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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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