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Try Applying for a higher Loan Amount as most bank reduce interest rates as loan amount increases
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Financebuddha can help you consolidate all your loans into one to increase your eligibility
One of the best banks for loan, it has good scrutiny and offers loan for genuine applicants. It is the first bank rated for pretty good service and offer great options to its customers. This bank offers fast service with less interest rate. It has very transparent and flexible in its eligibility criteria. It is possible to get personal loan with just 2 days from this bank if you have all the necessary documentation and if you meet all criteria. It has fast approval processes with minimal and easy documentation.
Institution Type: Bank
Minimum Loan Amount: ₹50,000
Maximum Loan Amount: ₹1,500,000
Minimum Tenure: 12 months
Maximum Tenure: 60 months
Interest Rates: 11%
Fees & Charges: Up to 2.50% + GST as applicable
If you are looking for a smart way to apply for a loan, use Finance Buddha. This is a one-stop loan solution provider for all types of loans. This site will not just assist you in finding the right bank that can offer you a personal loan at best rate but you can also do a fair amount of comparison with other banks.
Applying through Finance Buddha is pretty simple. All you need to do is give your credentials in the application form which will throw a list of banks that you are eligible for and their amount, tenure and interest rates. Per which decide the bank and click on apply. The rest is totally handled by the bank who will contact you instantly to proceed with the loan.
Eligibility Criteria |
Salaried |
Self Employed Professional |
Self Employed Individual |
Net Monthly Income |
₹25,000/- |
Minimum Annual Net Income post tax should be ₹480,000 |
Minimum Annual Net Income post tax should be ₹480,000 |
Age of Applicant |
Applicant’s Age should be Min 21 years. Max 60 years /retirement age whichever is lower at the time of the maturity of the loan. |
Applicant’s Age should be 25 years. Max 65 years at the time of the maturity of the loan. |
Applicant’s Age should be 25 years. Max 65 years at the time of the maturity of the loan. |
Current Experience |
Applicant should possess minimum 2 years in employment and 1 year in the present organization. |
Applicant should possess minimum 4 years of post-qualification experience |
Applicant should possess minimum 5 years of post-qualification experience |
Minimum Loan Amount |
₹50,000 |
₹50,000 |
₹50,000 |
Maximum Loan amount |
₹1,500,000 |
₹1,500,000 |
₹1,500,000 |
Processing Fee |
Up to 2.5% of loan amount |
Up to 2.5% of loan amount |
Up to 2.5% of loan amount |
Prepayment Charges |
4% after 1 year of EMI clearance |
4% after clearance of 6 EMIs. |
4% after clearance of 6 EMIs. |
Turn Around Time for processing |
4-7 working days |
4-7 working days |
4-7 working days |
Interest Rates Overview |
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Minimum Interest Rate |
11% |
Maximum Interest Rate |
30.00% |
Other Fees and Charges |
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Processing Fees |
Up to 2.50% + GST as applicable |
Prepayment Charges |
Salaried: 4% of the outstanding principal after 12 EMI has been repaid. Self Employed: 4% of the outstanding loan after 6 EMI repayment completed |
Payment Dishonor Charges |
₹450 |
Duplicate Statement Charge |
₹250 |
Cheque / ECS / SI Swapping Charges |
₹500 |
Duplicate No Dues Certificate |
₹250 |
Duplicate Amortization Schedule Charge |
₹250 |
Loan Re-Booking / Rescheduling Charges |
₹1000 |
Loan Cancellation Charges |
₹1000 |
Charges for Photocopy of Agreement/ documents |
₹250 |
Penal Charge |
₹150 Per EMI delayed beyond 5 days |
Legal Charges |
As per Actuals |
Stamp Duty |
As applicable |
CIBIL Report |
₹50/- per case |
Documentation |
Salaried Employees |
Self-employed Individuals |
Financials /Income Documents |
1. Salary Slip for last 3 months are needed. |
1. Income Tax return for last 2 years with Profit and Loss account along with computation of Income and Balance sheet for last 2 years certified by a CA including schedules and audit reports( Form 3CB &3CD) |
2. Latest Form 16 or ITR |
2. Latest bank Statements for main account for last 6 months. It could be a CA (Current), SA ( Savings), OD ( Overdraft), CC ( Cash Credit) |
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3. Appointment letter. |
3. Business continuity proof: Trade License, Establishment / Sales Tax Certificate. |
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4. Latest bank Statements for main account for last 6 months are needed. It could be a CA (Current), SA ( Savings), OD ( Overdraft), CC ( Cash Credit) |
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Proof of Identity |
1. Valid Passport |
1. Valid Passport |
2. Voter’s Id |
2. Voter’s Id |
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3. Valid Driving License |
3. Valid Driving License |
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4. Aadhaar Card or letter issued by UIDAI |
4. Aadhaar Card or letter issued by UIDAI |
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5. PAN Card |
5. PAN Card |
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Proof of Address |
1. Utility bill not more than 3 months old. |
1. Utility bill not more than 3 months old. |
2. Valid Passport with the same address as mentioned in the application form. |
2. Valid Passport with the same address as mentioned in the application form. |
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3. Ration card |
3. Ration card |
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4. Leave and license Agreement. |
4. Leave and license Agreement. |
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5. Trade License |
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6. Sales tax Certificate |
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Additional Mandatory documents |
NA |
1. Sole Proprietorship Declaration |
2. Certified copy of Partnership Deed. |
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3. Certified copy of Memorandum and Articles of Association & Board Resolution. |
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