About Personal Loan

Personal loans from Credokart offer a quick and easy solution to all your urgent financial needs.

A personal loan can fulfill all your requirements, whether you need funds for any medical emergency in your family, your sibling’s, wedding, or want to renovate your home.

There are many benefits of personal loans over the rest forms of credit, such as credit cards and cards and informal loans from family members, friends or untrustworthy financiers.

Self-employed, most salaried people and professionals can apply for personal loans. Credokart provides among the best personal loans with appealing interest rate, minimal documentation and speedy procession of loans

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Benefits

Those who need funds urgently personal loans are an ideal choice for them. It is suggestion to go for a personal loan overusing credit cards. Later have strict credit limits, whereas in the former, you can opt exact personal loan amount. To pay someone, you can use the funds from your personal loan via cheques, bank transfer or cash because not all suppliers and vendors accept credit cards.
Also, you need to pay your credit card bill by the due date, but you can repay a personal loan over a period of time with pre-determined EMIs.
One of the benefit of personal loan is the flexibility it offers for its use. You can use the personal loan funds for several purposes and hence you use it for your home renovation, your higher studies, travelling, wedding or any medical emergency
The personal loans amount you can borrow in metro and urban areas can be up to Rs 10 Lakh, while in semi-urban and rural areas the maximum amount of personal loan you can borrow is Rs 5 lakh.

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Features

The application should be the employees of government or private companies with minimum continuous service of one year. And similarly the people who have their business should be in practice for at least one year to get eligible for loan
The minimum age to be eligible for applying personal loan is 21 years, while the co-applicants are not allowed and the maximum age to be eligible for applying for personal loan is 60 years for salaried and for no salaried is 65 years at the end of repayment period.
Depending upon the location the personal loan also varies. It range from Rs 1 lakh to Rs 10 lakh in metro and urban area, while it is Rs Rs.50,000 up to Rs.5 lakh in semi-urban and rural areas.
The calculation of the personal loan processing charges is done as 2% of the loan amount, with a minimum of Rs.1000 up to Rs.10,000.

Personal Loan - Eligibility

Employees/Worker of Central/Stat Govt./ Private Sector/Autonomous Bodies/Joint Sector Undertaking, Public Limited Co./ Multinational Companies & Educational Institutions – with minimum service(continuous) for 1 year
You should have serve minimum 1 year(continuous) – Private Limited companies, Partnership firms, Employees of Proprietorship
For Insurance Agents – you should be doing business for minimum 2 years
Self Employed (Doctor, Consultant, Architect, Interior Designers, Practicing Company secretaries etc) with minimum 1 year of stable business.
Self Employed Business persons – with minimum 1 year stable business.

Terms & Conditions

Purpose

For any purpose other than speculation.

Eligibility Borrowers

Employees/Worker of Central/Stat Govt./ Private Sector/Autonomous Bodies/Joint Sector Undertaking, Public Limited Co./ Multinational Companies & Educational Institutions – with minimum service(continuous) for 1 year
You should have serve minimum 1 year(continuous) – Private Limited companies, Partnership firms, Employees of Proprietorship
Insurance Agents- doing business for minimum last 2 years
Self Employed(Doctor, Consultant, Architect, Interior Designers, Practicing Company secretaries etc) with minimum 1 year of stable business.
Self Employed Business persons – with minimum 1 year stable business.
Staff members are not eligible

Co-Applicant

Applications to be accepted on individual basis only and Co applicants not to be allowed.

Age

Minimum

21 Years

Maximum

For Salaried Persons: For salaried persons the age of borrower plus repayment period should not exceed over the retirement age or 60 year whichever is lower.
For non-salaried Persons: For non-salaried persons the borrower age plus repayment period should not exceed 65 years

Quantum of Finance

Limit is stipulated on the basis of classification of the financing branch.

Maximum
For Metro & Urban Areas: Rs. 10 Lakhs
For Semi-Urban & Rural Areas: Rs.5 Lakhs

Minimum
For Metro & Urban Areas : Rs. 1 Lakh
For Semi-Urban & Rural Areas : Rs.50,000/-

Penal interest

Penal interest @2% shall be levied on overdue amount

Processing Charges

2% of Loan amount Minimum: Rs.1000/- Maximum: Rs.10,000/- + Service Tax

Specific Guidelines for Loan Eligibility

Parameter	Employees of Central/ State Govt., Autonomous Bodies, Public/ Joint Sector Undertakings & Educational Institutions- with minimum continuous service for 1 year and having salary account with our Bank	For Others
Repayment Capacity (FOIR)	60% of GMI	GMI less than Rs. 75 thousand : 40 percent of GMI GMI Rs. 75 thousand and above but less than Rs.2,00,000: 50 percent of GMI GMI Rs. 2,00,000 and above : 60% of GMI
Repayment Period	Maximum 60 months	Maximum 48 months
Account Relationship	The salary(pay) account should be with our Bank. Last month salary (Pay) has been settled in the account	Loan amount upto Rs. 2.00 Lakhs : With our bank and any other bank bank the account relationship should be satisfactory for at least 6 months Loan amount above Rs.2.00 Lakhs : With our bank and any other bank bank the account relationship should be satisfactory for at least 6 months In case of Employees of Proprietorship, Partnership firms, Private Limited companies, Trust – Salary account of the employee should be maintained with our Bank for the last -6- months. In case of Insurance Agents – The Commission for the minimum last 6 months to be credited to the account with us.

Parameter

Employees of Central/ State Govt., Autonomous Bodies, Public/ Joint Sector Undertakings & Educational Institutions- with minimum continuous service for 1 year and having salary account with our Bank

For Others

Repayment Capacity (FOIR)

60% of GMI

GMI less than Rs. 75 thousand : 40 percent of GMI
GMI Rs. 75 thousand and above but less than Rs.2,00,000: 50 percent of GMI
GMI Rs. 2,00,000 and above : 60% of GMI

Repayment Period

Maximum 60 months

Maximum 48 months

Account Relationship

The salary(pay) account should be with our Bank. Last month salary (Pay) has been settled in the account

Loan amount upto Rs. 2.00 Lakhs : With our bank and any other bank bank the account relationship should be satisfactory for at least 6 months
Loan amount above Rs.2.00 Lakhs :

With our bank and any other bank bank the account relationship should be satisfactory for at least 6 months
In case of Employees of Proprietorship, Partnership firms, Private Limited companies, Trust – Salary account of the employee should be maintained with our Bank for the last -6- months.
In case of Insurance Agents – The Commission for the minimum last 6 months to be credited to the account with us.

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You can apply for a Personal Loan online now, All you need to do is provide your contact details below application form.

Personal Loan

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