Personal Loan

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    What is a Personal Loan

    A personal loan refers to lump-sum financing. Banks and NBFCs offers the loans to borrowers to meet a variety of expenses. Some of the common reasons for taking a personal loan are to meet expenses related to holidays, wedding, medical procedures, home renovations, education and personal purchases. Borrowers also use the finance option for debt consolidation and credit card payments.

    It is a form of instalment credit, repaid to the bank or NBFC in regular increments over a pre decided period of time, usually ranging between two to seven years. These loans are often considered as an affordable alternative to credit cards as they have lower interest rates than credit cards – interest rates can be as low as 9.99% for high-qualified borrowers.

    It is important to remember that the money is a loan and not is never given without considering a borrower’s repayment capacity.

    Why choose OneNDF for a personal loan?

    • Pioneers in video-conferencing & digital consultation.

    • Seamless Customer Experience

    • Lending Uncomplicated

    • Disbursement Simplified

    Pioneers in video-conferencing & digital consultation.
    We are using Combinatorial technology; a unique combination of conventional & contemporary loan process. Our platform will empower you to negotiate with multiple Loan Officers in one window at one time; saving you time, efforts and most importantly MONEY. It will lead to higher productivity & transparency for all the stake-holders (Loan Officer, Consultant and the Customer).

    Lending Uncomplicated
    Through our platform; you can clear all your queries with the Loan Officers directly without having to meet them in-person. Our Omnichannel platform will safeguard critical information from being lost in transition; also saving your precious time for multiple discussions.

    At OneNDF; our Home Loan Pundits are equipped to evaluate and present to you top 5 Lending Banks / NBFCs (using our proprietary software) to evaluate from our exhaustive list of Lending Partners. It will automate you to decide which bank to go with to get the required loan product.

    Seamless Customer Experience
    Customers are our priority, and our motto is to make the entire loan process incredibly smooth by bringing clarity from the first day, for the main attributes of the loan application. You can experience our platform for complete transparency – in terms of Loan Product, Loan Amount, ROI, Processing Fee, Foreclosure Charges, Insurance and On-time Disbursement.

    Disbursement Simplified
    Our work does not end at just ensuring the file is processed in the Bank; we are with you at each step of the way. We will help you complete the entire process of Disbursement; ensuring the transaction is complete, property papers are submitted with the Bank; and the EMI debit form – NACH is dully submitted and updated with the Lender and the Bank (from where the EMI is deducted).

    Personal Loan Fee & Charges

    Here are the common fees and charges levied on a Personal Loan by the lenders:

    - Interest Rate 9.99% onwards
    - Loan Amount: upto 50 lacs
    - Loan Tenure: upto 5 years
    - Processing Fee: 2 – 4%
    - Foreclosure charges: as applicable by the Lender.

    Please note the above rates are indicative of the Loan commercials being offered by the Lenders.

    The Final Loan Terms will be decided and shared by the Lender at the time of Sanction. The final commercials may vary based on the borrower’s financials, repayment capability and the credit policy of the Lender.

    Processing Fee may vary for each Lender. While discussing with the respective Lender; the OneNDF representative will discuss the disclose these charges before processing.

    • Interest:

      Every lender will charge an interest on the loan amount. It is paid to the lender in the form of a monthly instalment.

    • Processing Fee:

      The lender will charge a processing fee for filing and processing a loan application.

    • Pre or part payment charges:

      Some lenders may levy a prepayment charge for repayment of loan, partially or fully, before its due date.

    • Overdue penalty:

      Inability to repay an EMI on the due date will lead to an penalty and extra interest levied on the overdue amount.

    Personal Loan Features and Benefits

    Here are a few reasons how a Personal Loan can become a perfect solution for you:

    • No End-usage Restrictions: Personal Loans can be availed for any legal activity. Whether it is to fund a wedding, pay education fees, take a vacation or even pay for an unplanned surgery. The bank will not ask you for the purpose of the loan, and your eligibility will not depend on it.
    • Collateral-free: Personal Loans are unsecured loans, which means that you don’t have to pledge collateral to avail of the loan. You can apply for a Personal Loan by only filling the application form and uploading your documents. The bank will assess your creditworthiness based on the income and personal information you provide.
    • Flexible Loans: You can avail of a loan of any amount depending upon the lender’s policies and your eligibility. Choose a tenure between 12 to 60 months, based on your comfort of repayment.
    • Customised recommendations: When you apply for a Personal Loan at OneNDF, our Loan Pundit gets in touch with you to understand your requirements and offer you their expertise. They guide you on how to choose a lender and how to proceed with the loan so that you can get the best deal without any hassle.

    Easy Eligibility and Documentation: We take you over the eligibility and documentation requirements in detail. Our Personal Loan Pundit guides you through the entire process and helps you meet all the requirements for instant approval

    Types of Personal Loan

    The unrestricted nature of Personal Loans allows the borrower to use it for any reason.

    Here are the types of Personal Loans in detail:

    • Wedding loans:

      These loans are designed to fund a wedding function. It can be taken by the bride, groom or any family member to fulfil the purpose.

    • Travel loan:

      Any individual can take a Personal Loan to fund a planned vacation or an urgent travel requirement.

    • Emergency fund:

      The instant disbursal of a Personal Loan makes it ideal to fund any emergency requirement such as medical expenses, travel, etc. It can also act as a personal emergency fund.

    • Home improvement loan:

      Such Personal Loans are designed for home-owners looking to renovate their homes.

    • Personal Loan for education:

      A Personal Loan can be taken to fund higher education needs or pay a fee for any course. The lender does not ask for the purpose of the loan.

    • Personal Loan for purchases:

      Whether it is furniture, electronics or any other big purchase, a Personal Loan can act as a great source for funds.

    Salaried Employees Self Employed Individuals
    Duly filled Application Form with Photograph Duly filled Application Form with Photograph
    Age Proof -PAN Card, Aadhar Card, Passport, Any other Certificate from Statutory Authority Age Proof – PAN Card, Passport, Any other Certificate from Statutory Authority
    Proof of Residence – Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority Proof of Residence – Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority
    Salary slips of previous 6 months Registration Certificate/Proof of business along with Business Profile
    Form 16 of the previous 2 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant of previous 2 years
    Bank Statements (salary account) – previous 6 months Bank Account Statements (self & business) – previous 6 months

    Your eligibility plays a crucial role in determining the final loan amount approved. It is important to remember that while there are general eligibility criteria, the specifics for each will vary across lenders.

    General Eligibility Criteria for a Personal Loan

    • The applicant should be a resident citizen of India.
    • Should be above 18 years of age at the time of application and below 70 at the time of the loan’s maturity.
    • Credit Score should be above 700.

    Personal Loan EMI Calculator

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    FAQs for Personal Loan

    A Personal loan is an unsecured loan with no end-usage restrictions. Borrowers can avail a Personal loan to fund any purpose. If the applicant meets the eligibility conditions, a Personal Loan can be disbursed instantly.

    Here are the steps:
    Fill in the enquiry form available on NDF’s Personal loan page with your requirements, income and contact details.
    The best consultants for a Personal Loan will get in touch with you upon receiving your request and guide you through the process.

    Here are the common documents an applicant needs to furnish to avail a Personal loan:
    ● Identity Proof
    ● Address Proof
    ● Proof of age
    ● Salary slips for the previous six months (for salaried)
    ● Financial statements for the previous six to twelve months
    ● Income tax returns or form 16
    ● Proof of Income / financial statements (for self-employed)

    The applicant can check personal loan eligibility through the lender’s personal loan eligibility calculator.
    The applicant can check their Personal Loan Eligibility through our Personal Loan Eligibility Calculator available on our portal.

    Pre-approved Personal loans are loans which are disbursed to selected customers. It requires the applicant to meet minimal eligibility conditions.

    Most lenders require the applicant to furnish a credit score above 700 (CIBIL) for a Personal loan. You can check the eligibility through the lender’s eligibility calculator.

    Each of our lending partners have different minimum income requirements. Our Loan Pundits representative will guide you through the eligibility conditions and get you the best Personal loan deal according to your profile.

    Follow the steps below to get your Personal Loan approved instantly:
    ● Check the lender’s eligibility conditions Check your eligibility
    ● Check your credit score:
    ● Use the lenders personal loan eligibility calculator
    ● Avoid applying to multiple lenders
    ● Use our eligibility calculator
    ● Reach out to our Loan Pundit for assistance
    ● Keep your documents in place
    ● Keep your debt-to-income ratio low

    To avoid Personal loan rejection, ensure that you meet the lender’s eligibility conditions perfectly.
    ● Check your credit score and improve it if it is falling below 700.
    ● Lower your debt-to-income ratio
    ● Increase your repayment capacity

    No, Personal loans are not tax exempted. Since Personal loans are not counted as income, it is not taxable. Hence, there are no tax benefits on a Personal loan

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