Personal Loan

“Personal Loan” – My Personal Finance

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.

What is a Personal Loan?

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.

Under this system, the Mortgage Loan is provided at a certain percentage of the property’s market value, usually around 40% to 60%. Here consumer gives a guarantee by using his property as a security.

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.

“Turn your dreams into reality with the personal loan & repay the borrowed amount gradually in the later years as no guarantor or security is required.”

Advantages of choosing a Personal Loan

    • 1. No Collateral Required – There is no need to mortgage any asset. You can easily get a low-interest personal loan if you meet the eligibility requirements & have a good and healthy credit score.
    • 2. Minimal Documentation – The process to apply for Personal Loan has been made digitalized. You can easily apply for the loan online & then verification can be done with minimal documentation.
    • 3. Quick Processing & Approval – Personal loan is available without any security. You can easily avail and get approval for the same. If you meet the eligibility criteria, you get a Personal Loan approval in a span of short period. That is why it is the best supporter at the time of financial emergency.
    • 4. Fixed Rate of interest – Banks usually keep the rate of interest on personal loans fixed throughout its tenure. Hence, you need not worry about variable EMIs or interest rate fluctuations..
    • 5. Repayment flexibility – The average repayment period varies from 36 months to 84 months.
    • 6. Multipurpose in nature – It is multipurpose in nature and can be availed for any personal financial requirement.

Categories of Personal Loans

Mentioned below are the types of Personal Loans which you can choose online as per your need and requirements.

    • 1. Home Improvement – Each one of us dream of living a standard life with some luxurious style. You can remodel your house by choosing personal finance for home renovation. And for this purpose you can instantly get approval online & start off with you dream home renovation.
    • 2. Wedding Personal Finance – Weddings are one of the auspicious events in our lives. For wedding ceremonies you require a major cash flow for making this event memorable forever. At times you face tension from where cash will come to buy items and organize various rituals, and to solve this problem here we are with Personal loan for Weddings.
    • 3. Travel Loans – Planning to travel to your dream destination. And falling short of cash? No needs to worry easily apply online for Personal Loan for your travelling plans with affordable interest rates & short tenure. This loan helps you to repay easily without any hassle. The loan amount varies on your creditworthiness and travel destination.
    • 4. Education Loan – Education is one of the most important phases of one’s life. And being educated is right of one and all. These days the education sector has become very expensive. If you are in an urgent requirement you can go for a personal loan which will work as an education loan for you.

Is Personal Loan the best choice for me?

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.

Am I Eligible for Personal Loan?

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:

 

FactorCondition
AgeAge limit to apply 23 years to 65 years
Employment TypeSalaried or Self-Employed
Credit Score650 or above is considered a good credit score
Loan AmountUp to 40-50 Lacs depending on the credit profile
Work ExperienceSalaried – At least 6-12 months
Self-Employed – At least 3 years business tenure & ITR of last 3 years

What Documents are required to apply for Personal Loan?

Below mentioned are the common documents which are required for applying for a PERSONAL LOAN

 

For SalariedFor Self-Employed
KYC Documents which include PAN Card, Aadhar Card, Voter ID for Identity & Age ProofKYC Documents which include PAN Card, Aadhar Card, Voter ID for Identity & Age Proof
Residence proof –Passport, Driving License, Registered Rent AgreementResidence proof –Passport, Driving License, Registered Rent Agreement
Completely filled personal loan application with photographCompletely filled personal loan application with photograph
Bank Statements for the last 3 monthsBank Statements for the last 6 months
IT Return with Form 16 for the past 2 yearsIT Returns for the last 2 years
Employment certificate from current employerEvidence of doing business like GST registration
Last 3 months salary slipsLast 3 years CA certified/audited balance sheet and Profit & Loss account

Why choose us for applying a Personal Loan

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.

Few reasons which will you will love to choose us for your personal finance:

1. Fast Assistance – We provide with 24*7 services for all our customers. You can contact us anytime and we are ready to assist you in helping out in the best possible way.

2. Real-time Customer Support – As the process of applying for the loan is digitalized, you can contact our customer support team which is fast & efficient to clear all your doubts in real time.

3. Digitalized Process – Application is received and processed online, so you need not physically visit even a single time.

4. Transparency – The whole process is secure and digitized enabling us to serve customer quickly with optimum transparency, free of any hidden surplus charges.

5. Lowest personal loan interest rates – We are in association with leading partners which bring you the lowest personal loan interest rates on best offers for your personal loan requirements.

6. Instant Approval – Apply online and get the disbursement within 24 hours. (Subject to availability, complete documentation, etc.)

STEPS TO APPLY FOR PERSONAL LOAN

Check your eligibility and fill in the Personal Loan Application FormCompare various Personal Loan options, and apply for the best optionAfter successful submission of the application get an instant e-approval

Personal Loan EMI Calculator

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.


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