GE Money Personal Loan

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.

1. 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.
2. 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.
3. 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.
4. Customized loan options for salaried and self-employed individuals.
5. 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.
6. 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.
7. 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.
8. 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.
9. Prepayment facility. Unlike most banks today, GE Money allows you to prepay your entire outstanding loan balance.
10. 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:

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.

*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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