Personal Loan

Personal Loan

Basic Information
What is Personal Loan?
Personal loan is a loan that can be used by an individual for any generic purpose.
Some examples of end use are:
1. Marriage
2. Medical emergency 3. Home renovation
4. Vacation 5. Consumer goods
6. Consolidation of other debts

Personal Loan cannot be used for:
1. Investment in stock market
2. Any other speculative(high risk of loss) purposes 3. Illegal activities

Eligibility

Generally any salaried individual with salary greater than or equal to Rs.20,000 / month is eligible
for personal loan.
Eligibility of Loan amount calculated on below mention points
• Net Take Home Salary
• Monthly Running EMI (Total EMI Amount Obligation)
• FOIR % for Salary ( Percentage of Fixed Obligation Income Ratio)
• Salary Credited in Bank Account is mandatory
• Customer who are working in any of: Pvt. Ltd Company, Public Ltd Company, LLP
Firm, Any Institute, Collage, School, Hospital, Government Organisation, NRI
customer etc. Are eligible for loan Application.
• Maximum Loan Tenure 1 Year to 5 years

For Eligibility Calculation: [(Net Salary – Running Loan EMI amount) * FOIR %] = Eligible EMI

FOIR % depends on Salary like:

• Salary < 35000/ Month FOIR 50% to 55%
• Salary > 35000/ Month FOIR 60% to 65%
• Salary > 55000/ Month FOIR 65% to 70%
• Salary > 75000/ Month FOIR 70% to 75%

For Example: Customer is having salary of Rs. 40000/ Month & working in Pvt Ltd Company,
running Loan EMI 10000/ Month,

Eligible Loan EMI: [(40000 – 10000)* 60% = 30000* 60% = 18000/Month
If the offered Rate of Interest from bank is 14% for 5 Years, so Per Lac EMI Rs.
2327/–For calculation of Loan amount = 18000/2327= 7.73 Lacs for 5 years.

List of Documents

KYC
1. Colour Photos 2. Clear PAN Card Copy
3. Current Address Proof
4. Aadhar Card copy
5. Any one of Govt id proof ( Voter id/ Driving Licence/ Passport) 6. Permanent Address Proof (if required)
Income Documents
1. Latest Six Months Bank Statement (Salary Account) 2. Latest 3 Months Salary Slip
3. Last 2 Year’s Form 16 / Previous Experience Letter ( If required by Bankers) 4. All existing loan detail documents (Welcome Letter, Sanction Letter, Statement of loan
account) If required / Any CIBIL issues – detail documents required
Interest Rates & Bank wise parameter
Note:
➢ Cash Salary not allowed for Personal Loan
Step 1: Add Leads Basic Details properly & correctly
Step 2: Employment details & income details as per the customers documents
Step 3: Current & Permanent address details & Upload Documents
Step 4: Add Two references data of customers properly and submit application
Step 5: Soft Approved/ Hold/ Under Process/ Soft approved
Step 6: Loan Final Approved & Disbursed Digitally ( No Physical Work)
Physical Login Process:
Step 1: Complete all documents physically & signed by customer & Do “OSV” (Original Seen & Verified) stamp of
our company (Channel)
Step 2: File Logged in Bank Physically & Bank will start process on next working day
Step 3: Residential & Office verification will be done & reports gathering by bank credit team
Step 4: Approved/ Reject
Step 5: After Final approval → Signed Loan Agreement with Customer & submit to the bank
Step 6: Case will disbursed by bank and amount will transfer I customer’s account in same day or next day.

• Normally 2 to 7 days will take to disbursement of Personal Loan
• Only Digital channel like “IndiaBulls Dhani” & “HDFC –10Second” offer can disburse loan amount in real time