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What is Personal Loan?

Types of personal loan

Term Loan: – The amount of money borrowed for a fixed term or period of time is called term loan. The word “term” reflects the period of time in which the borrower will repay the loan to the lender. There are two types of term loan: –

• Long term loan – Any loan for which the repayment period is more than 5 years is considered as long term loan. Both borrower and lender mutually decide the tenure of the loan, interest rate, and processing fees at the time of loan application. Home loan and mortgage loans are examples of long term loans.Benefits of long term loan: –
  • Low-Interest Rate – Usually the interest rate for long term loans is lesser as compared to short term loans. The borrower will pay the interest for a longer period of time which is a benefit for the lender hence they charge a low-interest rate.
  • High loan amount – As the loan will be repaid in many years the amount of loan offered by the lender is higher.
  • Affordable Repayment Installments – Loan tenure and repayment amount have an indirect relationship. Longer the loan tenure lesser the repayment installment.
• The short term loan and advances – Any loan for which the repayment period is less than 1 year is considered as short term loan.Benefits of short term loan: –
  • In case of a bad credit score, a customer can avail short term loans to fulfill the requirement.
  • Short term loans are also used as a tool to improve the credit score.
  • The documentation is very easy and a minimum for this loan.
  • The customer can get the loan online instantly.

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Personal Loan - Eligibility

Components of personal loan

What documents are needed for personal loan?

How can i apply for personal loan?

How can I get a loan? Consider us as your “Sathi” in your financial wellbeing. As we say we are here to help you by turning the financial complexities into simplicity. We will get the best deals for you.
Follow the simple steps: –
1. Fill the form with complete and correct information
2. Upload the documents
3. Click on submit
4. We will do the rest

Consider us as your “Sathi” partner in your financial wellbeing.

How much personal loan i can get?

Personal laon at lowest interest rate and instant approval

How to avail a personal loan at the lowest interest rate and how to get the instant loan approval? Many people have this question in their mind. Let’s understand what makes a financial lender or loan provider gives a personal loan at a low interest rate and give immediate approval.

• Credit History – The first thing a lender whether that’s a government bank, private bank or an NBFC wants to see is the credit history of the borrower. If your credit history is impeccable, lenders will love to lend you money on the lowest interest rate. Imagine you had taken a loan in past and paid all the installments on time, none of the installments got bounced, no outstanding or settlement has done against any borrowings with any lender, all these things make your credit history faultless and you become the elite customer for the lender.
• Credit Score –This is a mathematical representation of your credit history which gives a very clear picture. 750 plus credit score helps you to get the loan instantly approved with a low-interest rate. It is always advisable to know your credit score before applying for the personal loan or housing loan. Any glitches or inaccuracies in your credit report will decrease the chances of getting a loan instantly approved at the best interest rate. If your score is between 650 – 700 which is not considered as good, still we can fix this and get you a personal loan. Click here to check your credit score or cibil score for free.

How to improve credit or cibil score?

Important things or facts to know about personal loan

Knowledge is power! Financial decision making is complex hence it is always advisable and worthy to know the details about the factors which may impact your finances. Important things to know before applying for a personal loan: –

• Personal loan – Amount of money borrowed by an individual from a bank or NBFC to meet out any financial requirement without providing any security. It is also known as an unsecured loan or collateral free loan. Individuals who apply for a personal loan may use it to meet any temporary financial requirement which may be a wedding, home improvement, settling some old debts, etc. Interest rate, tenure, and processing fees are important components of personal loans. “CreditSathi” as your financial partner who always works for the benefit of the customer, provides and facilitates the customer to select the best available personal loan offer, with minimum interest rate or lowest interest rate as per the creditworthiness of the customer. “CreditSathi” is the biggest and largest online loan, personal loan, housing loan, education loan, car loan provider and facilitator in the country. We identify and arrange the finest personal loan offer for our customers and help them to make their financial decision profitable. We also help our customers to improve their credit scores so that they can get the best personal loan with the lowest interest rate and minimum processing fees. And Yes all these services are free of cost!! You can check your cibil or credit score free, click here!!
• Personal Loan from the bank – Bank is defined as a financial institution which is licensed by the regulator to receive and lend money to the general public. Reserve bank of India also known as RBI is the regulator for all the Indian banks whether they are nationalized banks or private sector banks. Bank performs many functions however the main function of the bank is to receive and lend money to individuals and businesses. All Indian banks provide personal loans to individuals and businesses.
• Personal Loan from public sector banks – Banks which are operated and owned by the state or central government are known as government banks or nationalized banks. Here is the list of Public sector banks.
  List of nationalized banks in India
  ALLAHABAD BANK	IDBI BANK LTD.
  ANDHRA BANK	IND BANK HOUSING LTD.
  BANK OF BARODA	INDBANK MERCHANT BANKING SERVICES LTD.
  BANK OF INDIA	INDIAN BANK
  BANK OF MAHARASHTRA	INDIAN OVERSEAS BANK
  CANARA BANK	JAMMU & KASHMIR BANK LTD
  CENTRAL BANK OF INDIA	ORIENTAL BANK OF COMMERCE
  CORPORATION BANK	PNB GILTS LTD.
  PUNJAB & SIND BANK	UCO BANK
  PUNJAB NATIONAL BANK	UNION BANK OF INDIA
  SYNDICATE BANK	UNITED BANK OF INDIA
  STATE BANK OF INDIA

  All these banks are in the business of providing personal loans, you can avail a personal loan from any public sector bank.

• Personal Loan from private banks: – Private banks are in the same business as public sector banks or government banks. The only difference is the ownership; private sector banks are owned by privately. List of private sector banks: –
  List of Private banks in India
  City Union Bank	Axis Bank
  Dhanlaxmi Bank	ICICI Bank
  Federal Bank	HDFC Bank
  Karur Vysya Bank	Bandhan Bank
  Lakshmi Vilas BankA	Yes Bank
  Nainital Bank	RBL Bank
  South Indian Bank	Kotak Mahindra Bank
  Tamilnadu Mercantile Bank	DCB Bank
  IndusInd Bank	IDFC

  All the private sector banks listed above are providing personal loans, you can avail a personal loan from these private banks.

• Personal Loan from NBFC The full form of NBFC is a non-banking financial company. They are licensed by RBI to lend money to the general public however they are restricted and not authorized to take any kind of deposits from the general public. There are more than 85 NBFC’s operating in India as per the list published by RBI in March 2019. It is easy to get a personal loan from an NBFC; you can avail an instant personal loan from NBFC.
• Personal loan tenure – Number of years in which the borrower will repay the money to the lender. Current prevailing loan tenure in India is between 1 – 5 years. To reduce the EMI or monthly installments you can increase the tenure of the loan however we suggest the lesser the better.
• Personal Loan Interest Rate – What is the benefit of the lender? The lender will charge some amount from the borrower against the money lent by him, which is calculated as a percentage of the principal. This is called the interest rate. Higher the rate more money will be paid by the borrower to the lender, lower the interest rate less money will be paid by the borrower. The interest rate charged by the lender also depends on the credit history of the customer. The current prevailing interest rate in India is between 10.75% to 25%. We can help you to get the personal loan at the lowest interest rate.
• Personal Loan Processing Fee – Amount charged by the bank to process the loan to meet their administration charges. This is one time charges imposed on the borrower.
• List of documents required for a personal loan – Personal loan is popular because it is instant, fast and hassle-free when it comes to approval with the minimum documentation. Below is the list of documents required for personal loan approval and disbursement
  • Identity Proof – Passport / Driving License / Voters ID / PAN Card / Aadhar Card, Passport Size photographs (anyone)
  • Residence Proof – Lease Agreement / Utility Bill (not more than 3 months old) / Passport (anyone).
  • Income Proof
    • Salaried – Latest 3 months Bank Statement (where salary/income is credited), Salary slips for last 3 months
    • Self-employed – Audited financials for the last two years, Latest 6 months Bank statement, Office address proof / Office ownership proof, Proof of continuity of business.

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