Personal Loan

  • Home
  • Personal Loan

Features of Personal Loan

  • Only for Salaried.
  • Company should be Ltd/Pvt. Ltd only
  • Contractual employee not eligible.
  • No collateral is required.
  • Loan Amount - Min 2 lakh to as per salary.
  • Tenure - 24 to 72 months.
  • Purpose - Personal (holiday/wedding/construction etc.)
  • No part payment allowed.
  • Pre closer charges will be according to bank conditions (sometime NIL)


Easy loan


Eligibility Criteria

  • 1. Min Sal 25000 PM (in hand)
  • 2. Clean CIBIL.
  • 3. Minimum age should be 24 year with one year experience in Job.
  • Note: ROI will be based on company category and salary.

LIST OF DOCS For Personal Loan

  • 1. Last 3 months salary slips
  • 2. Last 6 months Bank statement of salary account and other accounts (in PDF format)
  • 3. Last 2 years form 16 / 26 AS / PF statement.
  • 4. Job vintage / Experience proof.
  • 5. Photo, Pan and Adhaar of Applicant (with current address)
  • 6. 2 personal references (friend and relative)

Personal loan FAQ

  • What is a personal loan?

    A personal loan is an unsecured loan for a salaried person only, typically with a tenure of 1-5 years. These are given without guarantors, or collateral, and have a variety of potential lenders ranging from banks and NBFCs.
    Personal loans are generally used for one-time expenditures like weddings, travel and rental deposits. Additionally, they can be used to consolidate or repay high-cost debt, fund medical emergencies and business investments.

  • How do banks determine my eligibility for a personal loan?

    There are 4 big factors that banks typically focus on. The Main is your cibil score. It should be 720 + Then, your place of employment tends to be categorized into 3 tranches, A, B or C. If, say, you work with a reputed multinational company, your eligibility is likely to be rated high. Second, your liabilities and obligations count as a risk for banks. If your total EMI obligation on existing loans, like a home loan, exceed 50-70% of your net salary, a lender will not be willing to underwrite an additional liability. Third, your gross and net salary determines your capacity to repay and therefore has a disproportionate impact on both your eligibility as well as your interest rate.

  • How long does it take to get a personal loan?

    If you are applying for a personal loan, then your application must follow a few standard protocols. They are eligibility checks, credit score checks, documentation, verification, approval, and disbursement. Every lender has their own time frame that they take to approve a personal loan. After submitting your application along with your documents, it might take as many as 5-6 working days to get your loan approval and a couple of days more for disbursement.

Copyright @ 2022 SME Credit. All rights reserved.