What is a Personal Loan?
A personal loan is a type of loan that helps you to tide over a difficult situation when you need funds pronto. A wedding in the family, an unexpected repair on your four-wheeler, a gift to a loved one for achieving success or reaching a milestone, a medical condition that needs immediate attention, higher education for your children, or a trip abroad to attend a reunion of your classmates are all instances that are difficult to plan for. But they crop up repeatedly in your journey of life. They need to be tackled and you are ready to tackle them but you are short of funds. This is where personal loans come in handy as they can be availed of in quick time without too many formalities and what is more without providing any security or collateral.
We offer you a personal loan based only on your ability to repay the loan.
What does a Personal Loan cover?
You can take a personal loan for a variety of reasons. We provide you personal loans to cover the following purposes:
* Personal Loan for Wedding and Marriages
* Personal Loan for Education and Higher Studies
* Personal Loan for Travel and Holidays
* Personal Loan for General Purposes
We offer you a personal loan based only on your ability to repay the loan.
Are you eligible for a Personal Loan?
We have eligibility criteria based on your profession and source of income. You are eligible for a personal loan if you are
* A salaried person, aged 21-58 years employed in a reputed organisation in the private or public sector with a two-year track record in the organisation earning a minimum salary of Rs 20,000 per month.
* Self-employed professional or businessman aged 25-65 years with a 3-year business record in the same city earning an income of Rs 2,00,000 per year
You can go through the detailed personal loan eligibility criteria .
What are the interest rates and the maximum amount of personal loan one can avail?
You will understand that any loan granted comes at a cost to you. The cost to you is in the form of interest rate charged on the principal loan amount.
* We provide personal loans from a minimum of Rs 75,000 to a maximum of Rs 25,00,000/-
* Interest at the rate varying from 10.50% to 20%.
The quantum of the loan and the interest rate depend on factors such as your credit score, standing in the business or profession, the length of service in the organization, income and other loans if any.
How much EMI do you have to pay?
The EMI that you pay depends on the principal loan amount, the interest rate charged and the period for which the loan is taken. We provide a personal loan with loan tenure between 1 year and 5 years.
How can you get a Personal Loan?
You can avail a personal loan from us if you are
* Salaried individual
* Self-employed professional
* Self-employed businessman
You need to follow some minimal formalities pertaining to the purpose of personal loan such as submitting proof of
* Personal Identity, Address, Employment, Trade or business, Income, Ownership of business, Educational qualifications and Admission to institutes of higher education
You need to submit supporting documents such as
* Bank statements, ITR and Relevant financial statements
What are the documents you need?
* You need to submit the standard documents required to establish your credentials.
* You need to submit proof of identity and proof of residence.
* You need to submit income documents, ITR, trade license and ownership of business documents relevant to your salary, profession or business.
* You need to submit proof of admission to an institute of higher education and educational qualifications for education loan.
You can check the detailed requirement of documents needed for a personal loan.
How can you repay the personal loan?
You can decide how you want to repay the loan. For a fixed amount of loan and interest, you can choose the tenure so that you can optimise the EMI you want to pay. The longer the tenure, lower will be the EMI. You can also prepay subject to certain conditions.
Payment of EMI is through auto debit or ECS facility.
Personal Loans - Key Features and Advantages
Meet life's surprises head on.
Life is full of surprises, some good, others not so much. And, no matter how well you plan, there’s no way you can see them coming. But, does that mean you have to keep your dreams and financial responsibilities aside to deal with them? Not anymore.
With Dewan finserv Personal Loans, you won’t have to think twice before facing life’s trials. Be it your child’s education, a foreign holiday, a sudden home renovation, a family wedding, repayment of an existing loan, a personal emergency or even that special gift for your loved one. Your dreams and responsibilities will never take a backseat with our personal loans.
We now offer personal loans till amounts as high as Rs.15 lakhs with a loan tenure of up to 6 years.
Looking for a Personal Loan? Calculate your EMI in 3 Easy Steps Using our Personal Loan EMI Calculator.
Personal Loan Eligibility and Documents
What is Personal Loan Eligibility Criteria?
You need to fulfil some basic conditions to be eligible for a Personal Loan. Both salaried, as well as self-employed individuals, are eligible for a personal loan. The criteria can differ a bit across different financial institutions. Some general eligibility factors are –
To check your eligibility please visit “Personal Loan Eligibility Calculator”
What documents are needed to avail for a personal loan?
Basic documentation is required for availing a Personal loan. The table below puts the list of documents required for salaried individuals, self-employed individuals, and people with Businesses.
|Criteria||Salaried individuals||Self-employed individuals||Business people|
|Identity proof||Voters ID /Passport/Driving License, etc.||Voters ID /Passport/Driving License, etc.||Voters ID /Passport/Driving License, etc.|
|Address proof||Ration Card/Electricity Bill/ Passport, etc.||Ration Card/Electricity Bill/ Passport, etc.||Ration Card/Electricity Bill/ Passport, etc.|
|Bank statements||Bank Statement for the last 3 months||Banks Statement for the last 6 months||Banks Statement for the last 6 months|
|Employment certificates/Business Continuity documents||2-year Employment continuity document||Proof of highest professional degree||Proof of Continuation: Trade License/Sales Tax Certificate/Establishment. Certified copy of Partnership Deed, Memorandum of Association(MOA), Article of Association(AOA) and Board Resolution|
|Salary slips/ITR filings||Salary slips for last 3 months||Latest Income Tax Return(ITR) along with the computation of income, Balance sheet(B/S) and Profit & Loss(P&L) for the last 2 years certified by a CA.||Latest Income Tax Return(ITR) along with the computation of income, Balance sheet(B/S) and Profit & Loss(P&L) for the last 2 years certified by a CA.|
How to Check Personal Loan Eligibility?
A Personal loan is a viable option during any contingency situations or to plan a holiday. However, to apply for a loan and also repay the loan on time, you need to provide a basic proof of employment and income with adequate identity proof. In case you are self-employed or own a business, you need to provide the required bank details to show the stability of your business and income.
You can check your eligibility for a Personal loan on the Eligibility Calculator. At Dewan finser, we believe in extending a loan with minimal paperwork, reasonable interest rate and flexi EMI payment structure.
What is the maximum personal loan you are eligible for?
Personal loan should be cautiously taken, as per the cash flow that you can extend. The maximum amount of personal loan also depends on the income of the person.