Loan

loan is the lending of  money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e. the borrower) incurs a debt, and is usually liable to pay interest on that debt until it is repaid, and also to repay the principal amount borrowed.

Types Of Loans

  • Home Loan
  • Car Loan
  • Education Loan
  • Personal Loan
  • Business Loan
  • Gold Loan

Eligibility for Loan

Particulars

Salaried

Self-Employed

Age(Min-Max)

23 years to 58 years

28 years to 65 years

Income

Rs.25,000

Minimum turnover of Rs.40 lakhs

CIBIL Score

Above 750

Above 750

Things to check Before apply Loan

  • Credit score: Before you apply for a loan you need to check your credit history. A credit history is a record of your previous borrowings if any and repayment record. This will explain if you have been responsible for re-paying or have lapsed payments in the past. A credit score of 750 and above is great.
  • Processing fee and other charges: When you apply for a loan and if you miss your payment deadlines for your loan, you will be likely to pay a processing and penalty fee respectively. These fees and charges depend on the loan amount and bank.
  • Rate of Interest: Check the loan interest rate before you actually apply for one. Loans which require a collateral generally have lower interest rates than loans which don’t require.

Documents for Loan Application

Salaried

Self-Employed

Application form with photograph

Application form with photograph

Identity and Residence proof

Identity and Residence proof

Last 6 months bank statements

Last 6 months bank statements

Processing fee cheque

Processing fee cheque

Latest Salary Slip

Proof of Business

Form 16

Business Profile and Previous 3 years Income Tax returns (self and business)

Previous 3 years Income Tax returns (self )

Previous 3 years Profit/Loss and Balance Sheet