Founded and incorporated in 1954, Sundaram Finance was promoted by Madras Motor Insurance Company, a part of the TVS Group. The company became public limited in 1961, and then went to public in 1972. Sundaram Finance achieved its leadership position through its five pillars i.e. faith, institutional trust, employee loyalty, trustworthy investors, and depositor confidence. The company ensures smooth and efficient functioning of all its systems and procedures resulting in better customer services across the entire financial loan sector.
Table of Contents
Sundaram Finance Personal Loan Rates
The Sundaram Finance offers personal loan at an attractive interest rate depending on loan amount. The usual rate of interest for the Sundaram finance personal loan varies depending on the loan application and scheme, with a low processing fee and pre-closure charges.
Sundaram Finance Personal Loan Eligibility
There are some basic eligibility criteria to avail Personal Loan from Sundaram. An applicant can be either Self-employed businessmen, or salaried professional.
Monthly Income: Your eligibility for a Sundaram Finance Personal Loan depends upon your annual income. The minimum annual income required is Rs. 2.5 Lakh for both salaried and self-employed professionals. A high and stable income is mandatory as it gives an assurance to the lender that the debt will be repaid without much hassle.
Age Limit: The first important factor is your age. An applicant should be in the age group of 21 to 55 years to apply for Sundaram Finance Personal Loan. Younger the age of an applicant, higher is the chances for long tenure.
Credit Score: It is an important factor to gauge the credibility of an applicant. In order to shrink the risk of non-payments, the lender conducts an extensive research on the applicant’s CIBIL score. If an applicant has a stellar credit score, you would likely to get a reduction in the rate of interest.
Tenure: To increase your loan eligibility, tenure at work is another important factor lender considers. The salaried employees should have a minimum 2 to 3 year of work experience to avail Sundaram Finance Personal Loan. Working in the same organization also increases your eligibility and potential to negotiate with the lender.
Sundaram Finance Personal Loan Documents
If you really wish to get the approval of your personal loan from Sundaram Finance, then you have to submit some necessary documents. Apart from the basic application form and recent color passport size photograph, a lender asks for other details such as your present job role, income details, your designation etc. Here, we are listing out the right and common documents for potential loan applicants.
Residential Proof: Lenders need your geographical coordinates to approve your personal loan, and if you fail to provide the complete information the lenders fail to provide you a loan. Hence, a borrower’s residential proof is a prime requisite. All your utilities bills can act as your proof of residence such as telephone or broadband bills, electricity bills, or even your ration card.
Photo Identity proof: Loan applicants can submit any one of his or her voter ID, passport or driving license to avail personal loans.
Financial Documents: An applicant needs to submit his or her financial documents such as proof of job continuity, income proof, bank statements and declarations. Depending on your job role, an applicant needs to submit the documents,
For Salaried-If an applicant is salaried, he or she has to attach the following documents along with duly signed application form:
Form 16, and salary slips for past 3 months,
Bank Statements for the past 6 months,
For repayment of the personal loan installments, relevant postdated Cheque, and electronic clearing mandates.
For Self Employed
Income Proof: An applicant need to submit the latest 3 ITRs filed with the computation your annual income.
Bank Statements which shows the credit of income for past 6 months, proof of your business with TIN, VAT, or service tax certificate, etc.
Profit and Loss Account, Balance Sheet for the Last 3 years certified and approved by CA.
These are some of the necessary documents that would help an applicant to get qualified for the loan. The checklist mentioned above is the general set of common documents; the NBFC might ask you for some more documents depending on the nature of your loan amount, application, etc.