A career gives you identity. Passion gives you happiness. With personal loans, you can give wings to your small entrepreneurial dream and soar high. From home baking to your boutique, personal loans are a great choice for getting the capital required. Personal loans are unsecured without any restriction to end usage. Your credit score and monthly income capacity matter. With personal loans, you can add to your family income by bringing your dream business into reality.

What Is A Personal Loan?

A personal loan is handy as it is one of the easiest loans to avail of because there is relatively little documentation required, unlike term loans Also you do not need to offer any collateral to avail of a personal loan.

You can service your existing loan obligations, to cash for funding your dream vacation, purchase of consumer durables, cash for business expansion, or any other emergency purpose, say a medical treatment or to get over a sudden job loss with a personal loan. 

Key Features And Benefits Of Personal Loans

  • Easy documentation and quick processing 
  • Speedy approvals and disbursals
  • Loan amounts range from Rs 50,000 to Rs 15 lakhs.
  • Loans for salaried & self-employed individuals. Flexible tenure of up to 5 years making repayment easier
  • Interest Rate starting at 9.5% p.a.—depending on your credit history and other factors
  • Over-the-Counter loans are available with lenders based on certain conditions
  • Facility to apply online with most lenders
  • Special offers for existing customers like a reduced interest rate, no loan processing charges, etc.

Eligibility For A Personal Loan

  • The loan applicant must be a resident Indian of age from 21 years to 65 years. 
  • The minimum net monthly income shall be Rs 15,000 for urban areas and Rs 10,000 for rural areas.
  • The applicant must be in regular employment, have at least one year of experience, or have a regular source of income. 
  • Personal loans are available to self-employed individuals like doctors and chartered accountants as well.

Documentation For A Personal Loan

  • Proof of Identity – Aadhar card, Voter ID, Driving licence, Passport
  • Proof of Address/Proof of address of office – Aadhar, Passport, Utility bills
  • Proof of continuity of business – Rental agreement, Bank statements
  • 2 Passport size photographs
  • Proof of Income
  • Individuals in regular employment – Last 3 months’ pay slip, Last 3 years' Income Tax return
  • In the case of self-employed individuals – financial statements for 3 years, Income Tax returns of the past 3 years

If you joined employment or started your business just before a year, bank statements of the last 6 months.

How To Apply For A Personal Loan?

Credit Mantri

Applying for personal loans via CreditMantri is a simple process. Follow the simple steps listed below.

  1. Click on “CHECK ELIGIBILITY” 
  2. Fill in your basic identity details like email ID, Mobile number, city, employment details, and info about any loans that you may already have.
  3. Tick all checkboxes for agreement terms.
  4. Click on “Submit”
  5. Enter the OTP from your registered mobile number.
  6. Proceed with the rest of the application for instant processing


Online Apply Via Bank’s Website

  • Visit the official website of the bank.
  • Provide your registered mobile number, employment, and income details.
  • If you are already an existing customer, your application will be processed instantly.
  • Else, the authorised representative of the banker will keep in touch for further steps.

Offline Apply 

You can apply offline for personal loans through the bank’s branches, SMS, and contact customer care. Your application will be processed on the perusal of the documents submitted.

Personal Loan Support

All lenders have dedicated customer care services to help customers to resolve their queries and give feedback and suggestions for improvement. You can reach customer care of your lender through various modes such as

  • Telephone 
  • Email
  • Visiting the bank
  • Mailing the bank 
  • Contacting nodal officers 

Conclusion

Being in regular employment and making the ends meet, it may be a distant dream to start your loved business. Go for a personal loan to give a small kick-start to your side business. You can repay your loan in equated monthly instalments at a flexible tenure of up to 5 years. Having an additional source of income can also improve your eligibility for getting loans at attractive rates in the future. 

FAQ of Add to your family income with a Personal Loan

1:What is the interest rate on personal loans?

The interest rate starts from 8% and goes up to 24% depending on your credit score, amount of loan, and repayment capacity.

2:I’m a photographer. Can I get a personal loan?

Yes. Personal loans are available for self-employed professionals as well.

3:Can I prepay my personal loan?

Yes. You can prepay your personal loan with relevant foreclosure or pre-closure charges as per your loan agreement.

4:How to pay the personal loan EMIs?

The most common method is Electronic Clearing System or ECS. You can also opt for post-dated cheques, NACH clearing, and debit mandates according to the preference of your lender.

5:What are the different types of personal loans?

Wedding, educational, medical, travel, pensioners, and festival loans are the most popular types of personal loans.