Personal Loan

Who Can Take a Personal Loan?

Samriddhi Finance provides unique and flexible personal loans for salaried individuals. The following can get a personal loan Samriddhi Finance:

• Salaried individuals

• Self-Employed individuals
• Retired Individuals

Availability of personal loans for salaried individuals depend on job stability, income, age, work experience, and CIBIL score.

Personal Loan Eligibility

Applicant’s personal loan eligibility depends on various factors, including a fixed monthly income, age, nature of employment, CIBIL score, professional experience, etc. For a quick personal loan from Samriddhi Finance, you must fulfil the easy-to-meet eligibility criteria.Your personal details including your PAN number, CIBIL score & KYC documents.

The personal loan eligibility for Salaried individuals:

• Age should be between 22 to 60 years
• Minimum monthly income should be ₹ 12,000
• Minimum of one year of work experience, You must be able to provide income proofs. Cash salary is not acceptable.

The personal loan eligibility for Self-Employed individuals:

• Monthly income of at least ₹ 20,000
• Age must be between 25 to 58 years

Documents Required for Personal Loan

The following are the documents required for personal loan with Samriddhi Finance:

• Two Photo
• Pan Card
• Aadhar Card
• Updated Bank Passbook
• PDC
• Latest Electricity and Water Bill
• Salary Slips
• Address Proof documents and
• Employment Certificate
• Including One Guarantor with all above mentioned documents

Note: At the time of documentation all original documents will be verified.

Personal Loan Interest Rates

Personal loans offered by Samriddhi Financeare multi-purpose loans that can be used as per your discretion. The personal loan interest rate determines the amount you need to repay as EMI. The personal loan interest rate offered by Samriddhi Financeis one of the lowest in the industry, starting at just 10.00%. Your loan interest rate greatly depends on your personal loan eligibility, income, CIBIL Score, and other criteria.

Apart from the personal loan interest rate, several other charges are involved that can be classified under three categories – general charges, miscellaneous charges, and foreclosure charges.

The following general charges are involved under personal loans –

Processing Fee

Processing fee is a one-time fee charged by lenders at the time of processing the personal loan application. It is non-refundable even if the loan does not get sanctioned.

Penal Interest/Additional Interest

Penal interest is the rate of interest that will be charged on delayed monthly instalments. The borrower will now be required to pay the delayed instalment inclusive of the additional interest.

The following table shows the general charges levied by Samriddhi Finance on our personal loans -

General Charges

Penal Interest/Additional Interest

30% on Overdue amount per month + GST

The following miscellaneous charges are also involved under personal loans –

Bounce Charges

These are those charges that are levied in case of an EMI bounce. In other words, these charges are levied when you miss a personal loanEMI payment due to inadequate funds in your bank account.

Mandate Rejection Service Charge

Mandate rejection service charge is the charge levied on the rejection of any of the services rendered by the lender.

EMI Collection Charges at your door-step

If you call a collection representative at your home or any other desired location within ten kilometres then charges will be levied

Miscellaneous Charges

Bounce Charge Rs. 1000 for every cheque/Payment Instrument Dishonour + GST

Mandate Rejection Service Charge ₹ 500 + GST

Charges will be applicable on your EMI Due date in case the account does not have an Active mandate after the exhaustion of the given post-dated cheques. This charge would be applied every month until there is an Active Mandate linked to the account

EMI Collection Charges at your door-step Rs. 500 + GST per EMI (part payment of EMI will be calculated separately by each tine)

Late Payment Charges Applicable as time being

The following Foreclosure & Pre-payment/Part-payment charges are also involved under Personal loans –

Foreclosure Letter Charge

If you fall behind on your monthly EMI payments, the lender will issue a foreclosure notice or letter notifying you of the same. The soft copy of this letter is free of cost whereas the lender will charge a certain foreclosure letter charge for a hard copy.

Foreclosure Charges

Foreclosure Letter Charges Branch Walk-In – Rs. 200 + GST

What is the Importance of CIBIL Score for Personal Loan?

CIBIL score, an important indicator of your credit health, is a three-digit number summarising your credit history, report, and rating. The score ranges from 300 to 900 and indicates your ability to repay your personal loan amount in a timely manner.

CIBIL score plays a decisive role in the personal loan application process. When a self-employed or salaried individual approaches a financial institution for a loan, the lender checks the CIBIL score and report of the applicant. If your CIBIL score is low, it reduces your chances of getting the loan. The score also affects your loan interest rates, tenure, amount, and EMI. The higher the CIBIL score, the better.

Generally, the minimum CIBIL score required for availing a personal loan is 700.

Personal Loan EMI

• Standard EMI

The standard EMI option under personal loans is one in which you get the freedom to pay off your principal loan amount inclusive of interest consistently on a monthly basis. Here, the interest is charged on the total principal amount that was borrowed.