- Cashmate
- Personal Loan
Personal Loan
Read on to know the criteria required to apply for our Personal Loan.
Personal Loan Eligibility and Documents
Personal Loan Eligibility Criteria
Crack the code to financial freedom! Delve into the crucial elements that shape your personal loan eligibility and let lenders say "yes" to your dreams.”
- Must be a Resident Citizen of India
- Credit score must be above 650
- Employment stability
- Age should fall under the age of 21 years to 60 years
- Debt-to-income ratio
- Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs
- Maintained a good credit score
- Clear repayment history
Documents required to apply for Personal Loan
- Identity Proof: Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
- Proof of Residence or Address Proof: Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card
- Age Proof: Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
- Income Proof: 1 year Bank statement, 3 months Salary Slips
- Employment Proof: Employment Certificate, Office address proof
- GST or VAT Registration for Self-employed
- Photograph: Passport-size photographs
- Business proof: Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.
- Income tax returns: Documents of the past 2-3 years to verify income and tax payment history
Fees and Charges for Personal Loan
Particulars
Charges
FAQs
If you are a pre-approved Bank customer, you can get a loan within 10 seconds. For others, here are a few simple steps to follow:
- Check your eligibility for the loan
- Apply for the loan online
- Upload necessary documents
- Get your loan based on the terms in the sanction letter.
You can get a Personal Loans within 4 hours if you fulfil all the eligibility criteria. Pre-approved loans are sanctioned within 10 seconds.
You can avail personal loan up to Rs. 40 Lakhs and also Rs. 75 Lakhs as per eligibility norms from a Bank, depending on your income, CIBIL score, and other eligibility factors.
Personal loans feature tenure of 1 year to 5 years or 12 to 60 months. In rare cases, shorter or longer personal loan tenures may be allowed by the borrower on a case by case basis.
Yes, with SarvSuraksha Pro, you can secure your Personal Loan repayment. The facility has the following key benefits:
- It provides credit protection to cover equal to your outstanding loan amount
- It offers accidental hospitalisation cover of maximum Rs. 8 Lakhs
- The facility provides accidental death or permanent disablement cover of maximum Rs. 1 Lakh
The additional charges are only applicable if:
- There is any default
- In case of SWAP or change in the repayment mode
Yes, you can use CASHMATE’s EMI Calculator to calculate how much EMI amount you need to pay.
You can pay the EMI on your HDFC Personal Loan using Electronic Clearing Services, Cheque Drop Boxes, or your net banking or phone banking account.
A higher credit score indicates that you have a good track record with respect to loans that you have borrowed in the past. Therefore if you credit score is high (more than 750 in case of CIBIL TransUnion), your chances of being granted a loan are much higher than if you have a lower score. Additionally, you may be able to negotiate benefits such as a lower interest rate, higher loan amount, waiver of processing charges, etc. by leveraging your high credit score.
- In some cases, a lender would allow you to transfer the current balance (amount still to be repaid) on your current personal loan from current lender to a new one. In this case, the new lender would pay off the balance amount to the current lender. At the end of the balance transfer process, you will owe the new lender whatever payments plus applicable interest that is left on your current loan.
- A balance transfer helps you benefit from the lower interest rate offered by the new lender, however, there are a few charges such as balance transfer fee, pre-payment charges, etc. that may be applicable to the procedure.