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Personal loan Info
Interest Rates* from various Banks
State Bank of India12% to 17%
Axis Bank15% to 24%
ICICI Bank11% to 22%
TATA Capital12% to 19%
Bajaj FinservApprox 16%
Fullerton India17% to 35%
Standard ChartedUpto 27%
Personal Loans are secured advances given by the bank to the eligible borrower like you to meet your needs. If you are a professional, whether you are salaried or self-employed can apply for personal loan. If you are salaried-employed, depending on your age, monthly income and proper documentation, you may meet the eligibility criteria set by bank.
If you are a self employed individual, your loan eligibility is decided on age, business stability and supporting documents. The minimum age limit for personal loan is 21 years and the maximum age limit can go upto 60 years; however the age limit and criteria for eligibility may differ from bank to bank.
Way2Loans is tied up with various banks that can offer best services for Personal Loan, according to your requirements and makes sure the process is smooth for them.
Typical Eligibility Criteria
You must be employed by your current organization or should be involved in your business for certain number of years. The requirement changes from bank to bank.
You should have the monthly repaying capacity after all your expenses and expenditure. Few banks also ask for minimum salary to sanction you a loan.
Credit score is calculated by credit rating agencies by aggregating your financial information from various banks. You will need a good credit score for getting your loan sanctioned.
Your existing EMIs decide your repayment ability of the loan. You should not have any other loan liabilities or you must have surplus of sufficient funds with you every month repay a new EMI.
Signed Application Form, Recent Photo Copy, Identity Proof, Age Proof, Proof of Address, Last 3 months salary slip, Bank account statements