Stryde Mortgage Experts Private Ltd

Loan Your Dreams
Personal Loan

Personal Loan is a loan that establishes consumer credit that is granted for personal use; usually unsecured and based on the borrower's integrity and ability to pay. It is usually taken for a period of 1 - 5 years.

Personal Loans can be taken for following purposes:

  • Renovations
  • Consolidation of debt
  • Finance a vacation of one kind or another
  • Finance a car or other vehicle
  • Getting your son/daughter married
  • Sending your son/daughter for higher studies abroad
  • Funding your dream vacation
  • Funding medical treatments

  • Features:

  • Loans in range of Rs 2 - 25 Lakhs.
  • 1 - 5 years for ease of repayment.
  • Attractive interest rates
  • Simple and speedy processing

  • Benefits of Personal loan

    • A Loan without security: A Personal Loan is not a secured loan (bank doesn't ask for any security or collateral) as against a Secured Loan where one is required to pledge a house or other security to acquire a loan.
    • Simple Documentation: A Personal Loan can be accessed with minimal paperwork or documentation & doesn't take much time to procure as against a Secured Loan.
    • No specification about the end use of the loan amount: You are not required to disclose the end use of the money borrowed, Banks are concerned about the fact that whether the borrower is able to pay back the loan with interest before the due date or not and they confirm this by checking the income, employment or business & other factors of the borrower.
    • Big Loan amount: Personal Loan is a means to fulfill bigger loan requirement, you can take a loan ranging from Rs. 50,000 to Rs. 30 lakh.

  • Pan card / Passport copy (Applicant & Co-Applicant - Self Attested)
  • Residence Proof (Self Attested)
  • BVR (Bank Verification Request) form duly signed for each account.
  • Last 2 year ITR(1st & last page self attested)
  • Last 6 months bank statement of Savings Account (1st & last page - Self attested)
  • Passport size photograph (Applicant & Co-Applicant)
  • Duly Sign Application form
  • Processing fees cheque favouring the Bank proposed.
  • FAQ

    How does the CIBIL Score affect your loan application?

    This a norm wherein the banks before giving Personal Loan checks the database of all loan borrowers in the country by the Credit Information Bureau (India) Limited (CIBIL) which is called the CIBIL Score. If there has been a default in your loan payment; your loan application would certainly be rejected. Your CIBIL score ranges from 100 to 999, for instance if your credit score is 100 then your loan application might be out rightly rejected. On other hand if it is higher say 800, then your loan application would be processed faster & will be rewarded with lower interest rates & discounts in processing fee & other charges.

    You can improve your credit score by repaying your loan EMIs on time and always pay the minimum payment on your credit card to avert from the bad credit score.

    Reducing Interest Rate or Flat Interest Rate, which is better?

    The Personal loans Interest Rates vary between 15% and 25% depending on your profile & payment ability. There are basically two types of interest Rates offered by banks which are

    • Reducing Balance Interest Rate: In the Reducing Interest Rate calculation method, the interest on your loan keeps on reducing as it is calculated on the reduced principle amount which gets reduced daily, monthly, quarterly or annually.
    • Flat Interest Rate: Flat Interest Rate calculation method on other hand implies that your rate of interest remains the same & is calculated over the entire loan period. The outstanding loan amount is never reduced over the loan tenure.

    It is always advised to take a loan at reducing balance interest rates as the Flat rate calculation comes out to be really expensive.