Personal loans have become an essential financial tool for many individuals seeking to manage their finances effectively. Whether it’s for a medical emergency, education, home renovation, or any other personal need, a personal loan can provide the necessary funds. Sampan Financial Services Private Limited offers tailored personal loan solutions to meet diverse financial needs. Here’s a comprehensive guide on who can avail of a personal loan from Sampan Financial Services.

Eligibility Criteria

1. Age:
   • Applicants must be between the ages of 21 and 60 years. This ensures that the borrower is legally an adult and has a reasonable number of working years left to repay the loan.
2. Income:
   • Salaried individuals should have a minimum monthly income as specified by Sampan Financial Services. Typically, this amount varies based on the city of residence and the applicant’s employer profile.
   • Self-employed individuals must demonstrate a stable income with relevant financial documents such as IT returns, bank statements, and business continuity proof.
3. Employment Status:
   • For salaried individuals, a minimum of 1-2 years of work experience, with at least 6 months to 1 year in the current organization, is usually required.
   • Self-employed individuals should have a business vintage of at least 3 years to show business stability.
4. Credit Score:
   • A good credit score (typically above 650) is essential as it reflects the borrower’s creditworthiness. A higher score increases the chances of loan approval and may lead to better interest rates.
5. Residency:
   • Applicants must be Indian residents. Additionally, they may be required to provide proof of residence in the city where the loan application is being made.

Documentation Required

To apply for a personal loan, the following documents are generally required:

1. Proof of Identity:
   • Aadhar Card, PAN Card, Passport, Voter ID, or Driving License.
2. Proof of Address:
   • Utility bills, rental agreement, passport, or bank statement.
3. Income Proof:
   • Salaried individuals: Latest salary slips, Form 16, and bank statements.
   • Self-employed individuals: IT returns, business continuity proof, and bank statements.
4. Other Documents:
   • Passport-sized photographs, duly filled application form, and any other documents requested by the financial institution.

Loan Amount and Tenure

• The loan amount ranges from a few thousand to several lakhs, depending on the applicant’s eligibility and requirements.
• The tenure of the personal loan typically varies from 12 months to 60 months, offering flexibility in repayment.

Interest Rates and Charges

• Interest rates are competitive and vary based on the applicant’s profile, credit score, and market conditions.
• Processing fees, prepayment charges, and late payment penalties may apply. These are transparently communicated to the applicant during the loan processing stage.

Special Considerations

1. Joint Applications:
   • Joint applications can increase the eligibility for a higher loan amount. Co-applicants should meet the basic eligibility criteria.
2. Pre-approved Offers:
   • Existing customers with a good repayment history might receive pre-approved loan offers with faster processing times.
3. Top-up Loans:
   • Customers with existing loans who have a good repayment track record may be eligible for top-up loans.

How to Apply

1. Online Application:
   • Visit the Sampan Financial Services website and fill out the online application form with the necessary details.
   • Upload scanned copies of required documents.
2. Branch Visit:
   • Visit the nearest Sampan Financial Services branch and submit the application form along with physical copies of the required documents.
3. Customer Support:
   • Contact the customer support team for assistance in the loan application process.