Finance

Personal Loan

EMI Calculated

Principal Amt :
500000
Rate of Interest :
1 %
Tenure :
1 yr.
Total Interest :
2712.52
Total Amount Payable :
502712.52

Principal + Interest

Equated Monthly Installments (EMI)

₹ 41892.71

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Steps To Apply

What is Personal Loan?

The easiest to avail and does not require a pledge of collateral to receive the funds, Personal loan is a type of unsecured loan. Now fulfil your dream without worrying about the finances with the best technologically driven personal loan services by My Loan Route. The personal loan is convenient to avail with our best-in class services. Considering personal loan is not dependent on any guarantee, you do not have to worry about security assurance. This means you borrow a fixed amount of money and pay it back with interest in monthly payments over the life of the loan — which typically ranges from 12 to 84 months.

Where can a personal loan be used?

  • Medical emergency
  • Home renovation
  • Higher education
  • Debt consolidation
  • Travel
  • Wedding

Maximum Personal Loan Duration!

It can vary from 1 to 5 years or 12 to 60 months. Shorter or longer tenures might be allowed on a case-by-case basis. Typically, the personal loan gets disbursed within 7 working days of the loan application to the lender. Once approved, you might receive an account payee cheque/draft equal to the loan amount. You can also get the money electronically deposited into your savings account automatically.

Personal Loan Borrow Amount.

The amount depends on your income and varies on whether you are salaried or self-employed. Usually, the banks restrict the loan amount. It is done so that your EMI isn’t more than 40-50% of your monthly income. when calculating the personal loan amount any existing loans that are being serviced by the applicant are also considered. Loan value for a self-employed person is calculated on the basis of profit earned as per the most recent acknowledged profit or the Loss statement. This takes into account any other additional liabilities of the individual.

To apply for the personal loan, you can do so by clicking on the official website of My Loan Route. We are one of the fastest online and offline personal loan providers with a transparent application process and quick processing.

Eligibility Criteria For Loan

Particulars

Salaried

Self-Employed

Age(Min-Max)

23 years to 58 years

28 years to 65 years

Income

Rs.25,000

Minimum turnover of Rs.40 lakhs

CIBIL Score

Above 750

Above 750

Documents for Loan Application

Salaried

Self-Employed

Application form with photograph

Application form with photograph

Identity and Residence proof

Identity and Residence proof

Last 6 months bank statements

Last 6 months bank statements

Processing fee cheque

Processing fee cheque

Latest Salary Slip

Latest Salary Slip

Form 16

Business Profile and Previous 3 years Income Tax returns (self and business)

Previous 3 years Profit/Loss and Balance Sheet