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Personal Loan

A loan taken to fulfill miscellaneous requirements like – a dream holiday, school or college fees, unexpected expenses, home improvement expenses, wedding expenditure, or purchase of consumer durables etc. Personal loan comes under the category of unsecured loans.

It is given on the ability of the borrower to repay the loan from his personal income and his credit history. Rate of interest for personal loans are usually fixed.

  • Salaried employees.
  • Salaried doctors.
  • Employees working in Public and Private limited companies.
  • Employees of Government sector including Public Sector Undertakings and local and central bodies.
  • Minimum age of 21 years.
  • Maximum age should be 60 years at the time of loan maturity.

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Q1. Is it possible to merge two Bank loan into one?

Ans – Yes it is possible to merge two loans into one because even with top up facility if the loan track record is good and customer can show creditworthiness.

Q2. Who can get a personal loan?

  • Self employed professionals/individuals.
  • Proprietor/ Proprietorship firms.
  • Partner in partnership firms.
  • Director in Private Limited Companies.

Q3. What is the minimum and maximum tenure for the personal loan?

Ans – 12 months to maximum 5 years.

Q4. What security do I need to provide for a personal loan?

Ans – As personal loan comes under unsecured loan category, no collateral or security is required. You income is the only criteria to check your eligibility.

Q5. Can I pre pay my personal loan?

Ans – Yes you can always prepay your personal loan.

Q6. What is the process of getting a personal loan?

The process may vary from bank to bank and financial institutions but a generally followed process is as follows –

Following are the list of the documents required for Unsecured Personal Loan:

  • Application
  • Documentation
  • Processing
  • Sanctioning of the Loan
  • Disbursement

Balance transfer facility is a feature for existing borrower who wants to get better rate and sometimes a top-up facility. In balance transfer the rate of interest reduces by 1-2 percent, which in turn reduces EMI amount as well.

Just like other loans, in personal loan balance transfer means that the remaining unpaid amount of taken loan will get transferred to some other bank which offers lower interest rates.

ABM provides a balance transfer facility with tenure of 5 years on the cheapest rate of interest, which gives you a great opportunity to save huge money.


  • Pan Card
  • Adhar Card
  • Photo
  • Loan Track Record of old lender.
  • 6 months bank statement
  • 3 months salary slip.
  • Cibil score should be more than 700+
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