Availing loan from top Private & Government Bank cost low Interest Rates, but if you are looking for lowest rates then you must opt for SBI Personal Loan.
Personal Loan Starting @10.50% Onwards
• Loan up to 25 lakh
• Maximum tenure 60 months
Calculator InformationThe Equipment Finance Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for personal loan product. The Equipment Finance Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on an additional input from the customer. This is if repayments are increased by the entered amount of extra contribution per repayment period. This feature is only enabled for the products that support an extra repayment. The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.
Length of MonthAll months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.
Number of Weeks or Fortnights in a YearOne year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of Amount of Each RepaymentIn practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount.
Rounding of Time SavedThe time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.
Amount of Interest SavedThis amount can only be approximated from the amount of time saved and based on the original loan details.
Calculator DisclaimerThe results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.
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The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.
What you mean by Personal Loan Eligibility Criteria?
Personal Loan is a kind of unsecured loan which can be opted to various reason, you can avail up to 25 lakh with minimal documentation. You just need to ensure that you meet eligibility requirements.
Personal Loan Eligibility Criteria
Generally, Personal Loan Eligibility Criteria depends on various factors like age of individual, monthly salary or business income, total work experience & CIBIL Score ..etc..
Personal Loan Eligibility Criteria for Salaried Individuals
- Age Limit of Salaried Individuals – 20 to 60 years of age
- Work experience of salaried Applicants – Minimum 1- 3 Years
- CIBIL Score should be above 750
- Minimum Salary – 25000/-
- Nationality – Resident of Indian
Personal Loan Eligibility Criteria for Self-Employed Individuals
- Age Limit of Self –Employed Individuals – 21 to 68
- CIBIL Score should be above – 750
- Minimum Years of doing Business –2- 5 Years
- Nationality – Resident of Indian
Note: – Maximum Loan Amount of Salaried Individual & Self- Employed Individual can avail up to 40 lakh.
What are the factors generally affecting Personal Loan Eligibility Criteria?
There are few factors that generally affects Personal Loan Eligibility Criteria as given below: –
Income: – Firstly, Lenders check your Income to determine whether you are eligible to get personal loan or not, if you are getting higher income & you will get higher loan amount too.
Applicant Age: – Thirdly, Lenders see’s your age to calculate the tenure period. Generally, a longer tenure period will save your money on EMI, this results in non- default in repayment.
Monthly Income: – Secondly, Lenders want to know you Monthly Income, if you are a Salaried Individual your minimum income per must be 25000/- or if you are a Self-Employed your business minimum annual turnover must be 15 lakhs.
What are the ways to increase Personal Loan eligibility?
To increase Personal Loan eligibility, you need to consider few points as given below, this will aid you in increasing your eligibility level.
Try to keep Good CIBIL Score: – As you know CIBIL Score matters a lot while checking your eligibility criteria, a good CIBIL Score will 100% help you increasing chances of eligibility on loan which should be above 750 while bad CIBIL Score will not help you in getting a loan. Do proper transaction maintain, avoid late payment, never have multiple credit card by this following you will increase personal loan eligibility criteria approval.
Add Extra possible Income: – Lenders checks your income to examine how strong is your repayment capacity is, so, if you add extra possible income. It would signify as higher repayment capacity. Therefore, your chances of eligibility criteria will be increased.
Open account with preferred lender earlier: – If you are planning to avail loan, make a comparison among various banks & NBFC’s check which bank eligibility criteria meet with your needs & once chosen, start building a relationship with lender by opening account with that bank as early as possible this will increase your eligibility.
- PHOTOGRAPHS 2
- PAN CARD COPY
- AADHAR CARD + PASSPORT
- ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
- LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
- LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT
- LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
- COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
- PROCESSING FEE CHEQUE IN FAVOUR OF BANK
- LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
- PHOTOGRAPH BOTHPAN CARD CLEAR COPY PROPRIETOR
- ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
- OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
- FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
- LAST 1 YEAR GST RETURN COPY
- FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
- PROVISIONAL FINANCIAL AY 2019-20
- BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
- PARTNERSHIP DEED COPY
- GST CERTIFICATE
- GST RETURN LAST 1 YEARS
- 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
- PROVISIONAL FINANCIAL AY 2019-20
- 3 YEAR ALL PARTNER INDIVIDUALS ITR + COMPUTATION
- FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
- ALL PARTNER SAVING A/C STATEMENT 6 MONTH
- IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS COMPLETE CHAIN WITH MAP
- ALL DIRECTORS PHOTOGRAPH
- CLEAR PAN CARD – COMPANY AND ALL DIRECTORS
- ADDRESS PROOF – COMPANY AND DIRECTORS
- LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
- MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
- GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
- 1 YEAR GST RETURNS
- ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
- LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
- PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
- COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
- ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
- IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently Asked Questions
Various Private, Government Banks & NBFC’s offer this facility for competitive rates with tenure period for repayment ranging from 12 months to 60 months.
Financeseva offers you a wide range of benefits as given below :-
- Get comparison among top Banks & NBFC’s
- Clear chart of Rate of Interest, Tenure, Loan amount with respective banks
- Get Free advisory from CA & EX Banker Venture
- Making your loan process hassle free – handle documentation to disbursement
- Doorstep services
- Get loan with best deal
You will be required to attach a copy of latest 3 months statement, latest 3 months salary slip, personal identity proof & address proof are the key necessary documents.
There are various lender offering loan where some have the online facility which help you to get loan sitting where you are at itself, just required few details to fill up & submit by online or offline like your personal information, occupation & income.
This type of loan comes under unsecured category as it won’t need to pledge any Collateral/Assets to get a loan. Based on your income stability these loans are funded by Banks & NBFC’s.
Before applying for loan, make sure you meet the eligibility criteria to avoid any kind of loan rejection & affects on credit score. Compare deals from various lenders to choose your perfect partner & fill the query box to get a call back from customer representatives.
Loan amount approval for an applicant is totally based on income they generate whether as a salaried or self-employed person. Lenders check your income whether you are capable to pay 40% -50% of income as a monthly EMI.As much as the income is that much higher amount will be provided but the maximum limit will be 25 lakh.
Generally, a good Cibil Score help you to get better loan offer with negotiating rates. For getting personal funds you must have 700 above credit score.
Low cibil ranging from 300 – 700 knowns as bad credit history which creates blockage to access funds, but still there might be chances of getting loan if your repayment capacity seems higher.