Personal Loan
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How to take a personal loan?
Personal loan is an all-purpose loan, which is given in most cases without any kind of security. Check out with different banks that are offering you the loan. Find out the eligibility criteria and the documents required to submit before you apply.
From where I can take a personal loan?
All Most nationalized, Private Banks, Foreign, and co-operative banks offer personal loans. Some other financial companies and financial institutions also offer personal loans. For more information you could call our personal loan advisor to visit your place at your convenient time by feeling the form of interest for personal loan.
What is an eligible criterion for a personal loan?
Personal loan eligibility depends on the following factors:
a. Salaried individuals
b. Self-employed professionals
c. Self-employed non-professionals
Any salaried individual /self-employed professional is eligible for a loan and the amount of loan eligibility will differ, based on the person's current earnings.
How long does it take to get personal loan money ?
Usually banks take 7 to 10 days to disburse your loan. However to avoid further delay, it is recommended to keep all your documents ready, especially the post dated cheques (PDC). Banks from where you provide your PDCs require at least a day or two's notice to give you the cheques. The loan is disbursed only after the completion of all required documents are submitted.
Personal loan is an all-purpose loan, which is given in most cases without any kind of security. Check out with different banks that are offering you the loan. Find out the eligibility criteria and the documents required to submit before you apply.
From where I can take a personal loan?
All Most nationalized, Private Banks, Foreign, and co-operative banks offer personal loans. Some other financial companies and financial institutions also offer personal loans. For more information you could call our personal loan advisor to visit your place at your convenient time by feeling the form of interest for personal loan.
What is an eligible criterion for a personal loan?
Personal loan eligibility depends on the following factors:
a. Salaried individuals
b. Self-employed professionals
c. Self-employed non-professionals
Any salaried individual /self-employed professional is eligible for a loan and the amount of loan eligibility will differ, based on the person's current earnings.
How long does it take to get personal loan money ?
Usually banks take 7 to 10 days to disburse your loan. However to avoid further delay, it is recommended to keep all your documents ready, especially the post dated cheques (PDC). Banks from where you provide your PDCs require at least a day or two's notice to give you the cheques. The loan is disbursed only after the completion of all required documents are submitted.
Home Loans
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For what purpose can I avail a home loan?
You can take a loan for:
u Constructing a house,
u Purchase of a ready built house / flat or a flat in resale,
u Takeover of existing loans from approved banks / housing finance
companies,
u Purchase of a plot of land,
u Renovation of the house and extension of the house.
who can avail a home loan?
u Salaried individuals
u Self-employed professionals
u Businessmen
u NRI individuals.
Who can be a co-applicant for the loan?
You can include your spouse/parents/children as a co-applicant for the Home Loan and we shall include his / her income to enhance your loan amount. Further, in case there are any other co-owners, they also need to be co-applicants.
What is the maximum period in which I can repay the loan?
You can repay the loan over a maximum period of 25 years in case you are salaried and 15 years in case you are self employed. For NRIs maximum period can be 15 years. Repayment will not ordinarily be extended beyond your age of retirement (if you are employed) or on your reaching 60 years of age, whichever is earlier.
What is the security to be provided?
Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds / or such collateral security as may be necessary. Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely.
You can take a loan for:
u Constructing a house,
u Purchase of a ready built house / flat or a flat in resale,
u Takeover of existing loans from approved banks / housing finance
companies,
u Purchase of a plot of land,
u Renovation of the house and extension of the house.
who can avail a home loan?
u Salaried individuals
u Self-employed professionals
u Businessmen
u NRI individuals.
Who can be a co-applicant for the loan?
You can include your spouse/parents/children as a co-applicant for the Home Loan and we shall include his / her income to enhance your loan amount. Further, in case there are any other co-owners, they also need to be co-applicants.
What is the maximum period in which I can repay the loan?
You can repay the loan over a maximum period of 25 years in case you are salaried and 15 years in case you are self employed. For NRIs maximum period can be 15 years. Repayment will not ordinarily be extended beyond your age of retirement (if you are employed) or on your reaching 60 years of age, whichever is earlier.
What is the security to be provided?
Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds / or such collateral security as may be necessary. Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely.
Loan Against Property
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Who can avail LAP?
u Salaried individuals in the age group of 21 to 58/60 depending upon
retirement age
u Self-employed individuals in the age group of 21 to 65 years (at the
end of the loan tenure) Public & Private Ltd. Companies
Which Products can be financed?
u Residential & Commercial Property Purchase
u Loan against Property - Residential & Commercial
u Lease Rent Discounting
u Balance Transfer + Top Up
u Existing Customer Top Up
How much finance can I avail of?
u You can borrow up to 90% of the registered property value towards
purchase of your dream home
u Commercial property purchase loans are provided up to 75% of the
registered property value
u Loans against your existing property are provided up to 60% of the
property value
What are the tenure options?
Minimum 36 mth up to 240 mth depending on the product. Details captured below (Home loans 240 months,)
u Home loans range from a minimum of 3 years up to a maximum of
20 years
u Commercial property loans range from a minimum of 3 years up to a
maximum of 15 years
u Loans against Property range from a minimum of 3 years up to a
maximum of 10 years
How long will it take to process the loan?
Loans are processed within 2 working days of completing the documentation.
Do I need a guarantor?
u All property owners to be co-borrowers
u For sole property owner/applicant -one adult family member to be co-
applicant
u Partners /Promoter Directors will be taken as co-applicant in case of
Partnership/Pvt ltd co. respectively
Do I have the option of pre-paying the entire loan amount?
Yes. One can pre-pay the loan at any time after 6 months of availing of the loan. Foreclosure applicable.
Can I make part pre- payment?
You can make part pre-payments of a minimum amount of Rs 50,000 after 6 months from the loan date. This payment can be made only once in a financial year subject to a maximum of 25% of the balance outstanding against your loan amount at the start of the financial year.
How do I repay the loan?
u Electronic Clearing System (ECS) OR
u Post dated cheques (PDCs)
What are the stages involved in availing a loan?
u The stages involved are:
u Application
u Processing
u Documentation
u Sanctioning of the loan
u Disbursement
u Salaried individuals in the age group of 21 to 58/60 depending upon
retirement age
u Self-employed individuals in the age group of 21 to 65 years (at the
end of the loan tenure) Public & Private Ltd. Companies
Which Products can be financed?
u Residential & Commercial Property Purchase
u Loan against Property - Residential & Commercial
u Lease Rent Discounting
u Balance Transfer + Top Up
u Existing Customer Top Up
How much finance can I avail of?
u You can borrow up to 90% of the registered property value towards
purchase of your dream home
u Commercial property purchase loans are provided up to 75% of the
registered property value
u Loans against your existing property are provided up to 60% of the
property value
What are the tenure options?
Minimum 36 mth up to 240 mth depending on the product. Details captured below (Home loans 240 months,)
u Home loans range from a minimum of 3 years up to a maximum of
20 years
u Commercial property loans range from a minimum of 3 years up to a
maximum of 15 years
u Loans against Property range from a minimum of 3 years up to a
maximum of 10 years
How long will it take to process the loan?
Loans are processed within 2 working days of completing the documentation.
Do I need a guarantor?
u All property owners to be co-borrowers
u For sole property owner/applicant -one adult family member to be co-
applicant
u Partners /Promoter Directors will be taken as co-applicant in case of
Partnership/Pvt ltd co. respectively
Do I have the option of pre-paying the entire loan amount?
Yes. One can pre-pay the loan at any time after 6 months of availing of the loan. Foreclosure applicable.
Can I make part pre- payment?
You can make part pre-payments of a minimum amount of Rs 50,000 after 6 months from the loan date. This payment can be made only once in a financial year subject to a maximum of 25% of the balance outstanding against your loan amount at the start of the financial year.
How do I repay the loan?
u Electronic Clearing System (ECS) OR
u Post dated cheques (PDCs)
What are the stages involved in availing a loan?
u The stages involved are:
u Application
u Processing
u Documentation
u Sanctioning of the loan
u Disbursement
Business Loan
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Who can avail of Business Loans?
u Self-employed individuals in the age group of 24 to 65 years (at the end of the loan tenure).
u Partnership Firms & Private Ltd. Companies.
How much finance can I avail of?
You can borrow up to 30 lacs.
What are the tenure options?
Business loans range from a minimum of 1 year upto a maximum of 4 years.
How long will it take to process the loan?
Loans are processed within 4 working days of completing the documentation.
Do I need a guarantor?
u For sole applicant - one adult family member to be co-applicant.
u Partners /Promoter Directors will be taken as co-applicant in case of Partnership/Pvt ltd co. respectively.
Do I have the option of pre-paying the entire loan amount?
Yes. One can pre-pay the loan at any time after 6 months of availing of the loan. Foreclosure charges would be applicable.
How do I repay the loan?
You can make part pre-payments of a minimum amount of Rs. 50,000 after 6 months from the date of first disbursement of the loan. This payment can be made only once in a financial year subject to a maximum of 25% of the balance outstanding against your loan amount at the start of the financial year.
u Electronic Clearing System (ECS) OR
u Post dated cheques (PDCs)
What are the stages involved in availing a loan?
The stages involved are:
u Application
u Processing
u Documentation
u Sanctioning of the loan
u Disbursement
u Self-employed individuals in the age group of 24 to 65 years (at the end of the loan tenure).
u Partnership Firms & Private Ltd. Companies.
How much finance can I avail of?
You can borrow up to 30 lacs.
What are the tenure options?
Business loans range from a minimum of 1 year upto a maximum of 4 years.
How long will it take to process the loan?
Loans are processed within 4 working days of completing the documentation.
Do I need a guarantor?
u For sole applicant - one adult family member to be co-applicant.
u Partners /Promoter Directors will be taken as co-applicant in case of Partnership/Pvt ltd co. respectively.
Do I have the option of pre-paying the entire loan amount?
Yes. One can pre-pay the loan at any time after 6 months of availing of the loan. Foreclosure charges would be applicable.
How do I repay the loan?
You can make part pre-payments of a minimum amount of Rs. 50,000 after 6 months from the date of first disbursement of the loan. This payment can be made only once in a financial year subject to a maximum of 25% of the balance outstanding against your loan amount at the start of the financial year.
u Electronic Clearing System (ECS) OR
u Post dated cheques (PDCs)
What are the stages involved in availing a loan?
The stages involved are:
u Application
u Processing
u Documentation
u Sanctioning of the loan
u Disbursement
Life Insurance
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"What is Life Insurance?"
Life Insurance is a contract between you and a life insurance company, which provides your beneficiary with a pre-determined amount in case of your death during the contract term.
Buying insurance is extremely useful if you are the principal earning member in the family. In case of your unfortunate premature demise, your family can remain financially secure because of the life insurance policy that you have purchased.
Do you need life insurance?
If you have dependants and financial responsibilities towards them, then you certainly need insurance. Having a family means dependants, which, in turn means financial commitments. Financial commitments come in the form of loans, children's education, medical expenses etc. Imagine what would happen if you were to lose your life suddenly or become disabled and cannot earn. . Being insured in a situation like this is a necessity.
"How much does life insurance cost?"
In order to buy a life insurance policy, you must pay premiums to the life insurance company. The amount of premiums payable depends upon the type of policy, term of policy contract, sum assured and your age. You could pay these premiums monthly/ half-yearly/ annually/ or as a single premiums.
"How much do I insure myself for?"
One of the simplest rules is to assume that insurance is a replacement for your lost earning capacity. Calculate your total income for the years that you expect to work.
Assuming that the prevailing interest rate is 8%, you need to insure your life for at least 12 times your current annual income. Assuming that a family needs Rs.100 annually for household expenditure and the rate of interest would be at 8%, then the breadwinner needs to have a life insurance policy of approximately Rs.1200. If the insurance amount were to be put in the bank by the family, the family would get a comfortable Rs.96 p.a., which would at least let the family maintain the current life style.
"Is there any policy where I can receive money during the tenure of the policy?"
Yes, a Money Back Policy. This is an anticipated endowment policy with an additional feature of receiving a benefit at regular intervals during the tenure of the policy. The risk cover continues for the entire sum assured in spite of the installments already paid. If you outlive the policy, the balance sum assured along with accumulated bonus is paid back to you.
Life Insurance is a contract between you and a life insurance company, which provides your beneficiary with a pre-determined amount in case of your death during the contract term.
Buying insurance is extremely useful if you are the principal earning member in the family. In case of your unfortunate premature demise, your family can remain financially secure because of the life insurance policy that you have purchased.
Do you need life insurance?
If you have dependants and financial responsibilities towards them, then you certainly need insurance. Having a family means dependants, which, in turn means financial commitments. Financial commitments come in the form of loans, children's education, medical expenses etc. Imagine what would happen if you were to lose your life suddenly or become disabled and cannot earn. . Being insured in a situation like this is a necessity.
"How much does life insurance cost?"
In order to buy a life insurance policy, you must pay premiums to the life insurance company. The amount of premiums payable depends upon the type of policy, term of policy contract, sum assured and your age. You could pay these premiums monthly/ half-yearly/ annually/ or as a single premiums.
"How much do I insure myself for?"
One of the simplest rules is to assume that insurance is a replacement for your lost earning capacity. Calculate your total income for the years that you expect to work.
Assuming that the prevailing interest rate is 8%, you need to insure your life for at least 12 times your current annual income. Assuming that a family needs Rs.100 annually for household expenditure and the rate of interest would be at 8%, then the breadwinner needs to have a life insurance policy of approximately Rs.1200. If the insurance amount were to be put in the bank by the family, the family would get a comfortable Rs.96 p.a., which would at least let the family maintain the current life style.
"Is there any policy where I can receive money during the tenure of the policy?"
Yes, a Money Back Policy. This is an anticipated endowment policy with an additional feature of receiving a benefit at regular intervals during the tenure of the policy. The risk cover continues for the entire sum assured in spite of the installments already paid. If you outlive the policy, the balance sum assured along with accumulated bonus is paid back to you.
What do I need to obtain an auto loan?
u A valid driver's license
u Proof of income
u Proof of residence
u Down payment
u Current insurance or be able to purchase insurance at time of sale.
Will I need a large down payment?
No, in most circumstances down payment options are available.
Can I qualify for an auto loan despite a bankruptcy or repossession?
Yes, you can qualify.
Is there a minimum on job time or time in the area to qualify?
No, there are loan programs available for everyone.
u A valid driver's license
u Proof of income
u Proof of residence
u Down payment
u Current insurance or be able to purchase insurance at time of sale.
Will I need a large down payment?
No, in most circumstances down payment options are available.
Can I qualify for an auto loan despite a bankruptcy or repossession?
Yes, you can qualify.
Is there a minimum on job time or time in the area to qualify?
No, there are loan programs available for everyone.
Auto Loans
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