Personal loans
Personal loan is an all-purpose loan for personal use. It could be for any expenses such as funding holidays, purchase of consumer durables, medical expenses, and wedding expenses, buying jewellery, down-payment for a home loan, transfer of credit card out-standings or sudden business requirements.
Generally personal loans are used to pay for one-time or short-term expenses where a borrower (the person who is getting the loan) doesn’t normally require disclosing the specific reason for the loan. This type of loan is used by many to resolve their current financial needs.
Personal loans are loans provided without any security and are based on the borrower’s integrity and ability to pay. Personal loans though handy and tempting have a disadvantage compared to loans against security in that they come for a higher rate of interest.
How personal loan is helpful?
In every individual’s life there comes a moment where you urgently need a specific amount of money which can’t be covered by your savings. The amount can be needed for any personal reason like home renovation or vehicle repair, to pay unexpected medical bills, for wedding, travel, credit card outstanding balance transfer, hand loan payments, etc. Here the option of getting this desired amount via personal loan comes extremely handy.
Personal Loan Top Up
A top-up loan is a loan given by the bank over and above your loan. Just like your top-up your mobile balance if you are running low on balance, similarly banks give top-up loans over your current balance.
Personal Loan Balance Transfer
A balance transfer is the process of transferring outstanding balance of a loan from one bank to another. A loan is transferred to save interest and reduce EMIs by switching to a low rate personal loan as well as to avail additional top up loan from the new bank.
Personal Loan balance Transfer benefits
- To enjoy better rate of interest offered by another bank.
- To avail new and exciting offers on the loan balance transfer.
- To get better services from new lender if you are unhappy with the services provided by your current loan provider.
Personal Loan Balance Transfer + Top Up
A balance transfer + Top up are the process of transferring outstanding balance of a loan from one bank to another. A loan is transferred to save interest and reduce EMIs by switching to a low rate personal loan as well as to avail additional top up loan from the new bank.
Personal Loan Eligibility & Standards
| Particulars | Eligibility | Description |
| Profile | Salaried | Govt. & Private Salaried. |
| Age | Between 21 years to 65 years | Age cannot exceed 65 years at the time of loan maturity. |
| Salary | Minimum 10000 net in hand | Cash Salary can be considered with guarantor / Co-borrower. |
| Loan Amount | Minimum 10,000 INR to 25,00,000 INR | – |
| Loan Term | Minimum 3 months to 72 months | Depending upon the age, salary and profile. |
| Employment Vintage | 2 years of job experience | At least 6 months in current Job. |
| Credit History | CIBIL score should be 650+ | -1 credit score can be considered. |
| Ref. Check | Positive | Mandatory |
Documents required for Personal Loan
For your comfort, given below is the comprehensive list of all the documents require to process the personal loan. All the alternate of documents is provided here below to choose from. Documents marked in bold red letters are mandatory.
| Particulars | Applicant | Self |
| – | Co-Applicant/ Guarantor | Spouse/Father/Mother/ Other Salaried. |
| – | PHOTOS | 1 of Applicant, 1 of each co- applicant. |
| KYC*-Individuals | Photo Identity Proof | Pan card/Driving license/Aadhar Card/Employee ID Card/Voter ID Card/Passport. |
| Current Address Proof | Driving license/Aadhar Card/Voter ID Card/Passport/Bank Statement/ Rent Agreement + Latest Electricity Bill of Land Lord/ Letter from HR certifying the Current Address. | |
| Permanent Address Proof | Driving license/Aadhar Card/Voter ID Card/Passport/Bank Statement/Latest Electricity Bill, Latest Water Bill/ Latest Land Line Bill/Gas Connection Receipt/ Insurance Bond/ Ration Card. | |
| Date of Birth Proof | Pan card/Driving license/Aadhar Card/Voter ID Card/Passport/Birth Certificate. | |
| Signature Proof | Pan card/Passport/Signature Verification from banker/10 Rs Cheque from salary account/ IMD cheque from salary account. | |
| Income Proof | If salary credit in Bank (Govt. & Pvt. Ltd companies) | Latest 3-month Salary Slip & Form 16 for last 2 years/Last 3 years ITR with Computation. |
| For Cash or Cheque salary | last 3 months Salary slip on the separate letter heads of employer/ Last 3 years ITR with computation. | |
| Job Continuity Proof | Govt. Employee | Not Required. |
| Private Sector Employees | Last 2 to 3 years appointment letter/Form 16/Experience certificate from Employer. | |
| Banking | Last 6-month Bank statement of salary account and other operative saving accounts. | |
| All Existing Loan Details | Running Loan | Sanction Letter, Statement of Account (Track Record) , EMI Clearance from Bank Account. |
| Closed loan | Sanction Letter, NOC of closure. | |
| Optional Documents | Savings/Investment Details | Statement of Fixed Deposit/ Life Insurance/Mutual Fund/NPS/KVP/Shares/Debentures/Bond/Property investment etc. |
| Professional Documents | Degree in case of Doctors, Engineers, Architects, CA. | |
| In Case of Balance Transfer | Details of Transferred Loan | Sanction Letter, Statement of Account (Track Record) , Foreclosure Letter, Current Outstanding Letter. |
| References | – | 2 references of Friends and acquaintances along with Name, Address and Phone Nos. |
| Self-Attestation | – | All Xerox Document. |
Our association for personal loan
As India’s one of the fastest financial services distributor Proloans has a large portfolio of partner banks and financial institutions including:
| Banks | NBFC’s |
| SBI | Fullerton India |
| ICICI Bank | HDB Financial |
| HDFC Bank | Tata capital |
| Kotak Bank | Bajaj Finserve |
| Axis Bank | Indiabulls |
| IDFC First Bank | Proloans |
| RBL Bank | Private Money Lenders |
| Indusind Bank | |
| DCB Bank |
Unsecured Loans
I was apprehensive when I approached Proloans but I am glad that the company first educated me on loans so that I could take an informed decision and weigh my options.