About Personal Loan

Personal loan is the obvious choice if you need a finance for Personal finance, Medical emergency, Wedding purposes, Abroad travel, Holidays, Child education and for buying consumer durable things.

There are two attractive features of a personal loan

  • Complete flexibility of end-use. There are no restrictions on how you should spend the loan amount. This in contrast to a home loan or auto loan where the loan amount can only be used to buy a property or a vehicle respectively. A personal loan allows you the freedom to use the money in any way you want.

Lack of collateral. A personal loan is an ‘unsecured loan’, meaning you are not required to provide any security to the lender in the form of cash, shares or any other assets. This might make it more attractive to some customers who may not be able to raise the cash required as collateral.

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What is the typical amount and loan period of a personal loan?

There is no typical loan amount and the loans can range from a few thousands to lakhs. While applying for a personal loan, the amount that you apply for must be commensurate with your ability to make repayments.

Of course, the final loan amount that is approved depends on the lending criteria used by AEB and how they evaluate your ability to repay the loan. Personal loans are relatively short-term loans and the tenure can range from 1-5 years.

What are the factors that influence approval for a personal loan?

a.It is generally advisable to have a credit score of 750 or above to qualify for a personal loan. The higher your score, the better are your chances of being approved. b.Your employment is also an important factor in the loan-approval process. Since personal loan customers do not provide any collateral, lenders need to make sure that you will have a steady job over the loan period. It is probably a good idea to be with the same employer for at least a year before you apply for a personal loan. c.Your annual income: Again, since there is no collateral, the banks want to be assured that you have a sufficient income (from salary and other sources) that will allow you to make your monthly repayments. The higher your income, the better your chances of being approved for a personal loan. d.Your EMI payment record: Lenders will look at your credit report to check if you have consistently demonstrated financial discipline and a pattern of timely EMI payments. If they see that you have regularly made payments and fulfilled your debt obligations, they will be inclined to view your loan application more favourably.

What are the advantages and disadvantages of a personal loan?

The main advantages of a personal loan include the following: i. Relatively quick (because they do not require as much documentation as a home or auto loan). ii. No restriction on how you can spend the money iii. Do not require any collateral. So if you do not have any assets like a home, or shares or gold to offer as security, and are in need of money urgently, this is perhaps the most convenient option. The main disadvantage of a personal loan is the higher interest rate, when compared to other loans. Since the lenders do not have any security against payment default, they charge high interest rates to cover their lending risk. Personal loans can work out to be one of the most expensive loans to take in terms of interest payments.

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Our loan rates and charges are very attractive.

Eligibility Criteria for Loan

Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a personal loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Rs 25,000

Credit Rating

Applicant should have the bank specified credit score.

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Documentation

The following documents are required along with your Personal Loan application:

  • Personal Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
  • Home Address proof (copy of passport/voter ID card/driving license/Aadhaar)
  • Bank statement of previous 3 months (Passbook of previous 6 months
  • Latest salary slip/current dated salary certificate with the latest Form 16

Fees and charges

AEB loans represent great value as not only are our interest rates competitive, our loans also have no monthly account keeping fees, no annual fees, free redraw and our flat application fee covers your legal fees for your first application and the valuation fee of one security.

  • Types of fees

    Charges applicable

  • Rate of interest
    Up to 16% -35%
  • Processing fees
    Up to 10%
  • Loan statement charges
    Nil
  • Interest & principle statement charges
    Nil
  • EMI bounce charges
    $20 for every bounce
  • Secure fee
    NA

*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges

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Frequently Asked Questions

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You can complete an application if you don't have a property in mind, however you would have to know how much you would be looking to purchase a property for to allow us to complete your application.

You do not need to provide proof of your deposit before your appointment, however you will need to provide evidence of your deposit on completion of your application. If your deposit is being given to you as a gift we would require a letter confirming this signed by the person who is gifting you the money.

There are many factors taken into consideration when we assess your mortgage application these include

  • Income
  • Expenditure
  • Employment status
  • Property type
  • Credit history
  • Affordability
  • Affordability

    Please note: This list is not exhaustive. These factors help us assess how affordable the mortgage would be to ensure we continue to lend funds in a responsible manner.

You do not need to have an entry date before you apply however once you know this please let us know as soon as possible.

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