Shinhan Bank India | Personal

Personal Loan

Shinhan Bank India Personal Loans

Up to Rs. 20 Lakhs at an attractive interest rate of 11.95% onwards*

Shinhan Bank India believes in catering to your instant needs by providing hassle-free personal loans for fulfilling your needs, whether it is a wedding, purchase of electronic goods, medical treatment, higher education, or any other personal expense.

1. Eligibility Criteria:

EMI/NMI ratio, including this loan and all other loans, should not exceed 60%
Can be offered to :
- Permanent salaried employees
- Professionals i.e., Doctors, Chartered Accountants, Lawyers, Architects, etc.
- Self-Employed i.e., any person or an individual who is self-employed and engaged in a profit-making business
The maximum EMI/NMI ratio is 60% considering existing obligations. (NMI*- Net Monthly Income) *NMI - Net Monthly Income can be calculated as follows:
- Salaried Employees - Simple average of last 3/6/9/12 months (whichever is higher) net salary (i.e., subtracting all deductions like Income Tax, Provident Fund, and Professional Tax from Gross Salary)
- Self-Employed/Professionals - Last two years' average net monthly income as an Income tax return

*Turn Around Time for Personal Loans shall be within 7 working days subject to submission of requisite documents and fulfillment of terms & conditions as per Bank's policy.

Documents Required:

Duly filled Application form
1 passport-size photo of the applicant
Proof of ID - Voter ID card/ Passport/ Driving License/PAN Card/ Aadhar Card
Proof of Residence
- Property tax receipts
- Utility Bills (Power Bill/Telephone Bill, etc.)
- Credit Card statement
- Income or Wealth Tax Assessment order
- Ration Card/ Valid Leave & License Agreement/ Lease Agreement
- Statement of Bank Account/ Passbook for the 6 months

a) For Salaried Employees:

Last 3 months' salary slip
Employment continuity proof (Latest form no. 16/ Appointment letter/Income Tax return/ Work experience certificate)- Any of these
Copy of Income Tax returns for last two financial years duly acknowledged by the IT department
Employment certificate / Letter from Employer

b) Additional documents for Professional/Self- employed

Proof of Business address
Copies of Income tax returns or assessment orders for last two years duly acknowledged by Income Tax Department
Financial Statements for the last two years duly certified by a Chartered Accountant

The above list is illustrative only and applicants are required to submit all the additional documents as and when required by the Bank.

Loan Tenure:

The personal loan tenor should be between 1 year to 5 years
The lump sum repayment of the loan tenor should be a maximum of 1 year

Interest Rate & Fees:

Interest rate - 11.95% onwards
Fees- The processing fee is 1% of the loan amount plus applicable taxes
Pre-payment fees/ Foreclosure charges - Nil
Other charges - Stamping charges, etc.
Penal Charges as mentioned in the Sanction Letter

*Terms & conditions apply

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