WHAT IS A PERSONAL LOAN
A Personal loan is a type of unsecured or secured loan that you can borrow from a bank or financial institution like NBFC if you require funds for your financial needs.
- LOAN AMOUNT
- LOAN TENURE
- INTEREST RATES
From Rs 1000/- upto Rs 100,00,000 /-
From 1 month upto 6 years
10.25% onwards
Types of Personal Loan
There are two types of personal loan namely :-.
- Unsecured Personal Loan: Under these types of personal loan schemes, you don’t need to provide any security or collateral to the bank or NBFC. If you meet all the eligibility criteria and have a decent credit score, then you can avail yourself of an unsecured personal loan.
- Secured Personal Loan: Under these types of personal loan schemes, you will need to provide some form of security or collateral to the bankor NBFC . A business loan or a gold loan is an example of a secured loan as you may have to provide some form of property to apply for a business loan and gold if you wish to avail a gold loan.
Eligibility Criteria
- Age – Minimum 21 years to Maximum 80 years
- Nationality – Indian
- Employment Type – Salaried (for unsecured personal loan) and Self Employed (for secured personal loan)
- Credit Score – 650 or higher
- Monthly Income – Minimum RS 10,000 or higher
- Yearly Income – Minimum 3 Lakhs+
DOCUMENTS REQUIRED
- Pan Card (Mandatory)
- Aadhaar Card (Mandatory)
- 2 years ITR (Mandatory)
- 6 months to 1 year Bank Statement (Mandatory)
- Employee ID Card (Only If Salaried)
- 3 months Salary Slip ((Only If Salaried)
- Business Registration Proof (In case of self-employed personnel only )
- Electricity/Gas/Telephone/Wifi Bill (Mandatory)
- Documents of security (Only in case if the loan is taken against property , it is not required for unsecured personal loan)
- Passport Size Photographs
Personal Loan Application Process
- Apply Effortlessly: Simply click on the “Apply Now” button on www.darpcapital.in or CLICK HERE and fill in your details. It’s as easy as that!
- Personalized Assistance: Soon one of our advisors will call you back to understand your needs and request the necessary documents.
- Seamless Document Submission: Submit your documents to our advisor hassle-free.
- Enhanced Approval Odds: Within the next 24 hours, we will seed your application with our strong network of various RBI-recognized NBFCs and banks This increases your chances of approval significantly, guaranteeing you a loan from one institution or another. Moreover, it enables us to secure better offers for you, including higher loan amounts and lower interest rates.
- Efficient Verification Process: The bank or NBFC will conduct the KYC process and verify your documents promptly from their end.
- Swift Disbursement: Once approved and everything is in order, your loan will be disbursed directly to your bank account.
FAQ
The minimum and maximum loan amounts vary depending on your eligibility criteria and financial profile. Our advisors will assist you in determining the loan amount that best suits your needs.
Eligibility criteria typically include factors such as age, income, employment status, credit score, and existing financial obligations. Our advisors will guide you through the specific requirements during the application process.
The processing time for personal loan applications can vary based on several factors, including the completeness of your documentation and the specific requirements of the lending institution. However, we strive to expedite the process and ensure a swift turnaround time.
Commonly required documents include proof of identity, address, income, employment status, and bank statements. Our advisors will provide you with a comprehensive list of required documents based on your specific situation.
Interest rates vary depending on factors such as your credit score, loan amount, repayment tenure, and prevailing market conditions. Our extensive network of lending institutions enables us to secure competitive interest rates for our clients.
Prepayment penalties, if any, vary depending on the terms and conditions of the loan agreement with the respective lending institution. Our advisors will provide you with clarity on any applicable charges during the loan application process.
While a low credit score may affect your eligibility for certain loan products, we work with a diverse range of lending institutions that cater to individuals with varying credit profiles. Our advisors will explore available options to help you secure a loan that meets your needs.
The loan repayment tenure is typically determined based on factors such as the loan amount, your repayment capacity, and the policies of the lending institution. Our advisors will assist you in selecting a repayment tenure that aligns with your financial goals.
Yes, personal loans are versatile and can be used for a variety of purposes, including debt consolidation, home renovation, education expenses, medical emergencies, and travel, among others. However, it’s essential to use the loan funds responsibly and prudently.
Missing a loan repayment can have adverse consequences, including late payment fees, negative impact on your credit score, and legal action by the lending institution. It’s crucial to ensure timely repayment to avoid such repercussions. If you anticipate difficulty in making a repayment, we recommend contacting our advisors at the earliest to explore possible solutions.