Overview
By virtue of being an unsecured form of credit, you can avail of a Personal Loan without pledging any collateral with minimal documentation, and easy eligibility criteria. This kind of instant loan does not have any end-usage restrictions, which means you could finance a royal wedding, a trip to your dream destination, renovate your home, deal with a medical emergency, or finance the expansion of your business.
Maxxvalue Advisory will connect you to a lending partner of your choice, and our team will take you through the process quickly and with ease. Choose from our catalogue of Personal Loan Partners of Banks and NBFCs according to your needs and convenience for rapid approval and swift disbursal of your personal loan.
Types Of Personal Loan
Marriage
Cherish your dream wedding with funds from the right lenders!
Education
Fulfil your dream of studying at a World Class University
Travel
Craving some thrill, adventure or secluded leisure. Connect with us for your Travel Loan Needs.
Medical Emergency
Finance your healthcare needs and procedure without pledging assets or investments as collateral.
Features & Benefits
No Collateral or Security
No collateral or mortgage to avail a personal loan. Loan approval is based on your credit score, credit report, repayment history, and other criteria.
End-Usage-Flexible
No end-usage restrictions on a Personal Loan gives you the liberty to meet multiple purposes including medical emergencies, holidays, business, or debt consolidation.
Flexible Tenure
You may avail a loan for a flexible period ranging from 12 months and 72 months.
Minimal Documentation
Identity proof, proof of residence or address, and income proof are the only requirement for a personal loan.
Quick Disbursal
Once approved, disbursal of your personal loan happens within a few hours. If you avail a pre-approved personal loan, the disbursal would be as short as a few minutes.
Flexible Loan Amount
Factors determining your loan value are repayment history, monthly income, age, profession, employer reputation, etc.
Eligibility Criteria
Age
Your age becomes an important criterion as a measure of your ability to repay a Personal Loan. As a rule, you will not be denied a loan if you are a salaried person aged between 21 to 58 years. On the other hand, if you are a self-employed professional, your age must be between 25 to 65 years.
Employment
Your term or period of employment becomes a measure of your reliability to repay a loan in time. Personal loans for salaried employees’ criterion dictates that you must be working for an MNC or a Private or Public Limited Company with a minimum work experience of 2 to 3 years. Likewise, self-employed professionals must have a minimum of 3 years of experience for personal loan eligibility.
Income
The minimum salary required for a personal loan as an income criterion for eligibility differs from lender to lender. Your personal loan minimum salary starts from Rs. 20,000 per month.
Credit Score
Lenders assess your creditworthiness or ability to repay a personal loan by accessing your credit score, which derives from your credit history in your credit report. Your credit score affects the loan amount, period of credit, interest rate, and terms that you are offered.
Documents Required
The process is not very paperwork intensive, however, the documents differ for salaried and self-employed individuals. Let’s take a look at the documents required for both of these cases:
Common Documents
- Identity Proofs: Voter ID, Passport, Aadhaar Card, Driving License.
- PAN Card.
- Signature Proofs: PAN Card, Passport, etc.
- Address Proofs: Ration Card, Rent Agreement, Passport Copy, Aadhaar Card, Utility Bill, Voter ID Card.
- Bank account statement from last six months.
Salaried Individuals
- Salary slips from the last 3 months.
- Form 16 or ITR returns.
Self-Employed Individuals
- P&L account and balance sheet from the previous 2 years.
- ITR from the last 2 years.
- Business Proofs, like GST Number, Registration Certificate, and License.
- TDS Certificate, Income Tax Challans or Form 26 AS for declared income in ITR.
Need a Loan For any of your requirement?
Maxxvalue Advantage
Maxxvalue Advisory along with significant partner Banks extend Instant Online Personal Loans up to Rs. 25 lakhs to virtually all salaried individuals in India.
Maxxvalue Adhaar based e-KYC speeds up the documentation process by eliminating physical paperwork. You can obtain a personal loan at the least financing costs within 24 to 48 hours.
You can think about loan costs, offers, and online services on our digital platform. Our online resources will direct you to settle on the right decision, and pick the right bank for your advance according to your financial plan and assumptions. You can pick the moneylender contrasting different key components of credit like loan fees, tenure, processing fees, etc.
Experts at Maxxvalue Advisory know the ins and outs of the business. Our committed group of individual specialists will guide you to pick the right credit fee.
As mentioned earlier, the bulk of the paperwork is easy to obtain KYC-connected papers and evidence. Hence, individual personal loans are authorized and disbursed speedily without issues. Maxxvalue Advisory handles this loan eligibility criterion for you with ease.
We esteem our clients and are consistently on our toes to give them advantages of our abilities. Applying for any advance or loans through us allows you an opportunity to benefit from the best offers and agreements our Partner Banks and NBFCs have to offer.
Factors that Affect Personal Loan Interest Rates?
Credit Score
To get your Personal Loan approved, you need to have a good credit score. Credit scores denote your creditworthiness.
Occupation
Interest rates differ from occupation to occupation. A lender generally offers different interest rates for salaried employees, different rates for self-employed loan seekers to mitigate as a risk factor.
Income
Your income becomes a factor for repayment when you apply for a personal loan. If you have high income, you are likely to be charged a lower rate of interest due to lesser risk of default in repayment.
Age
Age turns out to be another factor that dictates interest rate on your personal loan. A younger applicant may be perceived as lesser risky, while an older applicant may be considered of higher risk; thus the interest rates will differ accordingly.
Employment Organization
Employees of well-known MNCs, Public limited Companies, and companies of good standing may receive better rates of interest compared to employees of lesser-known companies.
Association with Lender
Should you have a long-standing and good financial relationship with your lending organization, you are likely to receive better rates of interest due to your lender’s familiarity with your financial records.
Loan Application Form