PhillipCapital - Product - Personal Loan
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Product - Personal Loan
PERSONAL LOAN
Overview
At Phillip Finance and Investment Services India Private Limited, we firmly believe that “An individual with an intention and an ability to pay back should not be denied access to credit”. It is this principle that drives our Personal Loans product where we service the various segments of society with our innovative credit approaches.
This product is ideal
for individuals who want to
  • CIBIL / Credit score
  • Pay off credit cards
  • Pay off loans from friends /
    relatives
  • Pay off money lenders
    charging 5%-10% per month
  • Benefit from
    Total Family Income
  • Avail loans whilst working
    in proprietorships
Key
Features
Loan Amount – Rs. 1 to 10 lakhs
Rate of Interest (FLAT) – 15% to 30% per annum
Rate of Interest (Reducing) – 24% to 55% per annum
1 Year lock in period
0% Prepayment penalty
Tenure – 1 to 3 years
Overdraft Facility available
Part payment - Available
Guarantor Requirement – Flexible
Geographical Limits Mumbai, Navi Mumbai & Thane

Example with a Sample Loan

Part Particulars Amount 1 Amount 2
A Loan Amount 1,00,000 1,00,000
B Tenure 12 months 12 months
C Interest (FLAT) 15% 30%
D Interest (Reducing) 26.62% 51.44%
E EMI Rs. 9,583 Rs. 10,833
F Processing Fees @ 3% + GST Rs. 3,540 Rs. 3,540
G Loan Insurance (Age – 35 years) Rs. 455 Rs. 455
H Net Loan Disbursement (A – F – G) Rs. 96,005 Rs. 96,005
I Total Repayment Rs. 1,14,996 Rs. 1,29,996
J Total Interest Payment Rs. 14,996 Rs. 29,996
  1. A 1 lakh loan for one year with 15% flat interest rate (26.62% reducing) will result into a net loan disbursal of Rs. 96,005 after deducting processing fees of Rs. 3,000 @ 3% of loan amount + GST and loan insurance of Rs. 455 (Age dependent, sample age – 35 years). Total repayment in such a loan inclusive of principal and interest will be Rs. 1,14,996 of which the interest component will be Rs. 14,996.
  2. A 1 lakh loan for one year with 30% flat interest rate (51.44% reducing) will result into a net loan disbursal of Rs. 96,005 after deducting processing fees of Rs. 3,000 @ 3% of loan amount + GST and loan insurance of Rs. 455 (Age dependent, sample age – 35 years). Total repayment in such a loan inclusive of principal and interest will be Rs. 1,29,996 of which the interest component will be Rs. 29,996.
Documents
Required
  • Photograph
  • PAN Card
  • Aadhaar Card
  • Electricity Bill
  • Last 3 months Salary Slip
  • Last 1 year banking
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