What is Personal Loan
Table of Contents
Personal Loan is an unsecured loan which you can get from banks, to fulfill your personal needs. basically, it’s a loan for any need and it’s quite easy to have it without many questions asked by the bank. moreover, you also get the freedom to use the loan amount for any legal purpose. be it your wedding or vacation, The personal loan will take care of it.
Uses of personal loan :
Personal Loan is a multi-purpose loan, which you can use for any legal purposes and some of them can be as follows :
- Wedding, travel
- House renovation
- Gifting a bike to your grandson etc.
Features of personal loan :
A. Interest Rate: the interest rate of unsecured personal loan is comparatively higher than other loan but the increasing competition among the competitors, give benefit to you to choose the bank with less interest rate.
B. Repayment: repaying personal is easy because of the convenient options available for you such as post-dated cheques, online payments of EMI, etc.
C. Minimal paperwork: Getting the BEST PERSONAL LOAN is easier than other loans because bank understand the urgent need of their customers and thus they do the approval quickly. Most of the bank process the loan request within 48 hours.
D. Tenure: last but not the least, you get enough time to repay your loan with equal installments and the tenure can be between 1-5 years. so Take time and repay the loan comfortably.
E. Loan amount: Whether you are salaried or self-employed, you can get the loan as low as INR 20 thousand and as high as INR20 Lakhs, which you can any legal purpose
Age: 1 Min age of Applicant 21 Years 2 Max age of loan maturity 58 Years
Experience : Min. period in current job 1 Year
Income : Above INR 17500
Self- employ :
Age: 1 Min age of Applicant 25 Years 2 Max age at loan maturity 65 Years
Experience : Minimum periods in business 3 Years
Income : MIn. profit after tax
Professional Above INR 2 Lakhs
Non- Professional Above INR 1Lakhs
- Pan Card
- Adhaar Card
- Voter ID
- Utility Bill
Financial Documents of a salaried person: Job ContInuity Proof: Any One
- Current employment certificate
- Current job appointment letter
- Experience Certificate of Previous job (including appointment and relieving later
Income Proof :
- Last 3 month’s salary slip
- 6 Months Bank Statement
- Form 16 of Last 2 Years
Financial Document of Self-Employed person :
- Last 2 Years ITR with computation of income
- Bank Statement
- Current Account Statesmen of last 1 Year
- Saving Account Statesmen of the last 6 months
- Business and residence ownership proof (Any Registration Proof)
Process of applying for a personal loan :
- Filling up the loan application form
- Submitting form and documents
- Sanctioning of loan
- Executing the agreement