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Personal Loan Baloda

Personal Loan Baloda

What is Personal Loan?

A personal loan is a loan taken by an individual to fund any personal expense like, for example, a wedding, to make renovations to the home or even for a vacation. It has higher interest rates than secured loans like a home-equity loan. Hence, Personal loans are backed only by your promise to repay, and hence, for this reason, they are also known as “unsecured loans”. This kind of financing usually comes with a fixed interest rate as well as a term ranging from one to five years. There is no collateral to appraise, so getting an underwriting decision as well as receiving your funds can happen very quickly. They are safer than credit cards as well as can improve your credit rating, because credit scoring systems treat installment debt more favorably than revolving debt like credit cards. Finally, personal loans usually come with lower rates than comparable credit cards.

About Baloda

Baloda is a town and a Nagar panchayat in Janjgir-Champa district in the state of Chhattisgarh, India. It has an average elevation of 280 meters. Baloda has an average literacy rate of 66% while 14% of the population is under 6 years of age.

Why Personal Loan


  • Multi-purpose loan: You can take a personal loan for a variety of purposes such as for conducting a family wedding, supporting your child’s education, renovate your home or even pay back an existing loan.
  • No collateral: If you are eligible, you can take a personal loan without putting up any of your assets as collateral.
  • Minimal paperwork: A personal loan requires very little paperwork when compared to other types of loans.
  • Easy repayment: Our Personal Loans come with a host of repayment options such as post-dated cheques, ECS, online payments of EMI and so on.
  • Affordable interest rates: Our Personal Loans come with competitive interest rates that are easily affordable.
  • Quick and easy documentation process for short-term personal loans.
  • Loan disbursal in 72 hours after submission of documents.
  • These loans can also be transferred to another bank.


  • Interest rates: Banks offer lower or higher interest rates depending on the borrower’s occupation, income, as well as credit history. Before choosing a bank, compare the personal loan interest rates offered by different banks, as well as opt for the one offering the minimum interest rate.
  • Service charges: Processing fee, pre-payment charges, as well as documentation fee are some of the service charges that are added to the loan amount.
  • Equated Monthly Installments: Compare the EMI options offered by various banks, before choosing the one that offers the optimum EMI option.
  • Loan tenure: The repayment period for short-term personal loans range from 1 year to 5 years while, in some cases, the loan tenure is less than a year.
  • Loan issue time: The main purpose of a short-term personal loan is to fulfill the immediate financial needs of a customer. Hence, Most banks process and issue loans within 48 to 72 hours.

Personal Loan Documents

Documentation For Personal Loan

List Of Documents For Salaried

  • Proof of Identity:- Passport or Driving License or Voters ID or PAN Card (any one).
  • Proof of Residence:- Leave and License Agreement or Utility Bill (not more than 3 months old) or Passport (any one).
  • Latest 3 months Bank Statement (where salary or income is credited).
  • Salary slips for last 3 months.
  • Two Passport Size photographs.

List Of Documents For Self-Employed

  • Proof of Residence:- Leave and License Agreement or Utility Bill (not more than 3 months old) or Passport (any one).
  • Income proof (audited financials for the last two years).Latest 6 months Bank statement.
  • Office address proof.
  • Proof of residence or office ownership.
  • Proof of continuity of business.
  • KYC Documents : Proof of Identity; Address proof; DOB proof.


Personal Loan Eligibility

Eligibility Criteria For Personal Loan

For Self-Employed Indivisuals

  • Criteria : Self-Employed.
  • Age : 23 years (self employed individuals) and 25 years (for doctors); Maximum age – 65 years.
  • Minimum Turnover : Rs. 40 lakh for non-professionals; Rs. 15 lac for professionals; as per audited financials.
  • Minimum Profit After Tax : Rs. 2 lac for Proprietorship Firm/Self employed Individuals and Rs. 1 lac for non-professionals as per audited financials.
  • Business Stability : In current business for at least 5 years and minimum 3 years for doctors.
  • Existing relationship with the bank : Minimum 1 year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track asrequired.

For Salaried Indivisuals

  • Criteria : Salaried.
  • Age : 22 years to 65 years.
  • Total years in job or profession : 2 years.
  • Years in current residence : 1 year (One day if in a Super A Company).
  • Salaried individuals with minimum monthly income Rs.15,000 (Rs.20,000 for applicants residing in Mumbai & Delhi; Rs.18,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata; For Others Rs. 15,000).

Terms And Conditions

Know About The Terms And Conditions:


  • If you keep to the terms of this agreement you’ll make xx monthly payments of £xx (as detailed in your own agreement).
  • The first payment is due one month after we send the loan funds to you. Therefore, the day we send the funds may be different to the day the funds arrive in your account.
  • The amount you owe will change.
  • If you don’t make payments in full and on time, you’ll pay more interest overall.

Overpayments And Repaying Your Loan Early

  • You can overpay your loan at any time while this will reduce the outstanding balance so you’ll pay less interest.
  • Also, You can ask for a statement showing the effect of any overpayment on the amount you owe while we’ll send you this within seven working days of your request.
  • You can also repay the full amount you owe at any time.

Failing To Make Your Repayments On Time

  • Not repaying us on time means that you’ll have broken the terms of your agreement, like, you may pay more interest overall or we may report your breach to credit reference agencies or you may find it more difficult to obtain credit in the future.
  • We may use the money on any other account you hold with us.
  • We may end the agreement and require you to repay the full outstanding balance.
  • Legal proceedings may be taken against you which could result in the debt being secured by any property you own.

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