Online Loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc.
The minimum age limit to apply for a loan should be 21 years. Maximum age can go up to 60 years and 65 years at the time of loan maturity.
|Age of the Applicant||18 to 70 years|
|Income||Rs. 25,000 per month and above|
|Work Experience for Salaried||3 years and above|
|Business Stability for Self Employed||5 years and above|
|Maximum Loan on Property Value||Up to 90%|
|Maximum EMI as percent of income||65%|
Know Personal Loan Interest Rates, foreclosure charges & prepayment charges applicable in India
The Equated Monthly Instalment consists of the principal portion of the Online Loan amount and the interest.
You will need to submit the following documents to apply for a Online Loan
|Identity Proof||Address Proof||Proof of income||Other documents||Property Documents|
|Voter Card||Voter Card||Last 2 months salary slip||Documents related to running loans along with 6 months repayment bank statements||Copy of complete chain documents of the property|
|Aadhar Card||Aadhar Card||Last 6 months bank statement of salaried account||--||Copy of Agreement to Sell|
|Valid Passport||Valid Passport||Latest Form 16 / ITR||--||Copy of the Allotment Letter / Buyer Agreement|
|Driving License||Letter from a recognized public authority or public servant verifying the identity and residence of the customer||--||--||Copy of Receipt/(s) of payment/(s) made to the developer|
|Photo Credit Card||Latest Utility bill||-||-||-|
|Photo Identity card issued by Govt. body||Rent agreement on stamp Paper||--||--||--||--||Bank Statements reflecting address of borrowers of any commercial nationalized bank||Business Profile and Previous 3 years Income Tax returns||--||--||--||Credit Card Statement not older than 3 months||Previous 3 years Profit/Loss and Balance Sheet||--||--|
|Bank of India||12.70%|
|Bank of Baroda||11.40%|
Lenders also charge a processing fee ranging from Nil to 6.5% of the loan amount and the tenure from 1 to 5 years.
Online Loans can be a viable option in a variety of circumstances. First, let’s define a Online Loan. Some loans are earmarked for a specific purchase. You buy a home with a mortgage loan, you purchase a car with an auto loan, and you pay for college with a student loan.
Online Loan can be used for just about anything. Some lenders want to know what you will do with the money they lend you, but as long as you’ve borrowed it for a responsible and legal reason, you can do what you want with it.
Generally, before sanctioning a Online Loan the lender considers several factors such as the loan amount you have applied for, your repayment capacity and possibly the company you are working with. Here are six ways how you can get a Online Loan at a lower interest rate.
Interest rates, expressed as Annual Percentage Rate , define the charges that are levied by a lender on availing a loan to the borrower. Interest rates are governed by the central bank based on the political and market situations in the country. Interest rates are different for different types of loans in India. The interest rates for Bank and educational loans are higher as they are unsecured loans without any asset as collateral. Whereas the interest rates on car and home loans are lesser in comparison as they are secured investments for the bank with an asset security to fall back on.
We have associated with given bank list we also working other bank also