About Personal Loan
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%.
Why Should I Take A Personal Loan?
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.
Why Choose Richi Loans & Finance Services To Apply For Personal Loans?
Richi Loans & Finance Services is one of India's leading distributors. You can avail an instant personal loan anywhere in India like; Mumbai, Bangalore, Delhi, Bhopal, Indore, Kolkatta, Jaipur, Hyderabad, Jodhpur, Lucknow, Mangalore, Nashik, Nagpur, Pune, Raipur and Varanasi. With over a decade of experience in the loans industry, we strive to help our customers get the best offers and deals on instant personal loans.
Hassle free process
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 upload their documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process
Free expert guidance and advice
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
Benefits of applying with us
We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a personal loan with us, gives you a chance to avail the best offers and deals from top Banks & NBFCs.
Richi Loans & Finance Services understands the value of your documents and keeping them safe and secure. Hence be rest assured as your loan applications are processed electronically with complete privacy and transparency.
Features & Benefits of a Personal Loan
There are many reasons behind the popularity of taking an instant personal loan. Here are some of the features and benefits; Go for personal loans by choosing any one or all from below
They have easy availability
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
You can get pre approved offers:
In most cases, the bank where you have an account will provide you with pre approved loan offers. You can claim these offers and get the loan amount within your account in a matter of few minutes*. The amount will range from bank to bank. This process is the fastest of all.
They need minimum documentation:
Unlike the other long term or larger loans, personal loans require very little documentation. Thus these loans are approved quickly without any hassle.
You get expeditious loan approval:
The mechanism of approving personal loan is very easy, efficient and hassle free. When it comes to online personal approval, they can be approved quickly where as the paper approval takes not more than 1-3* working days depending from Bank to Bank.
Personal Loan - Eligibility
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)||Minimum Turnover – 24,00,000|
|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.|
What are the Documents Required to avail a Personal Loan?
|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.|
How can you repay your Personal Loan?
Personal loans are easy to pay back. Depending on the eligibility criteria, the borrowed sum, payback tenure & the interest rate will keep changing.
tenure You can pay off the loan between 1 to 5 years.
Customers can use our ultra modern facility i.e. the EMI calculator. The calculator comes with two scales: loan amount and tenure. Here, the 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 in choosing most suitable loan option as per your budget.
The EMI payment can be done through an auto debit or ECS facility.
How to Apply For a Personal Loan on Richi Loans & Finance Services?
Applying for a personal loan on Richi Loans & Financial Services involves few easy steps:
- How to Apply For a Personal Loan on Richi Loans & Financial Services?
- Step 1: Go to the ‘Personal Loan’ page on our website and click on ‘Apply Now’ box.
- Step 2: Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
- Step 3: Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.
- Step 4: From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
- Step 5: Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.
Frequently Ask Questions
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.