Capital First Personal Loan
About Capital First
Capital First is a Non-Banking Finance Company (NBFC) listed on the NSE and BSE, and has a history of sustained, consistent growth and profitability. It has achieved a decent level of market penetration with its employee base of over 1,000 and presence in over 222 towns in India. As on March 31st 2015, it has reported a loan assets under management figure of Rs.119.75 bn, with a Gross NPA of 0.69% and a Net NPA of 0.17%. Post dividend capital adequacy was reported at 23.5%. In the five years between March 31st 2010 and March 31st 2015, it has grown its MSME and retail financing from a measly 10% to a strong 84%. It has been able to achieve so much, in such little time by offering a range of industry-leading financial products and services, which have earned the company a long-term credit rating of AA+.
Capital First personal loans are amongst the highest rated in the market at present because of their excellent customer service and rates.
Features of Capital First Personal Loans
A personal loan from Capital First can help you on your path to financial freedom, providing you with finances for a wide variety of repayment options and tenures. The institution will ensure that you receive the maximum loan possible, taking into consideration your CIBIL score, documentation, requirement and repayment history.
- Interest rate – Your interest rate determines how much more you’ll be paying back to the loan provider than what you’ve borrowed. Hence, a competitively low interest rate is what you should look for when taking a personal loan. Fortunately, Capital First offers loans at competitive interest rates of 15% to 20% for salaried applicants and 22% for self-employed applicants, on a monthly reducing balance model.
- Processing fees – is a charge levied by the loan provider to meet the costs of processing and approving your personal loan. Capital First charges a2% processing fee + tax for this purpose.
- Loan tenure – is an important factor when deciding to take a personal loan. It determines how long you will be paying monthly instalments to clear off your loan. Longer tenures generally come with marginally higher interest rates while smaller tenures have marginally lower interest rates.Capital First offers loans for tenures ranging from 1 year to 5 years.
- Pre-closure charges – are those that are levied by the loan provider in addition to your existing payable balance, if you wish to close your loan early. Charges on pre-closure are 5% on POS (Principal Outstanding) after clearing 6 EMIs.
- Guarantor requirement – Most loan providers, for most types of loans, require you to present a guarantor – or a person who backs your ability to repay the loan. Capital First does not require a guarantor and this saves you a lot of time and effort in securing your loan.
Other features and benefits include:
- Minimal documentation.
- Approval without any mortgage.
- Fast processing.
- Foreclosure options available.
With Capital First, you receive a strong infusion of funds as per your requirement (if you’re eligible) at competitive rates of interest and easy payment options. There is a minimal pre-closure fee and the loan does not even require a guarantor. More and more people are choosing Capital First as their preferred personal loan provider for these reasons and because they charge a very low processing fee in addition to providing you with world-class financial services. You can take this loan to cover medical emergencies, home renovation expenses, marriage, higher education costs, business capital requirements, purchasing assets, purchasing vehicles, and you can even choose not to disclose how you wish to use your loan.
Do you fit the eligibility criteria?
Eligibility for personal loans is differs between banks (and NBFCs) and people. Different people in different situations living in different cities can have different loan amounts approved at different interest rates. Most of it depends on your ability to repay your loan, which is largely dependent on your CIBIL score and credit rating. For example, a person living in Bangalore earning Rs.50,000 per month will be eligible for a different loan amount and interest rate than a person living in Mumbai earning the same salary. It also is dependent upon how you repaid your previous loans, if any, and how meticulously you’ve followed up on our credit card payments.
- Minimum age - You must be at least 23 years old if you’re a salaried employee, or at least 28 years old if you’re self-employed.
- Maximum age – is 58 years for salaried employees, or 65 (age + tenure) for self-employed people.
- Minimum income required – for salaried employees is Rs.20,000 per month, and Rs.10,00,000 per annum for self-employed persons.
- Maximum loan amount – that’s allowed for salaried employees is Rs.10,00,000 and Rs.15,00,000 for self-employed people.
- CIBIL Score – most banks and NBFCs require you to have a CIBIL score of over 750.
Banks and NBFCs look at your CIBIL score as an indicator as to whether you will pay your loan back, based on your performance with past loans and credit card payments.
You can improve your CIBIL score and consequently your eligibility by:
- Repaying credit cards on time – monthly credit card payments, in full, will improve your score.
- Closing all loans as per the terms on which you took them – don’t ask for extensions or immediate settlements with your lender, finish off your loan EMIs as they arise.
- Not standing as guarantor on potentially defaulted loans – Make sure the person whose loan for which you’re standing guarantor is responsible and capable of repaying the loan.
- Maintaining good relations with banks.
- Don’t over-leverage yourself – don’t take more loans than you can pay off with your current take-home salary.
- Don’t over-borrow – take life one loan at a time.
To apply for a personal loan and have it approved, you will need to submit a certain set of documents that prove your identity and prove that you will be able to repay the loan based on the claims of income you’ve made.
Documents you’ll need are:
- PAN (Personal Account Number) Card.
- Identity proof – this must contain your full name as it appears on the application along with photo ID, if you aren’t submitting a separate photo ID, it is recommended to submit a photo ID and identity proof together. This could be your Voter ID, Driving License, Passport, etc.
- Address proof – this is to ensure that the address details you have provided are legitimate and verifiable. Any loan-related correspondence will be sent to the address, for which verifiable proof will have to be submitted in the form of Voter ID, Driving License, Passport, Telephone Bill, Electricity Bill, Registered Lease Deed or agreement, Sale agreement, Bank statement, etc. whichever can be taken as a legitimate and verifiable proof of address.
- Passport-sized photographs will also have to be submitted for Capital First’s internal use – on forms, documents, etc. They may require a number of passport photographs, so be prepared with at least 5 or 7 of these.
- Any valid Photo ID - card or otherwise - issued by the state or central government.
- Salary slips or bank statements of credited salary – will be required to verify that you indeed are earning as much as you claim.
- Bank statements – to verify that your income from business is enough to support the personal loan you wish to take.
- Form 16 issued by your employer.
- Income documents of your salaried spouse – in case you wish you club your income.
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