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Personal loan is an unsecured loan to fund any type of financial emergency. For getting this type of loan usually you needn’t submit any security or collateral and get an easy access to use the funds as per your choice. A personal loan is the perfect solution for funding personal crisis like wedding or divorce as well as managing unexpected medical, debt consolidation, traveling, home renovation, and others. Finance Mitra is your one-stop shop for all your personal loan requirements with instant approval and disbursal within few hours. Learn more about our personal loan offering and apply for your loan within a few clicks.
Eligibility
A personal loan is a credit that is granted by banks, NBFCs, online lenders, or other financial institutions for personal use. Personal loans are often unsecured and the credit limits are based on borrower’s existing financial statement and ability to pay. Personal loans are suitable for borrowers with an excellent credit score. A personal loan is an amount borrowed from a lender at a fixed rate of interest over a fixed period.
Finance Mitra recommends personal loans for those who are in temporary financial emergencies. Personal loans are easily available with all top financial lenders.
An eligible candidate should be a minimum of 21 years to take a personal loan. The maximum age limit can go up to 60 years for salaried employees and 65 years for non-salaried professionals at the time of maturity. The age limit varies from bank to bank. Minimum income for a personal loan should be between Rs.20,000 to Rs. 25,000. The maximum EMI for a loan will be up to 75% of Net Salary depending upon the organization in which the applicant work.
A personal loan can be used for any expenses such as medical, home improvements, moving, wedding, debt consolidation, vacation, shortcomings, educational expenses and more.
Personal loans are taken when you need money to meet your emergency requirements and you can pay it back at an affordable interest rate. Here are the characteristics of a personal loan.
At Finance Mitra, we help you save time, money, and energy with our expert service to avail of the personal loan you want. Whether you are hoping to meet your unexpected personal expenses, increase the cash flow for your business, or close your existing loans, we understand the difficulties of the long and stressful loan process.
By choosing us, you choose a financial expert that tailors your needs and requirements. To us, you are someone whom we want to help reach the goal. Our friendly financial team can help through the entire process. Whether you want assistance in the application process, or need guidance to find personal loans at the lowest interest rate, we’ve always got your back!
A personal loan can be used for almost any type of expense ranging from big ticket appliance purchases and home renovations to luxury vacations and debt consolidation. Some other cases where personal loans may be useful include payment to unexpected medical bills, investment in business, fixing your car, down payment of new house and much more.
You must have a regular source of income to avail a personal loan whether you are a salaried individual, self-employed business person or a professional. A person’s eligibility is also affected by the company he/she is employed with, his/her credit history his/her residential location and other factors as per the lender’s criteria.
-The mandatory documents are:
No, for Personal Loan you don’t need to provide any security, collateral or guarantors.
When calculating the maximum personal loan amount in case of salaried people, the bank/financial institution takes care that the EMI does not exceed 30% to40% of the applicant’s take home salary. Any existing loans that are being serviced by the applicant are also considered when calculating the personal loan amount. And, for the self employed, the loan value is determined on the basis of the profit earned as per the most recent acknowledged Profit/Loss statement, while taking into account any additional liabilities (such as current loans for business etc.) that the applicant might have.
Personal loans feature tenure of 1 year to 5 years or 12 to 60 months. In rare cases, shorter or longer personal loan tenures may be allowed by the borrower on a case by case basis.
We provide Personal Loans from a minimum of ₹ 75,000 to a maximum of ₹ 25,00,000/- depending on your eligibility.
It is important to have a good CIBIL score. But this should not stop you from applying for a Personal Loan. Approval of Personal Loans depends on your ability to repay.
If you need a Personal Loan and have a low CIBIL score, you have the option to take a joint loan with your spouse or parent. However, approval of Personal Loans depends on your ability to repay.
Credit report provides details on your financial status and your ability to repay a Personal Loan. This helps us evaluate your financial history. A good credit report with a score of 750 will help you take a loan easily.
Yes, you can get your Personal Loan transferred from one Bank/NBFC to another Bank with lower ROI.
Once we have all your documents with us and the verification process is completed, it generally takes about 72 hours for the Personal Loan amount to be credited to your bank account.