Personal Loan

Each individual do come across a phase whereby a requirement arises for some support to meet our financial needs and necessities at one point or the other.

We at Fincent understand your financial requirement which may arise unexpectedly or purposely in terms of higher education or a perfect marriage of your children, a dream family vacation, furnishing your home, owning a desired gadget or durables.

At Fincent we have an experienced team of professionals to guide and assist you to simplify the arrangement of the required fund without any collateral and security at best competitive rate of interest across.

Documents required

For salaried

Filled Application form
Identity Proof (PAN CARD)
Address Proof
Latest 3 months Payslips
Job Continuity Proof (FORM 16)
2 Passport Size colour Photographs
Co-Applicant identity proof, Address Proof
Co-Applicant relationship Proof and Photograph
6 months Bank Statements
3 Post Dated Cheques/ECS Mandate

For self employed

Filled Application form
Identity Proof
Address Proof
Last 2 years Income Tax Returns
Professional/Self employed existence proof for more than 3 years (Trade licence)
2 Passport Size colour Photographs
Co-Applicant identity proof, Address Proof
Co-Applicant relationship Proof and Photograph
6 months Bank Statements
3 Post Dated Cheques/ECS Mandate

Personal Loan Advantages

Easy availability:

A lot of banks offer personal loans of various amounts and durations. You can pick and choose between them.

No collateral:

Personal loans are not very large amounts. They rarely exceed Rs. 4 lakhs. So there is no need to put up security or collateral against personal loan.

No criteria:

You can opt for a personal loan without having to explain to the bank why you need it. You can take a personal loan for any purpose including travelling, home repairs, medical emergencies.

Quickly available:

If you have a relationship with a bank you can get a personal loansanctioned within 24 hours. Personal loans also require very little paperwork.

Improves credit history:

If you regularly pay your EMIs on time then personal loans are a great way to improve your credit record. An improved CIBIL credit record can be very beneficial when you are looking for a new loan.

Personal Loans Disadvantages

High interest rates:

After credit cards, personal loans have the highest interest rates among credit products. Sometimes personal loans have higher rates than credit cards also.

High pre-payment penalty:

If you pre-pay your personal loans, banks often charge a high penalty.

Need good credit history:

Today, most banks give personal loans only to people with a good credit history. If someone regularly takes personal loans, he may be seen as someone who is not careful with his finances.

Affects credit report:

If you default on your personal loan your CIBIL credit report reflects it and your credit rating and credit score are affected.

Bad image: