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+91-9797971876Personal Loan Eligibility Criteria and Required Documents
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What is a Personal Loan?
A personal loan is an insecure loan that tends to help borrowers meet their financial obligations. It is easy to avail of a personal loan as you are not required to pledge any collateral and it comes with very few restrictions on how you use the money.
To those who qualify, Investkraft offers personal loans with reasonable interest rates. Salaried individuals can choose to apply for a personal loan from the comfort of their homes using our online application method. We have served millions of consumers across India thanks to our customized solutions and open processes. Listed below are some advantages of a Fullerton India Personal Loan:
Online personal loan applications are available, and the entire procedure is paperless.
Collateral-free loans are offered at competitive rates, with minimum paperwork and adjustable payback terms
Any reason is permitted with a personal loan, including home improvements, wedding expenses, self-employed company needs, family vacations, debt consolidation, and unexpected medical costs.
Investkraft India offers attractive interest rates on its personal loan. The personal loan interest rates are adjudged by several factors such as the applicant’s credit score, age, repayment capability, employment status, previous association with lenders, and occupation. Other than interest rates, there are minimum processing charges and prepayment charges that are quite affordable.
Get to know the major benefits & features of obtaining a personal loan from Investkraft. They are sure to compel you take a personal loan from us today.
Minimal Documentation: Provide only a few straightforward papers for verification in addition to fulfilling the straightforward requirements for a personal loan.
Normative Rates: With Investkraft, you receive a favourable interest rate, clear terms and conditions, and no additional costs.
Easy Application: Since all our business processes are based on the latest technology, get a hassle-free personal loan experience with Investkraft.
Faster Disbursal: Once the given information is properly verified, we make no delay in the disbursal of the approved amount right in your bank account.
A Personal Loan with Numerous Features & Benefits
Welcome to Investkraft Personal Loans, where financial empowerment meets flexibility. Our tailored personal loan solutions offer a myriad of features designed to meet your unique needs. Enjoy competitive interest rates, hassle-free application processes, and swift approvals. Whether you’re consolidating debts, planning a dream vacation, or handling unexpected expenses, Investkraft ensures a seamless borrowing experience. Benefit from customizable repayment plans, transparent terms, and dedicated customer support. With us, you’re not just getting a loan; you’re gaining a financial partner committed to your success. Experience the ease of achieving your goals with Investkraft Personal Loans
Our Personal Loan is a financial solution designed to cater to the diverse needs of individuals seeking financial support. With a host of features and benefits, this personal loan product stands out as a reliable option for those looking to fulfill various financial requirements.
Features of Investkraft Personal Loan
- Flexible repayment tenure: Whether it’s for a medical emergency, education expenses, or a dream vacation, borrowers have the freedom to decide the loan amount within the specified range. Paying back your loan should be convenient, and you can experience this convenience with an Investkraft personal loan. It comes with a flexible repayment tenure ranging from 12 months to 60 months. You have the freedom to choose the tenure as per your repayment capacity.
- Fast confirmation and payment: In the fast-paced world, time is of the essence. Investkraft understands this, and its personal loan product is designed for quick approval and disbursement. The application process is streamlined, and eligible borrowers can expect funds in their accounts in a relatively short time frame.
- No Collateral Requirement: Unlike some traditional loans that may require collateral, Investkraft Personal Loan is unsecured. This means that borrowers can access funds without pledging assets, making it a convenient option for those who may not have valuable collateral to offer.
- Easy Repayment Options: Investkraft prioritizes borrower convenience, and this is evident in the flexible repayment options available. Borrowers can choose from various repayment tenures, allowing them to align their loan repayment with their financial capabilities.
- Online Application and Management: Investkraft embraces technology to simplify the borrowing experience. The personal loan application can be completed online, saving borrowers the hassle of visiting a physical branch. Additionally, the online platform provides easy access to loan terms repayment schedules, and other relevant information.
- Transparent Fee Structure: Transparency is a cornerstone of Investkraft’s approach to lending. The fee structure associated with the personal loan is clearly outlined, ensuring that borrowers are aware of all applicable charges. This transparency fosters trust between the borrower and the lending institution.
Benefits of Investkraft Personal Loan
- Financial Flexibility: Investkraft Personal Loan empowers borrowers with financial flexibility. Whether it’s consolidating debt, covering unexpected expenses, or pursuing personal goals, this loan product provides the financial support needed to navigate life’s various challenges.
- No risk to Assets: The absence of collateral requirements means that borrowers can secure the funds they need without risking valuable assets. This is particularly advantageous for individuals who may not possess substantial assets or are hesitant to put them on the line for a loan.
- Improved Credit Score: Responsible repayment of the personal loan can positively impact the borrower’s credit score. As timely payments are made, the borrower demonstrates financial discipline, which is reflected in an improved credit history. This could open the door to better financing in the future.
- Quick Access to Funds: Investkraft understands the urgency often associated with the need for personal loans. The swift approval and disbursement process ensures that borrowers can access the funds they require promptly, enabling them to address time-sensitive financial needs.
- Customized Repayment Plans: Recognizing that one size does not fit all, Investkraft allows borrowers to choose from a range of repayment plans. This customization ensures that borrowers can select a plan that aligns with their income and financial commitments, reducing the likelihood of financial strain.
- Digital Convenience: The online application and management platform make the entire borrowing process convenient and accessible. Borrowers can apply for a loan from the comfort of their homes and monitor their loan details with ease through the digital platform.
- Financial Empowerment: Ultimately, the Investkraft Personal Loan is designed to empower individuals by providing them with the financial means to pursue their aspirations and navigate life’s challenges. Whether it’s investing in education, covering medical expenses, or realizing personal dreams, this loan product serves as a catalyst for financial empowerment.
Ways to Use an Investkraft Personal Loan?
- Debt Consolidation: Use Investkraft personal loans to consolidate high-interest debts into a single, more manageable loan with a potentially lower interest rate.
- Pay medical bills - Medical emergencies can take a toll on your finances. Even if you have health insurance, it may not cover all medical expenses during an emergency You may need prompt financial assistance to pay off hefty medical bills and, in such instances, Investkraft offers a quick medical emergency loan with flexible loan tenure.
- Travel Funding: Plan and finance your dream vacation or travel experiences with a personal loan.
- Host a wedding- As a result of the rise in inflation, weddings have become more expensive. You can take out a Personal Loan to cover these high-cost wedding expenses.
- Special Occasions: Mark important milestones or celebrations by using the loan for special events or gifts.
How to Apply For an Investkraft Personal Loan?
- Visit Investkraft’s Website: Begin by visiting Investkraft’s official website, where you’ll find detailed information about our personal loan offerings. Click on ‘Apply Now’ on our website and fill in the personal loan application form.
- Loan Calculator: Use our online loan calculator to determine the loan amount and tenure that suits your needs and budget.
- Online Application: Complete the online application form, providing essential personal and financial details.
- Document Submission: Submit the necessary documents, which typically include proof of identity, address, income, and more. Await application assessment and verification.
- Approval and Disbursal: Approve and authorize Personal Loan online disbursal. After a quick review of your application, Investkraft will notify you of the loan approval.
Fast loan Approval with Simple Eligibility Criteria and Minimal Documentation
Investkraft’s personal loan eligibility criteria make the process easy for applicants. Apply for the loan and receive a high-value sanction with minimal documentation. Ensure you meet the basic eligibility criteria and gather the necessary documents for a hassle-free application
Personal loans are flexible and can be used for various purposes such as weddings, travel, education, vehicles and home renovation. They have a shorter repayment tenure of 1 to 5 years and are popular among many borrowers.
Personal Loan Eligibility Criteria
Getting a personal loan is a one-stop solution for all your financial crises. Personal loans are easy to avail of and have a faster approval process with zero collateral needs and no end-use restrictions. You can easily get an instant loan if you match some standard eligibility criteria.
Every loan provider has different personal loan eligibility criteria for different individuals. These criteria determine your creditworthiness and pay out the loan amount accordingly. Here is a list of common eligibility criteria of Investkraft for granting personal loans.
- Age: He or she must be minimum 21 years old and above. The maximum age limit to apply for personal loan is 57 years.
- Citizenship: Applicants must be residents of India.
- Employment: Individuals must have a stable income status at a public/private company.
- Experience: Individual must possess the work experience of a minimum of 1 year with at least 1 month stable employment.
- CIBIL score: Individuals must have a CIBIL score of 700 or above
List Of Documents Required For Personal Loan
The documentation required to process and sanction a personal loan application are standard and uniform across Financial Institutions, but it may vary with different lenders on the basis of a few factors. To get the personal loan from Investkraft, he personal loan documents required are:
- Identity Proof: PAN card, Aadhaar card, Voter ID card, Passport, or driver's license are all acceptable forms of identification.
- Residence Proof: Aadhaar card, voter ID card, passport, property documents, maintenance bills, or driver’s license are all acceptable forms of residential proof. You can furnish the owner with a rent agreement, an electricity bill, or a telephone bill.
- Income Proof: The last three months’ bank statements or the last three months’ wage slips are acceptable forms of proof of income.
- Employment Continuity Proof: Employment Certificate of current employers, Experience Letters, and Relieving Letters from past employers.
- Other Documents: Two recent passport-size photos
Profile
Documentation required for a personal loan application varies on the basis of the credit-risk profile of a personal loan applicant. For salaried individual’s documentations are simpler compared to a self-employed individual or professionals.
Further the complexity of the personal loan documentation changes the basis of the type of organization. A self-employed individual is owning a proprietorship/partnership firm, Private limited company, public limited company or LLP. It also varies per the loan amount required. Some other points are consider are:
- Repayment Track on existing Loans and Cards: Repayment tracks of the loans and cards may be required
- Resident Type: Some documents may vary on the basis of resident type of loan applicant
- Age of loan applicants: While accepting a personal loan application, Banks and other types of lenders require 3 types of documents which includes banks internal documents, KYC documents and financial documents.
Interest Rates & Charges
Investkraft offers personal loans with competitive interest rates, low processing fees, a simple approval process and speedy disbursements. Whether you have a wedding, home renovation or vacation in mind, Investkraft can help you achieve your goals. Personal loans are available starting Rs. 50,000 and go up to Rs. 20 lakhs, with less paperwork required
Make sure to carefully review the personal loan interest rates and fees provided below to make an informed decision. The rates and fees may vary based on the duration of your loan and any additional charges that may apply, if you modify your payment terms, will also be outlined
In addition to the bank loan interest rates, there are also fees associated with late or missed payments, as well as fees for making extra payments or paying off the loan early. It is important to carefully consider both the interest rates and fees when evaluating a loan to get the most out of it.
| >Rate of Interest | 10.49% to 21% per annum |
| Repayment instruction / Instrument return charges | Rs.339/- per instance of dishonor of cheque /SI/ECS/NACH debit instruction + GST as applicable |
| Swap charges (Cheque/Instrument) | Rs.500/- per instance + GST as applicable |
| Penal Interest | @ 24% per annum i.e. 2% per month on the overdue installment. |
| Duplicate statement issuance charges | Rs.250/- per instance per set + GST as applicable. |
| Duplicate Amortization schedule issuance charges | Rs.250/- per instance per set + GST as applicable. |
| Credit Information Companies (CICs) Report Issuance Charges | Rs. 50/- per instance per set + GST as applicable. |
| No Dues Certificate generation charges (Duplicate) | Rs.50 per instance per set + GST as applicable. |
| Stamp Duty Charges | As per State Stamp Act |
| Part Payment / Pre-Payment Charges | 5% + GST (As applicable) *Pre payment charges shall be charged on principal outstanding. *Part payment charges shall be charged on the amount of part payment. |
Monthly EMI
₹ 8,676
Instant Personal Loan For All Your Needs
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1Check eligibility
Use our personal loan eligibility calculator to check your eligibility.
2 Submit the docs
Next, submit the required documents online and click Submit
3 Submit application
Verify the submitted information and click on Submit for further processing.
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Frequently asked questions
Investkraft may consider applications with lower credit scores, but interest rates could be higher.
The approval process varies, but it often takes a few days after submitting all required documents.
Timely payments are crucial. Missing an EMI may attract penalties and impact your credit score.WWW
Some loans have prepayment penalties; it’s essential to clarify this with Investkraft.
Yes, self-employed individuals can apply, and they need to provide business-related documents.
All applicants must be Indian nationals, between 22 and 57 years of age, have a monthly income of at least ₹30,000, have job experience of 1 year, and have current employment continuity at an approved company for at least 1 month.
Applicants must submit basic KYC, income, financial, and employment-related documents. Access the full Personal Loan documents required to apply online here.
No, you are required to submit the latest salary slip as part of the Personal Loan application process in order to take your loan application ahead.
You need to submit below documents as proof of income :
- Latest salary slip
- Last 3 salary credit bank statement PDF which should not be more than 15 days old
- Above list of documents are indicative in nature and you might have to produce more documents based on the requirement.
Lenders evaluate several factors to determine Personal Loan eligibility. These criteria help them assess the borrower’s creditworthiness and ability to repay the loan. While specific eligibility requirements may vary among lenders, the following factors are typically considered:
- Credit Score: A borrower’s credit score plays a crucial role in loan eligibility. It reflects their credit history and repayment track record. A higher credit score indicates a lower risk for lenders, increasing the chances of loan approval.
- Income and Employment Stability: Lenders assess the borrower’s income level and stability to ensure they have a regular source of income to meet repayment obligations. Employment history and stability in the current job are considered, as a consistent income stream reduces the risk of default.
- Repayment History: Lenders may review the borrower’s past repayment behaviour on existing loans or credit cards. Consistent, timely payments enhance eligibility, while a history of defaults or late payments may adversely impact it.
- Relationship with the Lender: Some lenders consider the borrower’s existing relationship with them, such as holding a savings account or fixed deposit. A long-standing relationship and good banking history can positively influence loan eligibility.
