Personal Loan Apply: Translating your Personal Needs into Action

Personal Loan Apply: Translating your Personal Needs into Action

Are you facing paucity of funds to fulfill your personal or family requirements? Just Relax! Look for personal loans, an easier way to meet out your instant financial purposes without disturbing your liquidity position i.e. bank balance.

Personal loans are unsecured loans which are granted by banks to individuals for the purposes of fulfill their personal financial commitments. Whether it is relating to wedding in a family, funding for higher education, travelling abroad or for medical treatment or any unforeseen calamities in near future. You name it and avail it. Personal loans are available on the basis of credit- worthiness of the borrower. It becomes essential to know your eligibility in order to know types of offer on personal loan are granted to you by the bank.

Personal Loan Eligibility-

Both salaried individuals and self-employed professionals are eligible to apply for personal loans. The eligibility criteria differ from bank to bank when it comes to offering a personal loan which are as follows:

Eligibility for Salaried Individuals-

Minimum age of the applicant: 21 years
Maximum age of the applicant: 58 years
Minimum work experience: 1 Year
Minimum Net Monthly Income: ₹ 20,000/-

Eligibility for Self-employed Individuals-

Minimum age of the applicant: 24 Years
Maximum age of the applicant: 65 Years
Minimum work experience: 3 Years
Minimum Net Annual Income: ₹ 1 lakh

Personal Loan Rate of Interest and other details-

The interest rate applicable from bank to bank ranges from 11%-25% per annum.
Personal Loans are available for a tenure upto 5 years.
Processing fee applicable on personal loan amounts to 1-3% of the loan amount.
Prepayment charges are calculated upto 5 % of the outstanding loan balance.

How to Apply for Personal Loan?

There are two ways of applying for personal loans : Online and Offline

1. Steps to Personal Loan Apply Online

Open the website of your chosen bank or NBFC.
Go to the personal loan page.
Click on ‘Apply Now’ tab.
Fill in the required details and click on the ‘Submit’ button.
Then upload the requisite documents.

2. Offline Mode

Visit any of your chosen bank or NBFC branch and ask for the personal loan application form. The bank or NBFC representative can also fill all the required details on your behalf which are required in an application form. Within two days to a week’s time, you would get the personal loan amount disbursed directly to your bank account.

Personal Loan Application Form-

For getting the personal loan facility one has to fill the details required in the application form. The borrowers applying online need to fill in the following details-

Personal Details along with the photograph
Details of Co-obligant/ Guarantor along with recent photograph
Profession Details
Income Details
Details of Assets and Liabilities
Purpose of taking the loan
Repayment Details

Documents Required for a Personal Loan-

The following are the documents which need to be produced by both salaried employees and self-employed professionals:

For Salaried Employees

Loan Application Form
2 Passport size photos
Salary Slips for last 3 months
Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
Residence Proof (Driving License/Voter ID Card/Aadhaar card, etc.)
Last 3 months Bank Statements
Employment Proof
Signature Proof

For Self-employed Individuals-

Loan Application Form
2 Passport size photos
Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
Office Residence Proof
Income Proof: Audited financials for the last 2 years
Last 6 months Bank Statements
Employment Proof
Signature Proof

Personal Loan Online Apply in SBI-

Since SBI is the largest, trustworthy and the strongest banking institution of India with more than 14,000 branches across India. The bank offers an attractive interest rate of 11.90%-14.90% per annum on the maximum loan amount which equals to 24 times the net monthly income, subject to a limit of upto ₹ 15 lakh.

Personal Loan SBI online-

The following are the steps a borrower has to comply in the case of applying for personal loan online :

1. Furnish your eligibility details such as the purpose of loan which includes personal loan or loans against mortgage of immovable property.

2. Describe the type of relationship you have with the bank such as Xpress Credit loan SBI or salaried account with SBI. Also, specify your account number and mobile number with ISD code.

3. Once your eligibility details fulfill the criteria of SBI, you will be shown loan offers from which you have to select one personal loan offer as per your choice.

4. Once the third step gets completed, you have to now fill the details of application form in order to complete all the processes.

After verification checks by the bank, your desired personal loan amount will get sanctioned desired personal loan.

Shefali Sinha is a financial writer for WishFin. She holds a post-graduate degree in finance and has written several articles relating to the Personal loan, Home loan, Car loan, Fixed deposit and Mutual funds covering needs and requirement of customers from every aspect.