Barclays Bank Personal Loan review

Barclays Bank offers personal loans between Rs.40,000 and Rs.17 lakhs for any purpose depending on your requirements. They have flexible repayment options available. You do not need to provide them with security or collateral of any sort. You do not need to provide any guarantors either. The repayment period of the personal loan can be upto 7 years.

Barclays Bank provides loans to salaried employees, self employed individuals and self employed professionals such as doctors, chartered accounts etc..

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Age eligibility for personal loan 

In case of salaried employees, the minimum age is 21 years and the maximum is 60 years. The upper limit of 60 years is inclusive of the repayment period. The gross monthly income needs to be Rs.10,000 or higher. The age limit for self employed individuals and self employed professionals is minimum 25 years and maximum 65 years The gross annual income needs to be Rs.100,000 minimum. The Barclays Bank personal loan is usually processed within 4 to 7 working days.

Documents required for the Barclays Bank personal loan

Salaried individuals needs to provide:

Proof of identity: passport / photo PAN card / driving license / election id card / any id card issued by armed forces & public sector units (PSU) which has your photo and confirms your date of birth, signature & address.

Address proof: Fixed line telephone bill (recent) / government or local authority bill / bank statement / driving license / passport copy / any id card issued by armed forces & public sector units (PSU) which has your photo and confirms your date of birth, signature & address.

[NOTE: You can provide a copy of your passport for establishing both proof of identity and residence.]

Latest 2 salary slips or latest salary certificate.

Last 3 months bank statements.

Self-employed individuals include self-employed businessmen need to provide:

Proof of identity: passport / photo PAN card / driving license / election id card / any id card issued by armed forces & public sector units (PSU) which has your photo and confirms your date of birth, signature & address.

Address proof: fixed line telephone bill (recent) / government or local authority bill / bank statement / driving license / passport copy / any id card issued by armed forces & public sector units (PSU) which has your photo and confirms your date of birth, signature & address.

[NOTE: You can provide a copy of your passport for establishing both proof of identity and residence.]

Latest 2 filed Income tax returns or last audited financials with e-return or income tax clearance certificate / assessment order.

Bank statements for the last six months.

Self-employed professionals including self-employed doctors (MBBS, MD, BDS, MDS) and chartered accountants need to provide:

Proof of identity: passport / photo PAN card / driving license / election id card / any id card issued by armed forces & public sector units (PSU) which has your photo and confirms your date of birth, signature & address.

Address proof: fixed Line telephone bill (recent) / government or local authority bill / bank statement / driving license / passport copy / any id card issued by armed forces & public sector units (PSU) which has your photo and confirms your date of birth, signature & address.

Latest 2 filed Income tax returns or last audited financials with e-return or income tax clearance certificate / assessment order.

Degree certificate & registration certificate.

[NOTE: You can provide a copy of your passport for establishing both proof of identity and residence.]

Penalty for default in repayment of the Barclays Bank personal loan:

Barclays Bank charges up to 2.5% of the principal amount of the loan as a loan processing fee. If your cheque issued to them bounces or the ECS (Electronic Clearing Service) debit fails to go through because of insufficient balance you'll have to pay Rs.500 to them. This is how most banks offering personal loans work.

Prepaying the Barclays Bank personal loan

If you choose to prepay this loan, you'll have to pay 5% of the principal outstanding. Pre-payment is only permitted after six months from the date of first disbursement of the loan.

Using a personal loan

Personal loans have a higher interest rate usually than education loans and home loans. You should take a personal loan only if you need funds for a temporary period to meet a short term requirement such as expenses on a marriage in the family or medical expenses. Do not treat a personal loan as a long term source of credit because you may pay substantial interest costs.