Any individual with a regular salary or business income can apply. Salaried individual working in proprietorship and partnership firm are not eligible to apply for personal loan.
Applying for personal loan indicates that an individual needs money for various expenditures like vacation, wedding, higher education or purchase of jewellery.
It is an unsecured loan implying that it doesnâ€™t require any collateral or security.
The range of the amount taken as personal loan is from Rs 50,000 to Rs 30, 00,000
Processing fee ranges from 2% to 2.5% of the Loan amount + the applicable Taxes
The end use of a Personal Loan can be for various Needs such as :
- Marriage Expenses of son/ self/daughter/ dependent/ relative
- Medical expenses of spouse/children/ near relative.
- Education Of Self/ Spouse/Children/ Relative
- Repairs/ Renovation of flats/ House
- Any other personal expenditure as approved by the bank.