and incidental charges: At actual
- Duplicate amortization/ repayment schedule: as per lender
- Cheque /Si/ESI swapping charges: As per lender
- Details of security As per lender
- Taxes at actual, applicable presently or in future.
- Date on which annual outstanding balance statement will be issued:31st may
- Loan cancellation charges: As per lender Interest would be charged for the interim period between the date of disbursement and date of loan cancellation
- Gap interest will be recovered from disbursement amount where the number of the days between account credit date (i.e. of the disbursement amount ) and first EMI date is more that 30/31 days
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Get Axis Finance Personal Loan at Special Rates and Terms at Real Finserv
Special Offers
- Personal Loan up to 25 lakhs starting with 10.99% interest rate
- Accepting documents via Digital Mode
Offer eligibility
- Minimum salary required 20,000
- For Employees of GOVT/PVT/PSU
Eligibility Criteria
- Employees of selected private limited companies, employees from public sector undertakings, including central, state, and local bodies are eligible to apply for a personal loan
- Age of the Individuals must be between 21 to 60 years
- Loan Tenure 12 to 60 months.
- Individuals must have had a job for at least 2 years, with a minimum of 1 year with the current organization or employer
- Credit card Balance transfer is also accepted
Interest Rates and Other Charges
- Rack interest rate: Salaried: 10.99% to 18.00%
- Loan processing charges: Up to 1.50% of the loan amount subject to a minimum of ₹ 2,999/- & maximum of ₹ 20,000/- for salaried customers
- Part payment & zero foreclosure (after 1 year on any loan amount) facility available*
- Zero part-payment up to 50% of the outstanding amount is allowed after 3 months. For more than 50%, the charges would be 2.00%*
- Overdue EMI interest 2% per month on EMI / principal overdue
- Cheque bounce charges ₹ 550/- per cheque bounce
+ More
Frequently Asked Questions
Personal loans can be used for any purpose such as medical emergency, wedding expenses, business expansion, house renovation, vacation expenses etc. It can be utilized towards debt consolidation, paying for the down payment of new house or meeting educational expenses. The uses for which personal loan can be utilized is limitless. The banks do not put any restrictions on its use. This is the very primary reason that demand for a personal loan is high as any kind of expenses can be met without much burden on its users. Hence personal loan is becoming the first choice of many people.
For applying for Personal Loan, one must need to follow certain requirements such as there must be a regular source of income whether you are salaried or self-employed. This is an essential factor as it determines whether you are capable of repaying the loan back or not. Another important requirement in case of a salaried employee is the company where he/she is working, and also, the credit history plays an important role in determining the rate of interest. Also, one must be minimum of 21 years of age and not exceeding 60 years of age. One can easily apply and get personal loan online as well.
The minimum amount that one needs to borrow in case of a personal loan varies from banks to banks. It depends upon different banks procedures and policy and also depends upon other factors as well. But usually, the minimum amount of easy personal loan varies from Rs. 25000 to Rs.30000. It may vary, but this is the standard limit. It is advisable to go through different lenders to choose the one which fulfils your requirements. Sometimes it also depends upon the source of income of one applying for the personal loan.
The maximum amount that one can avail through personal loan varies from person to person. It usually depends upon the financial capability of the person in repaying the loan. For salaried employees, the maximum amount is decided on the basis of their salary. The loan amount is decided in such a way that it EMI of the personal loan should not exceed 30 to 40 per cent of their salary. And in the case of self-employed, the maximum amount of personal loan is calculated on the basis of their profit. For this statement of profit and loss is analysed.
Also, if there are other loans, then they are also taken into consideration. Credit history also plays an important role in availing a low-interest personal loan.
A personal loan is high in demand not only because it can be put to multiple uses without any restrictions imposed by the bank but also the flexible tenure it can be borrowed for. The tenure for which personal loan can be availed is from 12 months to 60 months. One can choose the time period as per their requirement, and it also depends upon the uses for which personal loan is borrowed. In some situation, a shorter or longer time period than the standard can be allowed by the lenders.
The documents that are required for the personal loan may vary from bank to bank. But some key documents are required by every bank or financial institution. These includes:
- Document showing the proof of income.
- Proof of Address
- Documents relating to the proof of identity
- Any other documents as specified by the lender.
It is important to go through all the requirements of the lender before applying for the loan so that there is no headache afterwards. The whole process has been made simpler by applying for a personal loan online.
The process of personal loan approval is very easy. It does not involve a number of lengthy and cumbersome steps, and the loan can be availed within a few days which was not possible earlier as one has wait for a longer time to get the loan approved. The approval process depends upon the lender to lender. The process can be completed within 48 hours, or it might take a week or two but not more than that. All one needs to get it documents ready so that process of personal loan can be approved at a fast rate and you can then put the amount of loan to use. Moreover, it has become easier through personal loan online approval.
Personal loans are unsecured form of loans, i.e. one does not have to mortgage security in order to get the loan. Being an unsecured loan, the rate of interest charges on them are slightly higher when compared to other types of secured loans. The prevailing interest rates are different as per banks discretion, but the lowest personal loan rate charged is around 10.99 per cent. There are certainly other factors that also affect the rate of interest such as credit history of the applicant, the income level of the applicant, tenure for which loan is applied for and also other loans that are being taken by the applicant also affect the rate of interest on this loan.
The interest rates charged on personal loans differ from bank to bank as it depends upon a number of factors. One must compare the interest rate of different banks and other financial institutions to get low interest personal loan. One can compare the interest loan rate of different banks through Real Finserv that provides you with all the details that are required in order to make an informed decision. In order to get the lowest rate on personal loan, one may consider Real Finserv for all the guidance.
As more and more banks, as well as other financial institutions, are offering personal loan, one can compare the interest and thus get the lowest interest rate as per their requirements. Earlier one has to go physically to different banks and financial institution in order to know about the interest rate, which made it difficult to get the best deal. It has now been made easier through the platform of Real Finserv that makes available the different rate interest of various banks or NBFCs so you can choose the best interest rate for loan.