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    Ge money personal loan Reviews

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    Personal Loan BYTES FROM OUR KITCHEN

    About GE Money Personal Loan

    GE Money is now focussing all its energy and incredible talent and experience on the fields of personal and commercial finance. A strong player in the industry, GE Money has time and again proven its capability in the financial industry.

    With over 118 million satisfied customers in over 50 countries and assets worth over $105 billion, GE Money stands perfectly poised to serve any personal finance needs you may have.

    Why choose GE Money Personal Loan?

    Personal Loans from GE Money are packed full of interesting features and benefits like a 5-step application process, easy EMI options and even a dual shield life insurance policy from SBI Life.

    Attractive interest rates and world-class banking facilities mean that if you do take a loan from GE Money, you will be dealing with a reputable organization of proven stability. GE Money also has a very customer-friendly and customer-oriented approach to addressing grievances and reports and reviews put GE Money far above the competition in terms of customer satisfaction.

    Savings alone won’t be enough to meet obligatory expenses such as a child’s wedding, or overseas education fees. Savings also won’t be enough to cover the cost of international family holidays or remodelling your house or purchasing a large business asset. That is where Personal Loans come in, and there are very few lenders in the market who perform as brilliantly as GE Money.

    Features of GE Money Personal Loan

    GE Money personal loans are feature-packed to make your short-term credit experience a pleasurable one.

    • High loan disbursement amounts. Compared to the competition, GE Money approves comparatively higher loan amounts for people falling under the same eligibility criteria. Loans disbursed are between Rs.3,00,000 and Rs.10,00,000.
    • Attractive interest rates. All banks and lenders constantly strive to give the customer a workable interest rate, none more so than GE Money. Interest rates are as low as 17.75% and loans disbursed are as high as Rs.10,00,000.
    • Faster loan disbursement. The time taken between application and loan disbursement is minimal with GE Money. Most banks claim to disburse loans within 7 days of receiving documents, but not from application. GE Money reduces the time taken in processing documents too.
    • Customized loan options for salaried and self-employed individuals.
    • Flexibility of documentation. There is a wider range of documents that can be submitted as proof of identity, address, income, etc. for the lender’s consideration.
    • A personal relationship manager is assigned to each and every loan account, to ensure that the best care is taken of your grievances, should you have any. The relationship manager will be a dedicated point of contact between you and GE Money.
    • Insurance cover. GE Money and SBI Life Insurance Company have teamed up to offer Dual Shield Insurance cover on your personal loan. In case of death or permanent total disability (PTD), the insurer will pay GE Money the outstanding amount (up to a maximum of Rs.2,00,000). The primary applicant’s family will be entitled to a fixed amount of Rs.20,00,000. Insurance premiums can also be added to regular EMI payments.
    • Longer repayment periods. Unlike most lenders, GE Money offers you the option of paying a lot more and lot smaller EMIs, over a longer period of time to clear out your loan outstanding.
    • Prepayment facility. Unlike most banks today, GE Money allows you to prepay your entire outstanding loan balance.
    • No collateral or security. Personal loans from GE Money are totally unsecured and do not require any collateral, security or guarantors.

    GE Money Personal Loan Interest Rate

    Currently, GE Money is offering personal loans at 17.75%. Some of their charges are listed in the below table:

    Loan processing fee
    • 2.2% for salaried individuals.
    • 2.5% for self-employed people.
    PDC swap fee Rs.500
    Statement of Account Rs.300
    Duplicate NOC Rs.300
    Foreclosure Letter Rs.300
    Document retrieval Rs.500
    Bounce charges Rs.600. Rs.400 for loan amounts below Rs.75,000.
    Penal fee 2.5% per month on Outstanding (EMI + Bounce charges)
    Foreclosure (Prepayment) 5% of principal outstanding or Rs.300, whichever is higher.

    GE Money Personal Loan Eligibility

    You must meet certain criteria to be eligible for a personal loan from GE Money, such as:

    Minimum age: 18 years.

    Maximum age: 60 years.

    Minimum income: Rs.25,000 per month take home.

    You will also require the following set of documents:

    Age proof: Could be either your birth certificate, passport, PAN card, driving license, etc.

    Signature and ID proof: Could be either a banker’s photo verification, valid driving license, valid passport, valid photo credit card, employer’s ID, PAN card, etc.

    Residence proof: Could be either your latest telephone, water, gas or electricity bills, insurance premium receipt, driving license, passport, etc.

    Income proof:

    For salaried individuals:

    Salary slip for the last 3 months and 3 months bank statement, with a signed Bank Statement Verification Authorization letter.

    For self-employed people:

    ITR for the last 3 years with complete audited financials, company financials, 6 months bank statement and a signed Bank Statement Verification Authorization letter.

    How to calculate EMI for GE Money Personal Loans?

    The BankBazaar Personal Loan EMI Calculator requires you to simply fill in your loan amount, tenure and interest rate in the pre-allotted slots. Simply enter the information, click on “Calculate” and the EMI calculator will take you to a page which has graphical representations of your loan breakup, amortization, repayment details, interest and principal components, etc. in an easy to understand format.

    GE Money Personal Loan FAQs

    Q. How can I check my GE Money Personal Loan status?

    A. You can check it by calling the company, talking to a customer care executive and waiting on line till the executive pulls up your details, or you can simply log on to BankBazaar and check your status instantly. Note, you must apply through BankBazaar to make use of this facility.

    Q. Where can I get a GE Money Personal Loan application form?

    A. You can download the form from their website, visit any of their branches or simply apply directly through BankBazaar and fill the online form.

    Q. Are there any GE Money Personal Loan Prepayment Charges (Foreclosure Charges)?

    A. If you wish you prepay your loan, a fee of 5% of the outstanding premium or Rs.300 (whichever is higher) will be levied.

    Q. Does GE Money allow part prepayment on a personal loan?

    A. No, you cannot prepay your loan balance in part, you must clear the whole thing if you’re opting for prepayment or foreclosure.

    Q. Is it necessary to submit post-dated cheques in order to repay the loan?

    A. Loan repayment happens through EMIs which contain a principal and interest component. However, you will be required to submit post-dated cheques favouring GECW.

    Q. What are the details of the insurance cover that applies on personal loans from GE Money?

    A.

    Coverage Personal Loan with amount > Rs.75,000 Personal Loans for existing customers
    Credit shield for applicants aged between 18 and 45 years. Maximum loan outstanding of Rs.20,00,000. -
    Credit shield for applicants aged between 45 and 50 years. Maximum loan outstanding of Rs.15,00,000. -
    Credit shield for applicants aged between 51 and 64 years. Maximum loan outstanding of Rs.7,50,000. -
    Credit shield for applicants aged between 18 and 60 years. - Maximum loan outstanding of Rs.3,00,000.
    Personal accident cover Rs.7,50,000. Rs.5,00,000.
    Charges 2.03% of instalment amount. 3.54% of instalment amount.

    *All fees and insurance cover details are subject to the terms and conditions present in your contract and offer documents.

    **All amounts, fees, charges and interest rates are subject to change at the discretion of GE Money and may not reflect the amounts, fees, charges and interest rates as they stood at the time of writing this article.

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