About Personal Loan

By virtue of being an unsecured form of credit, you can avail a Personal Loan without pledging any collateral with minimal documentation, and easy eligibility criteria. This kind of instant loan does not have any end-usage restrictions, which means you could finance a royal wedding, a trip to your dream destination, renovate your home, deal with a medical emergency, or finance the expansion of your business.

RK Easy Loan will connect you to a lending partner of your choice, and our team will take you through the process quickly with ease. Choose from our catalog of Personal Loan Partners of Banks and NBFCs according to your needs and convenience for rapid approval and swift disbursal of your personal loan.

What are the documents required to avail a Personal Loan Overdraft Facility?

Type	List of Documents
Photo Identity Proof	PAN Card, Voter ID, Aadhaar Card, Passport, Driving License
Proof of Residence or Address Proof	Voter ID, Aadhaar Card, Passport, Driving License, Electricity Bill, Telephone Bill, Ration Card
Age Proof	PAN Card, Driving License, Passport, Voter ID, Aadhaar Card
Income Proof	6 months Bank statement and 3 months Salary Slips
Employment Proof	Employment Certificate
Office Address Proof	Electricity Bill, Telephone Landline Bill, GST or VAT Registration for Self-employed
Photograph	Passport-Size Photographs

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Features of Personal Loan

All loans are not created equal, personal loan has become a great option for people to use.

Easy Availability Across India

RK Easy Loan along with significant partner Banks extend Instant Online Personal Loan up to Rs. 25 lakhs to virtually all salaried individuals in India.

High-Speed Process

At RK Easy Loan, Adhaar based e-KYC speeds up the documentation process by eliminating physical paperwork. You can obtain a personal loan at the least financing costs within 24 to 48 hours.

RK Easy Loan Digital Resources Advantage

You can think about loan costs, offers, and online services on our digital platform. Our online resources will direct you to settle on the right decision, and pick the right bank for your advance according to your financial plan and assumptions. You can pick the moneylender contrasting different key components of a credit like loan fee, tenure, processing fees, etc.

Professional Guidance and Advice

Experts at RK Easy Loan know the ins and outs of the business. Our committed group of individual specialists will guide you to pick the right credit fee.

Personal Loan Eligibility Criteria

Personal Loans are an unsecured form of multipurpose credit, which may be used to cover a number of personal expenses. You can acquire a personal loan by qualifying with preset eligibility criteria, which are minimal. The basic eligibility criteria are as follows.

Age

Your age becomes an important criterion as a measure of your ability to repay a Personal Loan. As a rule, you will not be denied a loan if you are a salaried person aged between 21 to 58 years. On the other hand, if you are a self-employed professional, your age must be between 25 to 65 years.

Income

The minimum salary required for a personal loan as an income criterion for eligibility differs from lender to lender. Your personal loan minimum salary starts from Rs. 20,000 per month.

Employment

Your term or period of employment becomes a measure of your reliability to repay a loan in time. Personal loans for salaried employees’ criterion dictates that you must be working for an MNC or a Private or Public Limited Company with a minimum work experience of 2 to 3 years. Likewise, self-employed professionals must have a minimum of 3 years of experience for personal loan eligibility.

Credit and Repayment History

Banks and NBFCs at all times consider the credit profile of a borrower before sanctioning a loan. Lenders may reject your loan application, or charge you a higher rate of interest if your repayment history shows that you have not been good at repaying credit. A good credit score helps to increase your chances of loan approval.

Banking Relationship

A good banking relationship helps in loan approvals. If you have a salary account or a savings account with the lending bank, the chances of loan approval are higher, and the terms and conditions offered along with the interest rate are favourable as well.

Ability to Negotiate

Personal loan eligibility factors such as income, credit history, and a strong banking relationship ensure good scope for negotiating better terms and conditions, better interest rates, and better loan tenures for your borrowings. Special offers are part of your package if you negotiate well.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

What is a personal loan?

An unsecured borrowing, the term Personal Loan implies an amount of money borrowed for a variety of purposes. This multi-purpose loan has no end-usage restrictions, and can be used to consolidate debt, pay for home renovation, organize a wedding, or any other purpose the borrower deems fit. The borrowing has to be repaid over a period with interest along with other fees and charges.

Why do people take personal loans?

Personal Loans are collateral-free unsecured loans offered by almost all Banks and NBFCs, and are approved within 24 hours to 7 business days. These funds are multi-purpose loans without end-usage restrictions, and thus can be used for varied purposes ranging from emergencies to vacations. Easy documentation and quick approval makes these collateral-free loans easy to avail and hassle-free in times of need.

What is the maximum loan amount anyone can get?

Most Banks and NBFCs offer you a personal loan amount to the tune of Rs. 25 Lakhs as an individual after a check on your age, employment, income, and creditworthiness. In case, you are a salaried person, you may be allowed to apply for a loan amount up to 20 times your monthly income at your lender’s discretion.

Are credit cards or home loans better the personal loans?

Experts recommend a credit card for short-term debt. On the other hand, a personal loan proves more suitable for longer repayment tenures. Depending on your requirement, go for a home loan when you are ready to buy a house. A personal loan proves useful when you require extra cash. Personal loans and Credit Cards are unsecured forms of credit, while you mortgage your house when you avail a home loan. Depending on your need, check your loan value, loan tenure, interest rate, processing fees, and hidden charges offers before you decide on a Personal Loan, a Home Loan, or a Credit Card.

How fast can my personal loan be sanctioned?

Approval of your Personal Loan depends on your lender. You personal loan approval in terms of time however depending on your lender may be approved instantly within 24 hours or may take up to 7 business days based on your credit score.

What is the procedure for applying for a personal loan?

Apply for a personal loan in the following manner.

Decide the Exact Amount to Borrow
Use a Personal Loan Eligibility Calculator
Calculate Your Credit Score
Check your Documentation
Fill out the Personal Loan Application Form
Submit Relevant Documents
Lender Verification of Documents
Assessment and Approval
Disbursal of Loan Amount into your Bank Account

Is there an option of co-applicants for personal loan?

There are options from financial institutions for co-applications for Personal loans. However, just about anyone cannot become a co-borrower. Depending on your lender, you can co-apply jointly with your spouse, parents, or siblings.

What will be the tenure of personal loan?

RK Loan Finance offers in association with well-known Banks and NBFCs Personal Loan tenures ranging from 1 to 5 years or 12 to 72 months. You choose your loan period according to your repayment capacities to suit your needs.

Can I apply my loan online?

Yes, You can apply for personal loan online with Ruloans Easy Application Process. Apply for Instant Personal Loan now[link]

What is the possibility of getting a personal loan from banks?

The possibility of getting personal loans from banks depends on eligibility criteria, and your creditworthiness as decided by your lending banks. Should you prove your eligibility in accordance with the terms and conditions of the bank, and should the bank find you worthy of credit, you will not be denied a loan in the shortest period.

Can I apply for personal loans through NBFC's?

Other than banks, Non-Banking Financial Companies or NBFCs too offer personal loans at attractive rates of interests additional incentives. Provided you fulfil eligibility criteria, you can apply for a personal loan from any of Ruloans’ Partner NBFCs.

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Now apply for a Car Loan online, All you need to do is provide your details below application form.

Interest Rate: 9.15% onwards*
Initial Processing Fees of Rs. 3000 + GST I IPF applicable for fresh Home Loan cases
Tenure upto 30 Years

Here’s an example:

Loan Amount Rs. 35 Lakhs, Tenure: 30 Years, Interest Rate: 9.15%, equates to EMI: 28,540/-
*Terms & Conditions Apply

Personal Loan

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