Are you looking for Personal Finance for meeting personal needs? Are you a self-employed or a salaried individual trying to accomplish your dreams? Searching out for the best Personal Loan for Medical emergency, wedding purpose, abroad travel, holidays, child education or for something to buy like consumer durable things. Then you are on the right track where your search for the Personal Loan ends. Read more to know more about Personal Loans.
A financial tool in an unsecured form of credit to meet personal requirements of an individual is known as Personal Loan. This form of loan is unsecured because it doesn’t need to be backed by any collateral or guarantor. There is no restriction for the amount of money you borrow from the bank. Moreover, if you are facing any cash crunch, it is the best source to maintain and manage your cash flow. In short a personal loan can support you in building your credit score faster when compared with other forms of credit. It is often considered advantageous for the borrower and less advantageous for the specific lender as no security is involved.
Mentioned below are the types of Personal Loans which you can choose online as per your need and requirements.
Many a times, we are confused whether the Personal loan is beneficial or purposeful for me or not. If you are the one looking for house renovation, child education, automobile, wedding expenditure, debt consolidation, unexpected medical costs or requirement of funds for any other personal needs then PERSONAL LOAN is a must go for you. Always remember “Financial woes can arise any time”. Be well informed & prepared for uncertainties.
There was a time when availing a Personal Loan was not so common, but with rising incomes & tough competition among banks to improve their credit portfolios, Personal Loans have become more popular & easily accessible to get. These days’ banks are offering attractive interest rates as well as the flexibility of repayment
Personal Loans are provided by most of the banks/NBFCs but with different eligibility requirements & needs. However, most of the eligibility criteria are almost same. Now days you can instantly check online your eligibility before applying for the personal loan.
The eligibility criteria to get an instant approval online for Personal Loans are mentioned in the table below. Please go through before applying online:
|1||Age||Age limit to apply 23 years to 65 years|
|2||Employment Type||Salaried or Self-Employed|
|3||Credit Score||650 or above is considered a good credit score|
|4||Loan Amount||Up to 40-50 Lacs depending on the credit profile|
|5||Work Experience||Salaried – At least 6-12 months
Self-Employed – At least 3 years business tenure & ITR of last 3 years
Below mentioned are the common documents which are required for applying for a Personal Loan
|For Salaried||For Self-Employed|
|KYC Documents which include PAN Card, Aadhar Card, Voter ID for Identity & Age Proof||KYC Documents which include PAN Card, Aadhar Card, Voter ID for Identity & Age Proof|
|Residence proof –Passport, Driving License, Registered Rent Agreement||Residence proof –Passport, Driving License, Registered Rent Agreement|
|Completely filled personal loan application with photograph||Completely filled personal loan application with photograph|
|Bank Statements for the last 3 months||Bank Statements for the last 6 months|
|IT Return with Form 16 for the past 2 years||IT Returns for the last 2 years|
|Employment certificate from current employer||Evidence of doing business like GST registration|
|Last 3 months salary slips||Last 3 years CA certified/audited balance sheet and Profit & Loss account|
As you are planning to go for Personal Loan, EMI plays an important role. Will EMI fit into your monthly budget or not is an important factor. That’s why EMI calculator will help you come out of this dilemma. It will help you identify your monthly repayments, total interest payable and total amount to pay
We here provide you with one-stop solution for all your personal financial needs. We try to cater almost your every personal financial need & requirement with the best service that is quick and hassle free in nature. We will provide you with a comparative analysis of what various banks hold in to offer you and will assist you in making your final decision. So be wise and choose the best one for yourself.