Why Personal Loan? 

Because: 

100% Unsecured Personal Loan

Bankwise Unsecured Loan up to ₹ 50 Lakhs

Lowest Interest-Reducing 11% onward

Collateral Free unsecured loan.

Tenure: Repayment up to a maximum of 8 years.

Simple Process and Basic paperwork and easy eligibility conditions

Very Quick Approval and Disbursement. 

Login to Disbursal process 1-3 Days

Age-21 Years-60 Years

Minimum Job Vintage- 06 months Above

Monthly Salary - 20,000+

A feature-rich Personal Loan with multiple benefits

The FinBank focuses on providing a feature-rich Personal Loan for all its customers across the location. It is an unsecured loan that helps you meet various financial needs. If you are considering taking a loan for personal use, you should first understand some of its important features.

Following are some of the Key Features of a Personal Loan:

	No collateral/security You get the necessary funds without pledging any security. You can keep full possession of your assets and borrow money online without any hassles.
	Flexible repayment tenure PThe FinBank offers flexible repayment tenures ranging from 12 to 84 months. You have the freedom to choose the tenure as per your repayment capacity.
	Attractive interest rates We offer the loan at attractive interest rate, ensuring you save money by paying lower EMIs.
	Minimal documentation As it is an unsecured loan with no collateral, it requires minimal documentation, making the documentation process relatively simple and fast.
	Multi-purpose high loan amount with no restrictions on usage With The FinBank’s Personal Loan, you can access a loan amount of up to ₹50 Lakh. These funds can be used for multiple purposes, such as covering medical expenses, renovating a home, financing higher education, etc.
	Zero foreclosure/pre-payment charges We don't levy any pre-payment or foreclosure charges if paid from your own sources. Therefore, borrowers can prepay their loan to reduce their debt burden without paying any additional charges.
	No hidden charges There's nothing hidden in our fine print, and all loan conditions are clearly presented. Our Personal Loan has no additional charges; you only pay what has been transparently communicated to you.
	Quick approvals Loan processing can be tedious and time-consuming, but we promise a seamless experience. Thanks to our minimal and relaxed eligibility criteria, you can avail of a quick loan when you need funds. We approve loan applications instantly and disburse your approved sanction in no time.
	Easy and hassle-free process We leverage technology to minimize the effort required for loan application. You can apply online for our offering in just a few easy steps through the user-friendly online journey!

Ways to Use a Personal Loan

With complete flexibility regarding its usage, the loan can be used to address any expense. Some of the most common reasons for taking a loan are:

• Renovate a house- Whether you want to rebuild your kitchen, build a new balcony, or make any other home modification, you can cover any costs of home renovations.
• Fund child’s higher education- Apply for a Personal Loan to cover the cost of your child's higher education, such as admission fees.
• 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 emergency. You may need prompt financial assistance to pay off hefty medical bills and, in such instances, The FinBank offers a quick Medical Emergency Loan with flexible loan tenure.
• Host a wedding- Weddings have become expensive. You can get a loan to cover these high-cost wedding expenses.
• Cover travel expenses- If you're planning a vacation in India or abroad, and you're looking for ways to pay for it, a Personal Loan for Travel is the right choice for you.

How to Apply for a  Personal Loan?

The FinBank's Personal Loan features & benefits are among the best in the industry. You can apply for a loan online in just three simple steps:

• Step 1: Click on the ‘Apply Now’ button.
• Step 2: Fill in the required details on the loan application form.
• Step 3: Upload necessary documents.

On successful verification, the loan amount will be disbursed into your bank account instantly.

Frequently Asked Questions

What is a Personal Loan?

It is an unsecured financial offering that you can avail to meet your financial goals. This loan can be used for any personal expenses, without restrictions.

Do I need to submit any assets for a Personal Loan?

As this is an unsecured offering, you don’t need to submit any collateral or assets.

What are the best reasons to take a Personal Loan?

Some of the common reasons to borrow include paying medical bills, consolidating high-interest debt, funding higher education, and renovating a home etc.

In how many days will my loan get disbursed?

Applicants with a good financial profile and credit history enjoy quick approval of their loan application. In such cases, loan disbursal can happen in just one working day after approval.

How much of the loan amount am I eligible for?

Depending on your profile, you can qualify for a sanction for a loan of up to ₹50 Lakh.

Can I borrow money online with this loan?

Yes, once you apply online and get approval, the entire disbursal process happens electronically, and the money is credited to your bank account.

Why should I choose a The FinBank Personal Loan?

The features & benefits of a Personal Loan offered by The FinBank are amongst the best in the market. These features and benefits include lowest rate of interest, zero pre-payment charges, completely online process along with full transparency. We prioritize your convenience and ensure that you have a comfortable borrowing experience.

Eligibility Criteria and Documents Required for Personal Loan

Quick Loan with Easy Eligibility Criteria and Minimal Documents

The FinBank offers a Personal Loan with simple eligibility criteria and minimal documentation. You can apply for the loan and receive a higher amount at a competitive interest rate in a few clicks. To ensure a smooth loan application experience, submit all the required documents correctly.

Personal Loan Eligibility Criteria

All applications are assessed based on 5 main eligibility criteria:

In addition to this, you must have a good credit score and credit history.

List of Documents Required for Personal Loan

There is no tedious paperwork involved. While applying for a loan, you need to submit the following documents:

Note: The above-mentioned list of documents is indicative. Additional documents may be required during loan processing.

Factors Affecting Personal Loan Eligibility

Factors that affect your loan eligibility are:

Age:

Applicants’ age indicates their ability to repay the loan and manage the debt comfortably based on the number of working years ahead and behind them. If the applicant is below the minimum age cut-off, they may not have enough experience with loans or may not have enough income to support EMIs. Similarly, if the applicant is beyond the maximum age limit, they may be close to retirement and may not have enough working years left to pay the EMIs.

Work Experience:

Applicants with more work experience are usually considered to have a financially secure future compared to an applicant who has recently started working.

Monthly Income:

Your income is assessed for two significant reasons. Firstly, to know whether you can afford the EMIs for the loan amount you seek. Secondly, to determine your disposable income, consider all your other obligations. For instance, applicants with a debt-to-income (DTI) ratio greater than 50% are less likely to get approved for a loan because they are already servicing a great deal of debt.

Credit Score & History:

A credit score is one of the most critical factors that affect your Personal Loan eligibility. A credit score depicts your credit history i.e., your loan repayments and other credit card payments history. A high credit score shows you have repaid your debts on time. This means that you will most likely repay your loan EMIs on time. On the other hand, a r credit score shows inconsistent credit behaviour, which may result in loan rejection. However, you can improve your credit score by making timely repayments.

Frequently Asked Questions

How can I check Personal Loan online eligibility criteria?

For checking loan eligibility all you have to do is visit the official The FinBank  website and click on the ‘Eligibility and Documents’ tab. You will find all eligibility requirements listed.

What are the eligibility criteria for a Personal Loan?

All applicants must have Indian citizenship, between 21 and 60 years of age at the time of loan maturity, 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.

What are the documents required for a Personal Loan?

Applicants must submit basic KYC, income, financial, and employment-related documents. You can access the list of documents required on our eligibility and documents page.

Can I get a Personal Loan without salary slips?

No, you cannot get a loan without submitting your salary slips. You are required to submit latest salary slip as part of the Personal Loan applicationprocess.

Which proof of income is accepted for a loan application?

You need to submit the following as proof of income:

• Latest salary slips.
• Last 3 salary credit bank statements original PDF, which should not be more than 15 days old.

Note: The above list of documents is indicative in nature, and you might have to submit more documents based on requirements.

How do lenders decide on Personal Loan eligibility?

Lenders evaluate several factors to determine 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 credit score reflects the borrower’s 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.
• Debt-to-Income Ratio: This ratio compares a borrower's monthly debt obligations to their monthly income. Lenders prefer a lower debt-to-income ratio, indicating that the borrower has sufficient income to manage additional loan repayments.
• Loan Amount and Tenure: The loan amount and tenure also affect eligibility. Lenders may have specific criteria regarding the maximum loan amount they are willing to offer based on the borrower's income and financial situation. Additionally, longer tenures may impact eligibility, as lenders consider the borrower's age and retirement plans.
• Existing Financial Obligations: Lenders evaluate the borrower's existing debt, such as credit card balances, other loans, or EMIs. These obligations impact the borrower's ability to take on additional debt and may affect their eligibility.
• Repayment History: Lenders may review the borrower's past repayment behavior 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.

Can I get NOC after loan settlement?

Yes, it is possible to obtain a No Objection Certificate (NOC) after settling a loan. A loan settlement refers to the process of fully repaying the outstanding loan amount, typically through a negotiated agreement with the lender. Once the settlement amount is paid, you can request an NOC from the lender as proof that the loan has been settled and there are no further obligations.
Here's what you need to know about obtaining an NOC after loan settlement:

• Loan Settlement Process: Loan settlement typically involves negotiating with the lender to reach an agreement on the repayment terms. This may involve a partial payment of the outstanding amount or a discounted lump-sum payment. Once the settlement amount is paid as per the agreed-upon terms, the loan is considered settled.
• Requesting a NOC: After settling the loan, you can request a NOC from the lender. The NOC serves as a legal document that certifies the closure of the loan account and states that you have fulfilled all financial obligations related to the loan. It confirms that there are no pending dues or liabilities.
• Importance of a NOC: The NOC is an essential document that serves as proof of loan settlement. It is recommended to obtain the NOC from the lender as it provides assurance and clarity regarding the status of your loan. The NOC can be useful for various purposes, such as updating credit records, applying for new loans, or providing evidence of debt clearance.
• Application Process: To obtain the NOC, you need to submit a formal request to the lender. The application may require specific details such as your loan account number, personal information, and proof of the loan settlement. It's advisable to contact the lender directly to inquire about their specific application process and documentation requirements.
• Timelines and Fees: The time taken to receive the NOC may vary depending on the lender's internal processes. Some lenders issue the NOC immediately after loan settlement, while others may take a few days or weeks. Additionally, some lenders may charge a nominal fee for issuing the NOC, so it's important to clarify any associated charges beforehand.