What is Personal Loan?
About Personal Loan:
Personal Loan is an Unsecured Loan, which you can get from banks, to fulfil your personal needs.
Basically, it’s a loan for any need and it’s quite easy to have it without any questions asked by the bank. Moreover, you also get the freedom to use the loan amount for legal purpose. Be it your wedding ceremony or vacation, Personal Loan will care for it.
Uses of Personal Loan:
Personal Loan is a multi-purpose loan, which you can use for any Purposes such can be as follows:
- Wedding
- Travel
- House Renovation
- Gifting something to your love one Etc.
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Features of Personal Loan:
- Interest Rate: the Rate of interest of the unsecured personal loan is relatively higher than other loans however the growing competitors among the many competitors, give benefit to you to decide on the bank with less interest rate.
- Repayment: Repaying personal is easy because of the convenient options available for you such as post-dated cheques, online payment, EMI etc.
- Minimal Paperwork: Getting the Best Personal Loan is less complicated than other loans as a result of banks understand the urgent want of their customers and thus, they do the approval quickly. Most of the banks approved the loan request within 48 hours.
- Tenure: Last but not the least, you get enough time to repay your loan with equal instalments and the tenure can be between 1-5 years. So, take your time and repay the loan comfortably.
- Loan Amount: Whether you are salaried or self-employed, you can get the loan as low as ₹ 1 Lakh and as high as ₹ 50 Lakhs, which can any legal purpose.
Eligibility:
Salaried:
Age: 1. Min age of applicant 21 years
2. Max age of loan maturity 60 years
Experience: Min period in the current job 01 year
Income: Above ₹ 15,000/-
Self-Employed:
Age: 1. Min age of applicant 25 years
2. Max age of loan maturity 65 years
Experience: Min period in current business 02 year
Income: Min. profit after tax
Professional Above ₹ 2 Lakhs
Non-Professional Above ₹ 2 Lakhs
Documents:
KYC Document:
- Pan Card
- Aadhar Card
- Voter ID
- Passport
- Driving Licence
- Office ID
Financial Documents:
Financial documents of a Salaried Person:
Job continuity Proof: Anyone
- Current Employment certificate
- Current job appointment letter
- Experience certificates of the earlier job (including appointment and relieving letter)
Income Proof:
- Last 3 months salary slip
- 6 Months bank statement
- Form 16 of the last 2 years
Financial Documents of Self-employed person:
- Last 2 Years ITR with Computation of income
- Bank statement
- Current account statement of last 1 year
- Business and residence ownership proof
- GST Registration
- Last 1-year GST Returns
Process of applying for a personal loan:
- Filling up a loan application form
- Submitting form and documents
- Sanctioning of loan
- Executing the agreement