Personal Loans are unsecured and collateral-free loans that allow you to borrow money for a variety of purposes. You may apply for a 10 lakh personal loan online at the lending bank’s website and finish the loan application in a matter of minutes. The majority of banks provide online, paperless Personal Loans with quick disbursements.
Eligibility
Every financial institution will have laid down eligibility norms to qualify for a personal loan. The general eligibility criteria for a ₹10 lakh Personal Loan are given below.
- Age: The age of the applicant should be between 18 years to 60 years for salaried individuals and between 18 years to 65 years for the self-employed. The minimum age at the time of applying for the loan varies from lender to lender and could be anywhere between 18 years to 23 years.
- Minimum income: The minimum income stipulated by each lender varies. Some of the lenders stipulate the income as per the city of residence. It could vary from Rs. 10000/- to Rs. 25000/- per month for salaried individuals and annual income of Rs. 1.20 lakhs to Rs 3.00 lakhs for the self-employed.
- Credit Score: Applicants with credit scores of 700 to 750 and above will qualify for the loan.
- Debt to Income Ratio: A desirable debt to income ratio would be between 40% to 50% of the net income.
- Work Experience: A minimum work experience of 1 to 2 years in the current employment for salaried individuals and a minimum business existence of 2 to 3 years for the self-employed. Work experience stipulation is only to ensure the stability of income.
Features and Benefits
1. Paperless and Clutter-Free
In this digital age, you can apply for hassle-free and paperless Personal Loans that require little to no documentation. You can complete the loan application process online by providing scanned copies of your PAN, ID and address proof along with the duly filled loan application form.
2. Flexible Repayment
Personal Loans repayment tenures range from 12 months to 60 months. You can choose your preferred repayment tenure, based on which the bank determines the interest rate on your INR 10 Lakh Personal Loan EMIs.
3. No Hidden Costs
Get transparent access to all charges, including processing fees, Personal Loan interest rates and costs associated with late payments, prepayments and more. You can find all details in the terms and conditions section of the loan application form.
4. Speedy Approval
Since the entire loan process is digital, you stand to get the loan approved within shorter timeframes. If you are deemed eligible, the bank will disburse the loan amount into your Savings Account immediately upon approval. For pre-approved customers, the bank disburses the loan amount within hours.
5. No Restrictions on End-use
You can use the INR 10 Lakh Personal loan Amount to fund all kinds of expenses. The bank does not intervene or investigate how you use the loan amount.
6. Freelook Period
Some banks also allow you to cancel the loan within 48 hours, even after disbursing sums into your Savings Account. This facility is known as the free-look period, wherein the bank reveres the transaction from your bank account. However, you stand to lose the loan processing fee.
Where to get 10Lakh Loan?
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
5 Reasons to choose Omozing
1. Loans from INR 10k to INR 10 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 10,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account.