Taking out a personal loan has become one of the easiest ways to deal with financial difficulties. You can get a personal loan in Kolkata at a minimum qualifying requirement, and it may be used for various purposes. Whether you want to go on a vacation, purchase any electronic device, get funds for higher education or a wedding, renovate your home, or financially support your small business. Whatever the requirements are, a personal loan can help you subdue all of them.
Business loan interest in India for business loans is comparatively lower, but as they are available for a much larger amount, you can opt for a personal loan to meet your financial needs while becoming an entrepreneur for your small business. Another significant benefit of a personal loan is that it is authorized and allotted in a matter of minutes. However, while asking for a personal loan, one must be aware of numerous variables that, if overlooked, can have a considerable influence on your finances and result in subsequent trouble.
Let’s take a look at all of the essential points that make up a personal loan.
The Interest Rate on Personal Loans
Lending institutions provide different interest rate options to individuals. The interest rate of personal loans is pretty affordable and offered at a rate of up to 25% based on various factors and the risk associated with your profile.
You can determine the rate of your EMI based on the rate of interest and the amount you require via an EMI calculator in the most convenient way. The maximum amount of loan is up to ₹5 lakhs with a varied interest rate and the repayment period. You can also determine the EMI of business loans using the EMI calculator by filling in the amount, year, and business loan interest in India.
Application Procedure for Personal Loan in Kolkata?
The method for applying for a personal loan in Kolkata is simple and quick. You can apply for a personal loan using the app, which will take you through a straightforward application process. If you don’t feel comfortable doing it, you can go to your local branch office and complete the process there.
All you have to do in online mode is:
- Get the app from the Google Play Store.
- Pick a loan amount and a repayment schedule that works for you.
- After that, you will have to fill in the basic information like your name, purpose of the loan, income, and PAN number.
- Then complete your KYC process.
- Add details of your bank account into which your amount should be deposited.
- Wait for your loan to be approved.
- Finally, sign the eMandate and loan agreement digitally, and after a few minutes, the amount will be reflected in your bank account.
For offline mode, the process is as follows:
- Visit the nearest branch of your lending institute.
- Then, speak with authority and explain your specific requirements.
- Within 5 minutes, you will receive an instant approval of your loan.
- Lastly, submit copies of all required papers.
Eligibility Criteria for Personal Loan
For getting approval for your personal loans, there are various criteria. Read the following information given below to obtain information regarding it.
- This loan is available to anybody between the ages of 21 and 58.
- Citizenship of India is a must.
- Both self-employed and salaried individuals can apply for a personal loan in Kolkata.
- A good credit score is necessary for you to be eligible for a loan.
- If you are a salaried individual, then you must have been working for at least six months.
- If you are self-employed, a minimum of two years of experience in your present industry is mandatory.
- You must have an income of at least ₹15,000 every month.
Essential Documents for Personal Loans
Apart from the eligibility criteria, there are a few documents that you require. If you want to avail of a personal loan. There is a list of all those necessary documents.
- A fully filled out loan application form
- From passport/PAN card/Driver’s license/Aadhaar card, submit any one document for identity proof.
- As residency proof, submit your (any one) Aadhar card/passport/ration card/utility bills/driver’s license.
- Any one of the residential proof from electricity bill/ property documents/ maintenance bill
Additional documents for salaried individuals:
- For income proof, submit a salary slip from the last six months, Form 16. And a bank account statement of your salary account for the previous six months.
- As a job continuity proof, you will have to present an appointment letter from your current employer. And a certificate of experience from your former employment.
Additional documents for self-employed individuals:
- Any one of the following address proofs: property documents/rent agreement/maintenance bill/utility bill.
- You will also need to submit proof of the existence of your business (any one) Certificate of Registration of the Company/ Proof of Shop Establishment/ Copy of Tax Registration.
- Mandatory income proof: bank statement from the previous six months and ITR for the past consecutive two years.
- For job continuity proof, submit a Letter of appointment from the existing employer. And a certificate from your former employment attesting to your experience.
Due to business loan interest in India and a lack of a stable financial portfolio, poor credit score. And low income, getting a business loan might be challenging for certain people. For those who want to establish a business but can’t acquire a loan from a bank. A personal loan is an excellent way for individuals to accomplish their entrepreneurial dreams. You may examine the eligibility requirements and submit the required paperwork to obtain a personal loan in Kolkata for various purposes, including business and personal.
