Personal loans are unsecured loans, which means you do not have to present any collateral for loan approval. Typically, these loans are short term with repayment schedules that spans between 1 year and 5 years.
As these are paid within a brief period of time, the loaned amount is also comparatively lower than loans against properties. The loan amount ranges between Rs 50,000 and Rs 20 lakh.

Benefits of a Personal Loan

  1. Easy approval with collaterals needed
  2. Documentation is simple and does not demand too much information

    3. Generally, you need to present:

    • Picture
    • Pan Card Copy
    • Proof of residence address
    • Letters of open and closed loans

    For employees

    • Latest pay slip for 3 months
    • Latest personal bank statement for 6 months
    • Appointment letter
    • Proof of work experience

    For self-employed

    • Proof of office address
    • Auditor certified copies of income tax returns for 2 years
    • Proof of business continuity or existence for 3 years
    • Latest business bank statement for 6 months
    •  Qualification proof for professionals
  3. Your purpose of applying for a personal loan is immaterial to its approval. This means that you can use it any way you want. Banks are mainly concerned with your ability to keep up with your monthly payments.
  4. Access to considerable loan amounts that ranges from Rs. 50,000 to Rs. 20 lakh

To have an idea on how much personal loan you are qualified for, simply fill out our online form. We can provide you with an accurate assessment of the amount you can expect from different financing institutions based on prevailing lending terms, your annual income, and other factors.

At Paisaportal.com, we want to make it easier for you to get your hands on that money, which we know, could give you a great deal of benefit. The best interest rates and flexible repayments schemes that we find and offer at your disposal are our commitment to quality service.

Eligibility Criteria for Getting a Personal Loan

For employees:

  • Applicant should be a working Indian citizen
  • Age should be between 21 to 58 or 60 years old
  • Work Experience should be 1 month in current company and 3 years overall
  • Net Salary must be Rs 20,000 monthly
  • Residence must be owned, rented, or company-provided
  • Telephone and mobile phone is mandatory
  • Must be an employee of a Private, Limited, or Multinational Company

For self-employed:

  • Applicant should be Indian citizens working and living in Mumbai
  • Age should be between 23 or 25 to 65 years old
  • At least 3 years of experience in the same business
  • Income must be Rs 2.50 lakh annually
  • Residence and office must be owned, rented, or company-provided
  • Telephone and mobile phone is mandatory
  • Must be owning a partnership firm, Private, or Limited Company

Eligibility Calculation of a Personal Loan

For employee:

Loan amount is normally 1-1.5 times of the annual income. Existing loan liabilities, average bank balance, track record on existing loans, company profile, and loan tenure, are also considered for computation of the loan amount.

For self-employed:

Eligibility and approval amount depends on existing business track record, profit, turnover, cash credit, overdraft limit available, line of business, cash flow, bank statement, and loan liabilities. The loan amount granted is usually 1.25 to 4 times of the cash profit minus liabilities, or the percentage of turnover after deducting the existing liabilities.

Process of Applying for a Personal Loan

Everyone interested can apply for a personal loan without making personal visits to lending offices. You can simply fill an online form at our site, Pasiaportal.com, and the process can take off from there. After this step, we will offer you a wide range of options of lenders that meet your requirements. Once you have agreed for a deal with a lender, the process begins.

Physical verification of document details will be conducted either at your home or in your office 2 to 3 days after receipt of your documents. Simultaneously, a credit check will also be launched to verify your credit history with different banks where you are connected.

Once the background check is complete, you will be requested to hand over Post Dated Cheques or authorization for an Electronic Clearing System. Two to three days after you agree to and accept the terms, you can expect to receive your personal loan, which will be directly credited to your bank account or in the form of a bank draft. The whole process normally takes about 5 to 7 business days.

Services Charges for Applying a Personal Loan

Processing fee will be 2% to 3% off the total loan amount, which is applied as a one-time fee.

Tips and Advice in Purchasing a Personal Loan

  • Make yourself informed by searching for information online
  • Read the documents that the lending company asks you to sign. Check on terms and conditions and confirm other details in print.
  • Provide honest information so that you do not compromise your situation from fraud and swindling.
  • Do not be fooled in signing unclear, blank, and damaged documents. You may miss out words that are vital to your contract.

In visiting Pasiaportal.com, you can access a whole range of opportunities for financial assistance while sitting at the comfort of your home. We can provide you with extensive and comprehensive options on the things that concern you most, like interest rates and repayment schemes. Just fill out our online form so we can match your needs with the appropriate lender to make life easier for you.

7 Things To Remember When Looking For Personal Loans

Are you facing serious credit crunch and don’t know how to escape the adverse situation? You need not fret! You can simply opt for the personal loans to meet out unexpected cash demands of a medical bill, repair bills, education, premium payments or vacation trips. If you also wish to raise personal loans it is best to keep these 7 things in mind for smooth and hassle free loan procurement.

  1. Detailed market survey: Before going for a personal loan, one should go for a detailed market survey regarding interest rates chargeable on personal loans and whether they are fixed or variable in nature, prepayment charges, broker fees levied, loan repayment period, cash down payment required and other terms and conditions applied.
  2. Interest rates: Interest rates are the critical costs involved in loans which cannot be ignored in any case. One should go for a careful analysis in order to avail the cheapest option. Some banks offer flat personal interest rate that seems to be cheap but instead impose a heavy cost on the borrower. Example: A flat 7% interest rate on personal loan may cost you 13% in effective terms. So avoid going for flat interest rates and instead opt for monthly reducing balance than half-yearly reducing balance.
  3. Other processing charges: The banks usually charge a certain amount on early repayment of personal loan amount. If the borrower is really thinking of making the complete repayment at the earliest it is better that he should search for the lender bank which charges zero early repayment charges.
  4. Monthly EMI’s:  It is required that monthly EMI’s due are timely paid. So borrower must make a note of it to maintain his credibility. Sometimes monthly EMI’s appear to be of huge amount that one can afford. But it is purely based on the loan amount and tenure you prefer. Higher the tenure lower the premium amounts and lesser the tenure higher the premium amounts.
  5. Complete documentation: The complete deal with reference to personal loan taken from the lender bank should be well supported by letters and documents. Everything should be pre-written whether it is the interest rate chargeable, processing fees, broker fees, early repayment charges and other terms and conditions to be imposed and agreed between the lender and borrower.
  6. Honesty counts: The borrower must be honest in specifying his need for the loan and about his credibility. This will help bank in giving the personal loan to the borrower that best suit his requirements. Any fraud or false information provided will land the borrower in trouble.
  7. Be alert: The borrower must sign all the documents after giving it a thorough reading only. Try to read between the lines to avoid any legal hassles in future which may leave you both financially and emotionally wrecked.

It is suggested to repay the loan amount as early as possible as it will not only make you loan free but also help you to avoid high interest amounts. Remember, you are earning for your family and not the bank as with each of your interest payment the bank makes money.