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PERSONAL LOAN

  • SureTax Fincare simplifies the process of Registration, Compliance & Management of your business, by making it more convenient than ever.
  • Completely online, Quick & Hassle free process – Our Services can be availed from any Location in India or Abroad.
  • Our team of CA-accredited professionals provide expert guidance throughout every stage of the process

Talk to an expert for Free: 70661 55000

PERSONAL LOAN

  • SureTax Fincare simplifies the process of Registration, Compliance & Management of your business, by making it more convenient than ever.
  • Completely online, Quick & Hassle free process – Our Services can be availed from any Location in India or Abroad.
  • Our team of CA-accredited professionals provide expert guidance throughout every stage of the process

Talk to an expert for Free: 70661 55000

Overview

A personal loan is a type of unsecured loan provided by banks, financial institutions, or online lenders to individuals for various personal purposes.
Unlike specific-purpose loans like home loans or car loans, personal loans offer flexibility as they can be used for a wide range of expenses, such as medical bills, wedding expenses, debt consolidation, home improvements, or travel.
The loan is granted based on the borrower's creditworthiness, income, employment history, and other financial factors.

Types of Personal Loans

Education Loans

These loans cover tuition fees, study materials, living expenses, and other education-related costs.

Wedding Loans

These loans are specifically designed to finance wedding expenses, including venue booking, catering, decorations, jewelry, and other related costs.

Consumer Durable Loans

Consumer durable loans are used to purchase consumer durables such as electronic appliances, furniture, home theater systems, air conditioners, refrigerators, and other household goods.

Medical Loans

Medical loans are meant to cover medical expenses, including hospital bills, surgeries, treatments, medication, and other healthcare-related costs.

Travel Loans

Travel loans are used to finance travel expenses, such as airfare, accommodation, sightseeing, and other travel-related costs. These loans are popular for funding vacations, family trips, or international travel.

Eligibility Criteria

01

Age
Typically, the minimum age requirement is 21 years, and the maximum age limit is 60-70 years, depending on the lender.

02

Income
Lenders typically require a stable source of income to ensure repayment capacity.

03

Employment
Salaried individuals, self-employed professionals, and business owners can apply for home loans.

04

Creditworthiness
A good credit score increases the chances of loan approval and may lead to better interest rates.

Key Features

  • Loan Amount

    The loan amount depends on factors such as the borrower's income, credit profile, and the lender's policies. It can range from a few thousand to lakhs of rupees.

  • Interest Rate

    Personal loan interest rates can be fixed or floating. The rates vary among lenders and are influenced by factors such as the borrower's credit score and market conditions.

  • Loan Tenure

    Personal loans typically have a repayment period ranging from 1 to 5 years, although some lenders may offer longer tenures.

Documents Requirements

Required in Soft Copy Only

Basic

  • Completed Loan Application
  • ID Proof Aadhaar,PAN card,Driving license, Voter Id or Passport
  • Address Proof Bank Statement or Utility Bills - E.g.- Electricity Bill / Water Bill / Property Tax
Required in Soft Copy Only

Income Proof for Self-Employed Individuals:

  • Balance Sheet and Profit & Loss Statements: certified by a Chartered Accountant.
  • Income Tax Returns (ITR) ITRs for the past 2-3 years, along with computation of income and tax paid
  • Bank Statements Usually for Last 6 months' bank statements of your personal and business accounts.
Required in Soft Copy Only

Income Proof for Salaried Individuals:

  • Salary Slips: Recent salary slips (generally for the last 3 to 6 months).
  • Form 16: Income Tax Return form issued by your employer.
  • Bank Statements: Typically, the last 6 months' bank statements showing salary credits.
Required in Soft Copy Only

Employment/Business Proof

  • For Salaried Individuals: Employment certificate, appointment letter, or work experience certificates.
  • For Self-Employed Individuals: Business registration documents, GST registration, professional practice certificate, etc.

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