The key features are:
It is an unsecured loan well suited for any purpose Like: Singapore Personal Loan for Low Income Earners
– Medical goal
– Order of Property or Resources
– Repay old lending options
– Gifts… and so forth
It is inconvenience free. No guarantors or security /collateral required. Lending options to salaried & a sole proprietor. Special offers for Pros like Doctors, Chartered accountancy firm, Engineers, Architects, Company assistants, MBA’s etc. Loans can be found from Rs. 50, 000/- to Rs. 20 lakh. Repayment options from doze to 60 months in easy EMI’s. Loans available against surrogate income of any auto, personal or home loan.
Minimum records & fast approval. What are the different types of personal loans available? Personal loans can be commonly divided into income established and non income structured. Income based loans are given based on income every month/per year for salaried and independantly employed respectively. No income based loans also know as surrogate lending options are given depending on repayment track records of existing personal loans, car lending options, mortgage loans and Credit playing cards from approved banks. Nominal instalments paid/Months on literature required is 9-12 several weeks.
WHAT ARE THE MEMBERSHIP CRITERIAS?
The eligibility conditions for salaried and do it yourself employed are:
Customer should be Indian people working and residing in Mumbai.
Minimum age required is 21 years and Maximum 58/60 years.
Minimum amount Work Experience-1 month in current company and 3 years overall.
Minimum Total Take Home – Rs. 20, 000/- monthly.
Residence-either Owned, rented or company provided.
Telephone/mobile mandatory at residence.
Currently almost all of the banks are providing unguaranteed personal loans only to employees of Private Limited, Limited and multinational companies.
Applicant should be Indian Citizens Performing and residing in Mumbai.
Minimum age required is 23/25 years and Optimum 65 years.
Minimum 3 years experience in same business.
Minimum income Rs. installment payments on your 50 lakh per anum.
Residence/Office -either Owned, leased or company provided. Possibly residence or office should be self owned.
Telephone/mobile mandatory at residence and office.
Partnership organizations, Non-public Ltd. companies and considered Limited companies are suitable.
HOW IS ELIGIBILITY COMPUTED?
Different banks have different ways of calculating the eligibility. In the circumstance of Salaried generally almost all of the banks would estimate eligibility to be 1/1. 5 times of twelve-monthly income. Factors such as existing loan liabilities, average bank balance, background on existing loans, company account & loan tenure also plays a part in deciding eligibility.
In the case of Self Employed’s the eligibility would rely upon the turnover, existing trail record, net profit, cash credit /overdraft limit appreciated, line of business, earnings, bank statement, existing loan liability amidst other things. Usually the loan amount is limited at one particular. 25 to 4x of cash profit made less existing liabilities or a certain percentage of proceeds less existing liabilities.
WHAT IS THE MONEY PAYOFF TIME?
Loan tenure is the period within which the applicant wants to pay off the loan. Loans can be repaid from one particular year to 5 years. The rule of the thumb being longer the tenure higher would be the loan eligibility and vice versa. Age the applicant along with period of service left also influences the loan payoff time.
EXACTLY WHAT SERVICE CHARGES?
Support charges, loan processing charges, bank charges are various ways of describing the fees that the bank charges for processing and releasing loans. It truly is deducted immediately from the loan amount and is generally constrained to 2% to 3 % of the money amount. It is an one time fee.
WHAT ARE THE DOCUMENTS EXPECTED?
– Pan card copy.
– Current residence proof.
– Salary slips for three months.
– Bank statement for 6 months.
– Scheduled appointment letter and proof of work experience.
– Calamité letters of existing/closed lending options.