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Indiabulls Personal Loan

Indiabulls is a very large group engaged in varied business activities ranging from real estate to home finance to consumer finance to personal loans. It is a leading player in personal finance and due to its innovative approach and extensive use of technology, Indiabulls personal loan is expanding exponentially in the personal finance sphere.

How can one apply for Indiabulls Personal Loans?

Indiabulls loan can be applied using different platforms. For faster disbursal, one can apply using its “Dhani” app or web application online through its website. The Dhani app is very user-friendly and uses the one time password for verification of the mobile number and Aadhaar Number to complete the identification process. If the income details are already with Indiabulls one does not have to even upload the income documents and the sanction and disbursement process happens almost instantly.

In case you have to upload the income documents the disbursement still happens faster than the average time taken to process the personal loan application. However, in case the application is made by submitting physical documents the personal loan disbursement can take up to 7 days from submission of the application.

Who can avail the IndiaBulls Personal Loans?

Salaried, as well as self-employed both categories of Individuals, can avail the personal loan offered by IndiaBulls. The personal loan can be availed for varied purposes ranging from going for dream holidays to meeting the shortfall in wedding expenses, to making up for the shortfall in the funds needed for scaling up the business.

Indiabulls Personal Loan Eligibility

The primary eligibility for a personal loan as to whether one will get any personal loan or not is decided by your credit score. Since personal loans are given as clean loans without there being any collateral security or guarantee, the lenders are very careful in giving personal loans to people with bad credit history. In case you CIBIL score is less than 750, the probability of you getting a personal loan is very low.

Once your primary eligibility to receive the personal loan is established, the quantum of your personal loan is determined based on various factors. Your income is the primary factor for this. In addition to your income, a number of family members dependent on you, the fact whether you own your house or stay in a rented house and whether you are servicing any existing loan are factors considered by the lender for arriving at the amount for which you are eligible as a personal loan.

As self-employed have the tendency to under report their income in their income tax return, the lender takes into account his fact. So salaried are eligible for a lower personal loan than self-employed for the same level of income. People with higher income are eligible for a higher percentage of income as personal loans as compared with people in lower income levels.

In case the amount for which you are eligible is lower than your needs, you can enhance your personal loan eligibility by joining any of your eligible family members as co-borrower. Alternatively, you can opt for a longer tenure personal loan.

Indiabulls Personal Loan Documents Required

For applying for a personal loan the borrower needs to provide details/evidence of identity and address. These documents are required whether you are a salaried or self-employed/ The documents required for identity include driving license, voter card or a copy of passport. For address proof any documents for utility, property ownership document or a leave license agreement are sufficient. Each borrower has to submit a copy of the Aadhaar Card and two photographs along with the application form.

In addition to the basic Know your customer (KYC) documents you also need to submit proof of your income. The document for income proof is different for salaried and self-employed. For the salaried, a copy of latest form No. 16 with salary slips for three months are needed. The borrower also has to submit a copy of the bank statement for last three months as well as copy PAN card copy. The self-employed have to submit copy of Income Tax Return as well as profits and loss account with the balance sheet.

Indiabulls Interest Rates and other charges

The rate of interest charged on personal loans given by India Bulls varies from 10.99% p.a. to 19% p.a. depending on the profile of the borrower. Borrowers with good credit history are able to get a better rate of interest as compared with people with not so good credit history and credit score. The interest is charged on reducing balance method on monthly basis.

In addition to the interest, the borrower has to pay processing fee with the personal loan application. The processing fee ranges between 1% to 3.5% and is negotiable. You can not prepay the personal loan during the first six months and after six months you can prepay the personal loan but you will have to pay a prepayment charges of 5% on the loan amount outstanding. Even if any of your EMI is delayed you have to pay a penal charge calculated @ 3% on the amount of the EMI delayed.

Loan Amount available and the Repayment Period

The IndiaBulls personal loans are available for a minimum amount of Rs. 50,000/-. The maximum amount of personal loan can go up to Rs. 15 lakhs provided your income levels warrant servicing of such a big loan. The personal loan is repayable by way of Equated Monthly Installment (EMI).

The personal loans from IndiaBulls are available for a minimum tenure of 12 months and the other tenure available are for 24, 36 and 48 months. While choosing your personal loan tenure please take into account your surplus funds as well as the probability of you repaying it before the initially fixed tenure. Shorter a tenure may put undue pressure for serving higher EMI than warranted by your monthly surplus funds. Likewise, longer tenure may entail you higher cost in terms of interest if you continue and prepayment charges if you decide to prepay it earlier.