Going through the process of getting an INR 2.5 lakh personal loan might seem daunting at first, but once you figure out the steps, it becomes fairly simple.
Documentation is an important part of the loan application process. It is recommended that you carefully keep track of each important document, so as to not leave anything out. In view of the applicants’ convenience, all documents required for personal loan can be uploaded to the online portal for verification. Therefore, you must keep scanned, digital copies of each document ready.
Let us now chart out what you will need in terms of the documents. This article will help you clearly understand the personal loan requirement, to stay one step ahead in the application process.
The sum of money, interest rate, loan term, and EMI are the four fundamental components of a loan. The loan amount here is INR 2.5 lakhs. Credit score, applicant age, employment status, and borrower’s repayment capacity, etc. are among the variables influencing the personal loan interest rate. The interest rate typically ranges from 11.99%* to 36%* per annum. The applicant chooses the loan tenure, and the exact interest rate is determined by the loan amount along with tenure. The loan tenure can be anywhere between 12 to 60 months.
Based on all of the aforementioned figures, the EMI (or Equated Monthly Instalment) is then calculated. Here is the formula used to determine the EMI in more detail:
E = P*r*((1+r)^n/((1+r)^n-1))
The notations are as follows: P = the loan amount, r = rate of interest, n = loan tenure in months.
For instance, the EMI for an INR 2.5 lakh loan with a 36-month term and an interest rate of 11.99%* would be INR 8302. To find out what your EMI would be based on your needs, use this personal loan EMI calculator.
Mentioned below, are the standard documents for a personal loan.
If you are a salaried employee, you will need the following two additional documents:
Form 16 is a certificate that mentions the tax deducted by the employer from the employee’s salary. This form is used as a proof and validation of the deductions made to the salary.
If you are self-employed, you need the following additional documents, either for yourself or your business entity:
Please note that additional documents may be requested, over and above the aforementioned list. This will depend on your individual profile and SMFG India Credit’s policies.
To sum it all up, making a checklist to keep track of your important documents is extremely useful. SMFG India Credit offers flexibility in the loan tenure, and no mandatory requirement for collateral in a personal loan. Check out our personal loan eligibility calculator before applying to get a better idea of your financial future. Visit SMFG India Credit today to see what are the documents required for a personal loan.
You can take our personal loan for a variety of reasons.
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