Personal Loan
Personal Loan
A personal loan is a type of loan that is usually unsecured, meaning it does not require collateral. It is typically used for a variety of purposes, such as consolidating debt, making a large purchase, or funding a vacation. Personal loans usually have fixed interest rates and repayment terms, which means that borrowers know exactly how much they will pay each month and when the loan will be paid off.
How we get Personal Loan?
Applying for a personal loan in India has become remarkably convenient with the advent of online platforms and digital lending institutions. Borrowers can simply visit the lender's website or use their mobile app to fill out an application form, upload the necessary documents, and submit the application online. The documentation requirements usually include proof of identity, address, income, and employment details. Once the application is submitted, lenders typically evaluate the borrower's eligibility and creditworthiness through a quick verification process. If approved, the loan amount is disbursed directly to the borrower's bank account within a few working days.
- Instant Business Growth
- 24/7 Quality Service
- Easy Customer Service
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However, it is important for borrowers to exercise responsible financial behavior when availing personal loans. Before applying for a loan, individuals should assess their repayment capacity and borrow only what they can comfortably repay. Timely repayment of personal loans not only helps borrowers maintain a good credit score but also builds a positive credit history, making it easier to access credit in the future.
More About Personal Loan?
Features and Benefits of our Personal Loan?
- Combining multiple debts into a single loan with a lower interest rate to save money on interest payments and make it easier to manage debts.
- Using a personal loan to fund home renovation projects can increase the value of your home and improve your living conditions.
- If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.
- A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.
Eligibility Criteria For Personal Loan?
- Age should fall under the range of 21 years to 60 years
- Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs
- Credit score must be above 650
- Debt-to-income ratio
- Employment stability
- Maintained a good credit score
- Clear repayment history
- Must be a Resident Citizen of India
Documents required to apply for Personal Loan?
- Identity Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
- Proof of Residence or Address Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card
- Age Proof- Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
- Income Proof - 3 Month Bank statement, 3 months Salary Slips
- Employment Proof - Employment Certificate, Office address proof
- Photograph - Passport-size photographs
- Clear repayment history
