Personal Loans India : Personal loan from Centurion Bank of Punjab

January 17th, 2008 admin Leave a comment Go to comments

Personal Loans are used to consolidate your debts, your children’s education, home improvement, car buying, dealing for real estate etc. though you are struggling with your debt problem, your priority should be clearing your debts not shifting them elsewhere.

Such loans can be obtained through secured and unsecured mode. Homeowners can push a great way of consolidating their debts. Only the problem some of the time happens to be the borrower’s insecurity to his security. The roof over his head is at risk if borrower ever struggles to meet his repayment. To get away from such problematic situation, you are given an option of unsecured form of borrowing. Upon availing such provision, you need not arrange any collateral of yours as of security for the loan.

For the repayment of such loans, you have options of fixed and variable rates. A fixed interest rate means that for the particular amount you borrowed, you are required to pay a definite amount of interest throughout the term. You are also going to pay a fixed monthly amortisation fee. If your lender uses variable rate, then the rates differ every month and it depends upon the market’s condition. You may still be paying constant amortisation fees each month, but the amount deducted from the principal will depending upon the prevailing interest rate on the market.

Banks, building societies and financial companies offer such loans. You will need to shop around. There are many lenders available online and offline, though online processing is preferred. Different loan providers have their respective preferences. Lenders vary in their approaches. Some of the time, your loan provider can ask some of your personal or financial question regarding your finances.

Personal loan from Centurion Bank of Punjab

Eligibility
Salaried: Working with Category A companies/ MNC or even Private firms.

Self-employed Professional (SEP) : C.A., Architects, Engineers, Doctors (have to be MBBS or BDS), MBAs.
Self-employed Professional (SENP) : Proprietorships and Partnerships.

Salaried : (Rest of India)
Minimum Loan Amount : Rs. 1 lac
Maximum Loan Amount : Rs. 10 lacs(for Gold)
: Rs. 3 lacs(for Non Gold)
Salaried : (For Delhi and Mumbai)
Loan extended only for CAT A companies. Please contact the nearest branch to know the eligible corporate.

Minimum Loan Amount : Rs. 2 lacs
Maximum Loan Amount : Rs. 10 lacs

Self-employed : (Self employed businessman and Self Employed Professionals)
(Rest of India)
Minimum Loan Amount : Rs. 1 lac
Maximum Loan Amount : Rs. 10 lacs (under income based program)
: Rs. 15 lacs (under Balance transfer program)
Self-employed : (Self employed businessman and Self Employed Professionals)
(For Delhi and Mumbai)
Minimum Loan Amount : Rs. 2 lacs
Maximum Loan Amount : Rs. 10 lacs (under income based program)
: Rs. 15 lacs (under Balance transfer program)

Tenure
Minimum – 12 months
Maximum – 60 months

Interest Rates
As applicable from time to time

Maximum Quantum of Loan
Refer to loan calculator: Loan Calculator to be built based on existing norms to give loan amount to the customer.

Other Eligibility Criteria
Income Salaried and Self Employed : (For Mumbai and Delhi) Minimum Income Level : Rs. 2 lacs
Salaried : (Rest of India) Minimum Income Level : Rs. 75,000
Self Employed : (For Mumbai and Delhi) Minimum Income level : Rs. 2 lacs
Self Employed : (Rest of India) Minimum Income Level : Rs. 1 lac.

Age
Self employed : Minimum – 21 years and Maximum – 65 years
Salaried : Minimum – 24 years and Maximum – 58 years

Experience
Salaried – 2 years continuous work experience with 6 months in current employment.
Salaried Gold – 1 year total work experience. No minimum current employment norms
Self employed – 3 years in existence in same line of business.
Self employed NIP – should be in business for 5 years (3years for shopkeepers)

Residence Stability

Staying at current residence for more than 1year. In case of loans beyond 36 months, residence should be self owned.
Self employed – Any one of place of business or residence should be self-owned.

Documentation

Salaried :

# Non Gold : latest salary slip
# last years Form 16 / ITR
# last 6 months bank statement, showing at least last six salary credits.
# For consultants, copy of contract letter along with latest Form 16 A to be taken
# latest salary slip / work contract
# 3 months bank statement

Self-employed:
# Latest IT returns with Profit and Loss Account, Computation of Income.
# Last 6 months Bank statement
# Residence Proof Ration card
# Electricity bill / telephone bill in applicant’s name
# LIC premium intimation
# Copy of flat agreement if current residence is owned.
# Copy of registered lease agreement if staying on rent
# Credit card billing statement (can be up to 6 months old)

Proof of identity

# PAN Card
# Passport
# Election commission card
# Laminated Drivers License
# Employee ID. Not applicable for Pvt Ltd. Co employees.

NOTE :
1. All loans are at the sole discretion of Centurion Bank of Punjab Ltd.
2. Repayment of loan through Post Dated Cheques (PDCs)

Sources : http://www.centurionbop.co.in/