Personal Loan

Life can sometimes throw unexpected financial challenges your way, whether it’s an emergency medical expense, wedding, education fees, a dream vacation, home renovation, or simply treating yourself to something special. At RIFS, we understand these needs and offer Personal Loans that can help you cover all your financial requirements. Whether your expenses are planned or unplanned, our fast and easy personal loans give you the freedom to manage them without stress.

We provide unsecured loans with no collateral requirement, offering competitive interest rates and flexible repayment tenures. Our straightforward application process ensures minimal documentation and quick loan disbursal. You can also opt for a top-up loan if additional funds are needed. With E-NACH, you can conveniently repay your loan EMIs directly from your bank account. Whether you are salaried or self-employed, RIFS offers a versatile Personal Loan that helps you cover your financial needs while keeping things simple and hassle-free.

Eligibility Criteria

For Salaried Individuals
Salaried employees, including doctors, Chartered Accountants, employees from select public and private companies, and government sector employees, are eligible to apply for a Personal Loan. The following eligibility criteria apply:

• Minimum Age: 21 years
• Maximum Age at Loan Maturity: 60 years (or retirement age, whichever is earlier), 65 years for government employees
• Employment Duration: A minimum of 1 year with at least 1 month of salary credited from the current employer
• Minimum Net Monthly Income: ₹20,000 (for metro cities like Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, Pune) and ₹15,000 for other locations

For Self-Employed Professionals
Self-employed individuals such as doctors, Chartered Accountants, architects, and company secretaries are eligible for Personal Loans with the following criteria:

• Minimum Age: 22 years
• Maximum Age at Loan Maturity: 65 years
• Years in Business: Minimum 3 years
• Minimum Annual Income: ₹1,00,000 (for metro locations) and ₹75,000 (for non-metro locations)

For Self-Employed Individuals
Self-employed individuals in businesses such as manufacturing, trading, or services are also eligible. The following criteria apply:

• Minimum Age: 22 years
• Maximum Age at Loan Maturity: 65 years
• Years in Business: Minimum 4 years, with at least 2 years in the same business
• Minimum Annual Income: ₹1,00,000 (for metro locations) and ₹75,000 (for non-metro locations)

Required Documents

For Salaried Individuals
To apply for a Personal Loan, salaried individuals must provide the following documents:

• Identity & Address Proof:

Passport, Voter’s ID, Driving License, PAN Card*, Aadhar Card (or proof of possession of Aadhar number), utility bill (electricity, telephone, post-paid mobile, piped gas, water bill—not older than 2 months), registered rental agreement, or letter from employer allotting accommodation.

• Date of Birth Proof:

Driving License, PAN Card, Passport, Birth Certificate, 10th/12th Mark Sheet

• Income Proof:

Latest 3 months salary slip, Form 16, Income Tax Returns (ITR), or Appointment Letter

• Bank Statements:

Latest bank statement or passbook (updated within 90 days)

For Self-Employed Professionals and Self-Employed Individuals
Identity & Address Proof:

Passport, Voter’s ID, Driving License, PAN Card*, Aadhar Card (or proof of possession of Aadhar number), utility bill (not older than 2 months), registered rental agreement

• Date of Birth Proof:

Driving License, PAN Card*, Passport, Birth Certificate, 10th/12th Mark Sheet

• Income Proof:

Latest Income Tax Returns (ITR) with income computation, Balance Sheet, and Profit & Loss account for the last 2 years, certified by a CA

• Bank Statements:

Latest bank statement or passbook (updated within 90 days)

RIFS ensures that the documentation process is simple and transparent, helping you get your personal loan approved quickly and easily.