Personal Loan

Life doesn't wait for your savings to catch up — a sudden medical bill, a wedding date that's already fixed, or a home repair that can't be postponed. A personal loan puts money in your account without pledging any asset, no questions asked about how urgent your reason is. What most people don't realise is that the rate offered by their own salary bank isn't always the best one available. We compare 30+ banks and NBFCs, so you get a fair rate and fast approval, with one honest advisor guiding you instead of ten sales calls competing for your business.

★ What it covers (and what it doesn't)
1. Use for credit card payoff, travel, shopping, weddings, medical treatment, and genuine personal needs.
2. Not meant for starting a new business or investing in stocks and commodities — lenders will reject misuse.
3. Unsecured — no property or asset pledge required from most banks and NBFCs.

★ How much you can get
1. Loan size is typically 7 to 18 times your net monthly take-home salary, depending on the lender.
2. Rates and limits depend on your employer, salary, bank balance, designation, and CIBIL score.
3. Different banks offer different tenures and caps — comparing options saves real money.

★ Approval in as little as 24 hours
1. Basic needs: KYC documents plus income proof (salary slips, Form 16, bank statements).
2. Decisions usually come within 24 hours to 7 days, based on profile and lender policy.
3. Verification agencies check documents and CIBIL before sanction; disbursement follows agreement and security cheques.

★ Common reasons for rejection
1. Poor CIBIL, existing defaults, too many active loans, or profile mismatch with bank criteria.
2. Repayment starts the month after disbursement — loans after the 15th may see first EMI delayed one month with pre-EMI interest deducted.
3. We match your profile to the right lender first, so you avoid unnecessary rejections on your credit report.

★ KYC Documents
1. PAN card
2. Aadhaar card
3. Passport-size photographs (3 copies)

★ Income — Salaried
1. Salary slips — last 6 months
2. Form 16 — latest year
3. Bank statements — last 12 months
4. Company ID card
5. Appointment / offer letter

★ Address Proof
1. Latest electricity bill
2. Rent agreement (if rented)

★ For Salaried Individuals
1. Indian Citizenship is a requirement.
2. Age should be between 21 and 65 years.
3. Employed with the current company for at least 6 months, and overall work experience of 1 years. Stability criteria may not apply to those working with top-tier companies.
4. Possession of a salary account is mandatory.
5. Some banks consider highly educated or employees of super category A companies, even if it's their first or third job.
6. Minimum take-home salary varies: Rs.13,000 and above per month for Super Cat A, Rs.20,000 and above per month for Cat A or listed companies, and Rs.20,000 and above per month for small Pvt. Ltd companies or government sector.
7. Minimum education requirement is 12th pass.
8. Residence could be owned, rented, or provided by the company. For renters, permanent ownership address proof from any city or village in India is needed.
9. Postpaid mobile connection may be necessary for certain banks.

★ For Self-Employed Individuals
1. Business must be at least 2 years old.
2. Minimum annual turnover should exceed 25 lakhs.
3. Possession of a current account for at least 1 year, with average bank balance equal to the EMI amount for the new loan.
4. Loan amount calculation follows the DSTR calculator.
5. Maximum loan amount is twice the average IT Return of the last two years.
6. Business registration documents, such as Shop Establishment, VAT, CST, and GST, are required. Turnover and IT Return should show growth compared to the previous year.
7. No EMI bounce allowed in the last 3 months, and only 1 bounce allowed in the last 6 months.
8. Inward cheque returns should not exceed 2% of total transactions.
9. Banking should not account for more than 30% of total turnover.
10. Both rented residential and office properties are not accepted as collateral.
11. Recent loans taken within the last 3 months may affect eligibility.

✔ Submit Currently Running Loan Statement of account (If Any).
✔ Submit all Documents in Hardcopy Togather.
✔ Also Mail US all Softcopy on PDF File on contact@prarviconsultancy.com

1. Compare and Choose: Obtain loan quotes from different banks and lenders, then analyze and select the best option for you.
2. Listen and Learn: Pay attention to what various vendors have to say. You might discover new insights that you weren't aware of.
3. Honesty Matters: Be transparent about any negative aspects of your financial history with the vendors. This helps them guide you towards the right choices.
4. Credit History Conversation: Discuss your complete credit history with the vendors. This enables them to provide accurate solutions and avoid potential rejections.
5. Politeness Pays: Maintain a respectful attitude with the vendors. Building a good rapport can lead to more beneficial and lasting relationships.
6. Preparation Pays Off: Gather all your documentation and security cheques before applying for a personal loan. This proactive approach saves you time and ensures a smoother process.
7. Stay Connected: Keep in touch with your vendors until you receive a definitive status update on your loan application. Open communication helps you stay informed.
8. Track Your Progress: Use your application number to monitor the status of your loan application on the bank's website. This keeps you informed every step of the way.