Loan Suvidha

Personal Loan

A personal loan is an amount of money you can borrow to use for a variety of purposes. For instance, you may use a personal loan to consolidate debt, pay for home renovations, or plan a dream wedding.Personal loans can be offered by banks, credit unions, or online lenders. The money you borrow must be repaid over time, typically with interest :-

Features and Benefits

Debt consolidation

Debt Consolidation is an effective way to combine all Personal Loan EMIs and Credit Cards bills ( if any) into a one structured EMI at lowest rate of interest.

Home renovation

You can now spruce up your home and make renovation a milestone as memorable and enjoyable as home buying. With R.K. Mantra OPC Pvt Ltd using personal loans.

Medical expenses

If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.

Emergency expenses

A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.

Eligibility Criteria

Debt-to-income ratio.

Employment stability.

Maintained a good credit score.

Clear repayment history.

Must be a Resident Citizen of India.

Credit score must be above 650.

Age should fall under the range of 21 years to 60 years.

To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.

Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs.

EMI Calculator

An EMI calculator is a useful tool that can help you estimate the monthly installments you will have to pay towards your personal loan within a specific period. By using the Ruloans EMI calculator, you can calculate your EMI beforehand, which can help you plan your finances better. Additionally, you can check your eligibility and compare different loan options using Ruloans Personal Loan calculator.

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Documents Required To Apply

Business Proof

Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA) etc.

Income Tax Returns

Documents of the past 2-3 years to verify income and tax payment history.

Proof of Residence or Address Proof

Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card.

Identity Proof

Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card.

Age Proof

Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card.

Income Proof

1 year Bank Statement, 3 months Salary Slips.

Employment Proof

Employment Certificate, Office address proof.

Tax Proof

GST or VAT Registration for Self-employed.

Photograph

Passport-size photographs.

Fees and Charges

The fees and charges of personal loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to personal loans.

Loan Processing Fees ₹4999/- to 5% of Loan Amount.

Loan Cancellation Usually ₹3000/- to 5% of Loan Amount.

Stamp Duty Charges ₹150/- to ₹300/-.

EMI / Cheque Bonus Approx ₹499/- to ₹599/-.

Legal Fees as per actuals.

Penal Charges Usually 2% per month.