Established in the year 2012 by Mr. V. Vaidyanathan, Capital First is the top most financial service provider in India with a credit rating of AA+. The aim of the company was to finance India’s 50 million MSMEs and its evolving middle class. In a short span of time, Capital First has established a solid brand name by starting new businesses and acquiring new share shareholders.
Capital First Personal Loan
Capital Firstbasically provides debt financing to MSMEs and consumers in the country. Capital First has established a new model of financing for MSMEs with the help of cutting-edge technology and analytics. At present, the company provides the following products –
Personal Loan, Two Wheeler Loan, Loan against Property, Pre-owned Car Loan, Business Loan, Durable Loan, Insurance and Easy Buy Card.
Features Of Capital First Personal Loans
A personal loan provided by the Capital First can help you on your path to financial freedom, can provide you with finances for a wide variety of repayment options and tenures.
• Interest rate – 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 – Capital First charges a 2% processing fee + tax for this purpose.
• Loan tenure – Capital First offers loans for tenures ranging from 1 year to 5 years.
• Pre-closure charges – Charges on pre-closure are 5% on POS (Principal Outstanding) after clearing 6 EMIs.
• Guarantor requirement – Capital First does not require a guarantor and this saves you a lot of time and effort in securing your loan.
What Are The Advantages Of A Personal Loan?
1. Complete flexibility of end-use: You have the complete freedom to use the loan amount in any way you want and there are no restrictions on that– it could be for a child’s wedding celebration, home renovations, medical emergency or even a vacation. Though in case of a home loan or an auto loan the loan amount can only be used to buy a property or a vehicle respectively.
2. Lack of collateral: This is an ‘unsecured loan’, meaning you are not required to provide any security to the lender in the form of cash, shares or any other assets. This might make it more attractive to some customers who might not be in a condition to raise the cash required as collateral.
3. Relatively quick: This type of loan does not require as much documentation as a home or auto loan, for instance, as it is not being taken for a specific purpose.If you do not have any assets like a home, or shares or gold to offer as security, and you are in need of money urgently, then this is perhaps the most convenient option.
Capital First is an NBFC (Non-Banking Financial Company) that is in the consumer and corporate businesses. You can avail of a variety of loans under its retail lending portfolio, including a personal loan.
Am I Eligible For A Personal Loan From Capital First?
If you have already availed of a consumer durable loan or a two-wheeler loan from Capital First, then you may be eligible for the loan. The only condition is that you need to be at least 21 years old to apply.
You should have a good credit history and adequate salary to get a loan sanctioned by the company. Some other factors like your employment history, company you work for etc. will help in determining the most important factors like amount, tenure and rate of interest. Some of the banks also give you the flexibility to pre-close the loan without charging any additional charges. Most banks have a pre-closure charge which ranges from 4%-5%.
What Is The Documentation Required?
In order to apply, you will need to have the following documents:
1. A completed application form
2. Photo identity
3. Proof of date of birth
5. Security cheques and a cancelled cheque
What Is The Loan Application Process?
You can submit the Online Enquiry form on the Capital First website. Alternatively, you can
1. Visit the nearest branch in order to apply. A list of branches is available on the official website of the Capital First.
2. Call the toll-free number listed on the website for details on the loan process.
3. Ask a representative to get in touch with you with details about the loan.
Financial help offered by Capital First can be used for accomplishing a lot of personal tasks such as expanding your businesses, buying furniture for your home and office and office automation like computers and printers etc. Till now, the company has financed more than 2.26 million customers which include both self-employed individuals and MSMEs, and the company has created loan assets of around Rs.160.41 billion. It has a huge network, and provides financing to around 222 locations throughout the country.
Capital First personal loans are considered amongst the top rated and highest in the market currently because of their excellent customer service and rates.