Personal Loan

Secure the Personal Loan You Need to Achieve Your Goals! Apply Today!

Personal Loan Features

Offers for New Customers.

3 Unique Variants .

Loan of up to Rs. 40 Lakh .

Tenure of up to 84 Months.

No Guarantor / Collatera.

No Hidden Charges.

Features and Benefits of our Personal Loan

A personal loan is an unsecured loan that does not require collateral or security, making it a versatile financing option with no restrictions on its usage.

Here are some common ways a personal loan can be helpful:

Debt consolidation: Merge multiple debts into a single loan with a lower interest rate to reduce costs and simplify debt management.
Home renovation: Finance home improvement projects to enhance your living space and increase your property’s value.
Medical Expenses: Cover unexpected medical costs, such as emergency surgeries or hospitalizations, with ease.
Emergency Expenses: Manage unforeseen expenses like car repairs or urgent medical needs, preventing financial strain.

Personal Loan Eligibility Criteria

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.

Age should fall under the range of 21 years to 60 years.
Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs.
Credit score must be above 650.
Employment stability.
Maintained a good credit score.
Clear repayment history.
Must be a Resident Citizen of India.

Documents required to apply for Personal Loan

Identity Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
Proof of Residence or Address Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration 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
GST or VAT Registration for Self-employed
Photograph - GST or VAT Registration for Self-employed
Business proof - GST or VAT Registration for Self-employed
Income tax returns - GST or VAT Registration for Self-employed

EMI Calculator for Personal Loan

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 SLNFinserv Personal Loan 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 SLNFinserv Personal Loan calculator.

Personal Loan FAQs

What is a personal loan?

A personal loan is a type of loan offered by financial institutions that allows individuals to borrow a fixed amount of money for various personal expenses.

How can I apply for a personal loan?

You can apply for a personal loan by visiting the lender's branch, filling out an online application form on their website, or through mobile banking apps.

What are the eligibility criteria for a personal loan?

Eligibility criteria typically include age, income, employment status, credit score, and residency status.

What documents are required for a personal loan application?

Commonly required documents include identity proof, address proof, income proof, bank statements, and passport-sized photographs.

How is the interest rate on a personal loan determined?

The interest rate is influenced by factors such as the applicant's creditworthiness, loan amount, loan tenure, and prevailing market rates.

What are the repayment options for a personal loan?

Repayment options typically include Equated Monthly Installments (EMIs) through post-dated cheques, auto-debit from bank accounts, or online payments.

Can I prepay or foreclose a personal loan?

Yes, many lenders allow prepayment or foreclosure of personal loans, but it may be subject to certain terms and conditions, including prepayment charges.

What happens if I miss an EMI payment?

Missing an EMI payment can lead to penalties such as late payment fees, increased interest rates on overdue amounts, and negative impact on credit score.

How long does it take for a personal loan to be approved?

Approval times vary but can typically range from a few hours to a few days, depending on the lender's verification process and documentation requirements.

What should I consider before applying for a personal loan?

Factors to consider include the interest rate, fees and charges, repayment terms, eligibility criteria, and your ability to repay the loan comfortably.

Discover our diverse selection of Personal Loan Options tailored to meet your specific needs.