What is a personal loan and how does it work
A personal loan is an unsecured loan which is used to meet financial needs during bad times. This consumer loan depends on the ability of the borrower to repay the money from personal income in installments over a fixed term. A personal loan is unsecured loans so you don’t have to worry about any kind of security issues. A personal loan is very easy to get but your CIBIL Score should be good. The personal loan is also known as a multi-purpose loan. Borrowers can utilize online instruments accessible at impartial money related sites, for example, the Personal Loan EMI Calculator, to evaluate the premium payout all through the residency before applying for a Personal loan.
How to apply for a Personal loan.
Online and offline both option is available to apply a personal loan. the online application is the best way to apply personal loan its time-saving process. before applying for a personal loan first check your bank’s pre-approved offers.
sometimes bank offers you the best loan at low-interest rate. Online Personal Loan you can find a variety type of loan options with the interest rates start from 10.75% and Loan amount starting from 25k to 25Lacs.
Popular Personal Loan.
|ICICI Bank||10.99% – 17.99% Per Annum|
|Bajaj Finserv||12.00% – 16.00% Per Annum|
|Kotak Bank||11.00% – 24.00% Per Annum|
|Tata Capital||11.49%-19.00% Per Annum|
|Indusind Bank||11.49% – 20.00% Per Annum|
|Capital First||12.00% – 35.00% Per Annum|
Types of Personal Loan:
- Personal Loan for Home Improvement
- Personal Loan for wedding
- Personal Loan for Travel
- Fresh Funding
- Top Up Personal Loan
- Personal Loan Balance Transfer
Personal Loan Eligibility:
Minimum eligibility criteria for the borrower.
- The borrower person must be an Indian Resident
- Age should be minimum – 21 years
- Valid government issued ID proof
- Valid bank account
Keep Ready Documents for Personal Loan:
- PAN Card
- Address proof any one of these – Passport, driving licence, Voter ID, landline bill, Bill(electricity/water/gas)
- Bank statements – where your salary is deposited, for the last 3 months
- Pay slips of the past 3 months.