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What are Personal Loans?

Personal Loans in India

A Personal loan is a type of an unsecured loan, availed to meet unforeseen, emergency purposes and for genuine financial demands. Be it a medical emergency, buying your wished-for automobile, to pay the educational fees, to fund a holiday trip, to meet wedding expenses, for home improvements, to pay off other smaller debts, or any unexpected expenses, a Personal loan could be the best possible solution to overcome any personal financial issues.

Most personal cash loans are unsecured short-term loans that do not need any collateral to be placed as a guarantee. Since these low rate personal loans do not need any asset as surety, the borrower’s creditworthiness & financial record are considered before providing them.

They are probably the most convenient types of loans that can be availed for personal financial emergencies within a short period of time. Apart from having a relatively quicker processing and turnaround times, personal loans also do not need very complicated paperwork as they require lesser documentation.

Finfree enterprises is now spread across India, avail Personal loans now from anywhere to any bank. Just fill the form up and we will process your request and connect you to our financiers from our network. You can apply conveniently up to 75 lakhs* for a short tenure of 1 – 5 years at reasonable interest rates by a hassle-free process. Although there are not many restrictions imposed on them, it is aforethought to use personal loan funds for genuine purposes. As a thumb rule, fast personal loans should not be availed for purchasing fixed property, to invest in the stock market, or be spent on luxuries.

At Finfree enterprises, we make sure the whole process goes on smoothly from applying for a suitable loan to the disbursal of your amount.

Eligibility Criteria

Finfree Enterprises follows the Indian Government’s policies while processing a loan application, or for other finance-related services. However, different banks & NBFCs have different eligibility criteria to qualify for a personal loan with them. Listed below are the basic minimum eligibility criteria that are commonly considered by all the financial institutions in our network while providing personal loans to individuals.

Age – Minimum 23 yrs – Maximum 58 yrs

Residency – Should Be A Legal Indian Resident

Residential Address – Should Have A Permanent Address With 6 Months Stability

Bank Account – Should Have An Active Bank Account

Income – Stable Employment With Regular Income of >= 30K/Month In Active Bank Account

CIBIL Scores – Score Of >700 With A Good Credit Record*

Documents Required To Process A Personal Loan

Like the eligibility criteria, different banks need different documents for verification that proves the authenticity of the borrower. At Finfree Enterprises, along with a completely filled-in application form with a recent photograph, you may have to submit a couple of more documents, as needed by the financial institution with which you are applying for a personal loan. Mentioned below are a few documents that should be submitted for the verification process.

Identity Proof - Pan Card / Aadhaar Card / Voter ID card / Driving License / Passport Copy

Current Address Proof - Driving license/ Passport Copy/ Latest Gas Bill / Latest Property Tax Bill / Bank Passbook / Ration Card

Age Proof - Pan Card / Aadhaar Card / Voter ID card / Passport Copy / Any Other Statutory authority Certificate

Bank Statement - Updated Latest 3 Months Statement

Company ID – For Employment Proof

Salary Slip - Last 3 Months

Form 16 - If Required

Representative Example

INR 1,00,000/- taken as a loan amount over a loan tenure of 12-months at an annual interest rate of 10.99% will have a total payback amount of Rs. 1,06,051/- with a total payable interest amount of Rs. 6,051/- and a monthly EMI of 8,838/-.

Finfree Enterprises is a financial advisory platform in Hyderabad, Telangana that connects creditworthy borrowers with trustworthy financial institutions like the banks & NBFCs, to provide suitable fundraising options for individual applicants & for businesses across India, at the most considerable interest rates. The finally imposed interest rates will be dependent on various aspects like the borrowing loan amount, loan type, loan tenure, borrower’s credit score, financial record, employment details, income, and other relevant factors. The borrowed loan amount will have to be paid back as per the scheduled repayment plan, as decided by the borrower & the financier.

Privileges Of Choosing Personal Cash Loans From Finfree

At Finfree Enterprises, you can easily apply and avail suitable personal loans from our wide range of options to overcome your monetary crisis. Our team ensures that you, as a borrower will not have to go through the complicated processing methods, and have the application approved quickly with prompt transfer of the personal loan funds. Here are a few benefits of choosing personal cash loans from us.

Loan Quantum Of Up To 75 Lakhs*

Unrestricted Preconditions For Usage

Does Not Need Any Collateral

Manageable Repayment Options

Considerable Interest Rates of 10.99%*

Quick Processing & Approvals