About Personal Loan

Inch closer to fulfil your goal of a dream wedding of your loved one, or take that much awaited overseas vacation that you have been thinking about or invest in your child’s higher education with a quick and convenient personal loan from Express Paisa. With a hassle-free instant personal loan, we put a smile on your face and at the same time ensure it is easy on your wallet too.

What is a Personal Loan

A personal loan is a type of loan which enables you to fulfil your urgent financial needs. Life is uncertain and can bring along situations wherein a need for urgent cash/funds might arise. Availing a personal loan in such a situation is a perfect solution. A personal loan is an unsecured personal loan which does not require any collateral or security.

It can be procured for smaller tenures and for comparatively lesser amounts of money unlike the larger loans such as business loans and home loans. With the right knowledge of different banks and their interest rates, applying for a personal loan can be a quick and convenient process. The eligibility and documentations play a vital role in personal loan application as the banks check borrower’s bank profile, CIBIL score, employment history etc.

Why Borrow a Personal Loan?

Few top reasons for which a personal loan can be procured are

  • An unexpected medical emergency
  • To fund primary/secondary/higher education
  • A dream marriage
  • For renovating your home
  • A long-awaited vacation
  • To buy a hi-tech electronic gadget
  • Buying gift for your loved ones

Who Can Borrow Personal Loan

  • Salaried Individuals
  • Self-Employed Individual
  • Self-Employed Professionals
  • Person of Age 21 – 65 yrs.
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What is the Eligibility for a Personal Loan

It is essential to know your eligibility before applying a personal loan as it defines the type of the loan that you can apply for. Though the core eligibility criteria vary from bank to bank, the fundamental ones are listed below;

Any salaried or self-employed professional

Salaried individuals from 21-58 years of age and self-employed of age 25-65 having incomes 20k/Month and 2lac/month respectively.

Personal Loan - Repayment Ability

The amount of personal loan sanctioned is decided based on the current income and banking history, minus all the other loan obligations

Good CIBIL Score

A good CIBIL score is required for a quick approval of personal loans as it checks your credit history over the period of time with other banks.

Documentations

All the essential documents suggested by the respective bank needs to be produced, out of which the fundamental ones are

  • Duly signed and filled application form
  • Identity and residence proof
  • 6 months bank statements
  • Latest 3 months’ salary slips

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Steps at Express Paisa

Unlike other finance companies Express Paisa goes that extra mile in understanding a customer and then suggesting an apt product for the loan. Your personal banking executive from Express Paisa will be at your doorstep on demand to clear all your doubts and present you a perfect loan product.

It follows the following 4 simple steps for a quick approval of your loan

Select Loan Type

We will customize offers with the top banks and best deals for you covering all your needs, all at the comfort of your home

Application Submission

No need to take a single step out of your house as we will help you from application form filling to documents collection and submission, providing an easy personal loan in Kolkata and locations.

Verification by Banks and Credit Assessment

We will provide complete assistance on bank’s internal checks on your identity, residence, office, income, CIBIL, risk assessment

Instant Loan Approval and Disbursement

We will do the required follow ups with the banks and ensure you a smooth delivery of loan amount in your bank

Why Express Paisa?

There are companies and agencies which claim to provide loans with attractive numbers and offers but it is crucial to know the minute intricacies before finalization for the loan not to be a burden.

At Express Paisa, the team of experts help the borrower with the accurate information of the loan type to be availed by understanding the specific requirement and then suggesting the optimal one with best interest rates.

  • Partnerships with over 50 Banks
  • 1 Crore+ Satisfied Customer Base providing a personal loan in Jaipur and other prominent cities.
  • 125 Crore+ Monthly Loan Disbursal
  • Present in 75+ Locations Pan India
  • Hassle Free Express Loan Approval
  • Complete End to End Support
  • Services at the Comfort of Your Home with Home Delivery
  • 100% Free of Cost Service – No Hidden Charges
  • Negotiations for Higher Discounts & Lower Interest rates
  • Instant Quotes for Quick Decision Making
  • One Stop Shop for Applying and Comparing Loans
  • Average Ratings of 4.5+ by over Million Customers by targeting cities and offering personal loans in Lucknow etc.

Frequently Asked Questions

The limit of a personal loan depends upon the repaying capacity of the individual. Generally, it ranges from Rs.50,000 to Rs.15,00,000. Other factors which are equally considered are the submitted documents, the residence proof of the borrower, the city he/she lives in and his/her work place. Last but not the least, an important aspect which is reflected while sanctioning a personal loan is the bank’s wish which demands that the EMI should not exceed 30 to 40 percent of a borrower’s net salary or 2-3 times the amount of income tax return.

From 72 hours to a week is a general period required to get the complete loan amount disbursed once all the required documents are submitted although it varies from bank to bank. Thus, it is always recommended to keep your documents ready to avoid any delays.

Relationship discounts are the discounts which a bank offers to those who are already having a relation with that specific bank. This relation can either exist by having a salary account in that bank or any loan taken until that time. These discounts are given in the form of reduction in interest rates or reduction in processing fees. Sometimes discounts are also granted by providing additional services like submission of fewer documents or fast processing.

Yes, one can prepay the entire outstanding loan once the first six instalments are paid. The bank charges a prepayment penalty which varies from 2 percent to 5 percent paid at the time of pre-closure (returning the money before the stipulated tenure of the loan). Applicable prepayment charges would be levied on the outstanding loan amount.

Yes, personal loan can be applied with a co-applicant who can be either your spouse or your parents. Thus it allows you to show a higher income and avail for a larger amount as the total loan is calculated on the sum total of the two incomes.

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Now apply for a Personal Loan online, All you need to do is provide your details below application form.

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