Personal Loan
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Personal Loan
Personal loans are an unsecured type of loans that is famous to meet prompt necessities. It is multi-reason in nature and subsequently can be utilized for different purposes including wedding, home redesign, travel purposes and that’s just the beginning. In addition, there is no limitation for the sum acquired and can be utilized for any reason they need. Truth be told, a personal loan can help you fabricate your acknowledgment quicker when looked at for different types of credit. This is a direct result of the risk it conveys due to being unsecured. All things considered, an individual advance can balance any brief monetary emergency.
Types of Personal Loan
Personal loans are very much needed in important times, there could be various reasons to take personal loans Here are few types of personal loans
Home Renovation
When you have your own house and looking old, definitely you think to renovate it, but house renovating is somewhat expensive, this is the time you can go for a personal loan to fulfil your home renovating dream. From redesigning your kitchen to making your home an ideal blend of solace and sturdiness, a personal loan for the home remodel can be the best option.
Wedding Loan
Wedding celebrations are extremely expensive in India, and many people do not want their marriages to be a simple affair. Because they want this sweet memory for life long, so there is no compromise of expenses in any term and moreover, marriage function is a long list of expenses and cannot be predicted, to meet all these circumstances one can go for a wedding personal loan to keep the marriage memorable.
Travel Loan
Travel loan for especially for holiday lovers, on holiday vacations they can tour around the world with family and pay bills with travel personal loan, along with personal loan one will get insurance to protect in all the way.
Medical Loan
A medical loan is for medical expenses, in case of a medical emergency and there is no insurance, certainly, this type of loan comes for help. With this loan, all bills of the hospital can be cleared without any kind of worries.
Benefits of personal loan
No collateral required
One of the advantages related to a personal loan is that it is an unsecured one. This implies you don’t have to promise or pledge anything for your loan as a guarantee. In spite of the fact that this can be an explanation behind your financing cost, you can get a low-interest personal loan adequately in case you meet the capability necessities.
Minimal Documents
As a result of digitalization, there is no much paperwork involved in the personal loan process, so the processing time required for a Personal Loan is less. You can get a personal loan with a few documents.
Easy Approval
In addition to the easy application process of a personal loan, it does not take much time for loan approval. That is why personal loans are the best to meet immediate financial needs.
Multipurpose Usage
A personal loan is multipurpose in nature it can be utilized for anything. Unlike many other loans, there are no strict restrictions on the usage of a personal loan. The most useful advantage of a personal loan is multipurpose usage.
Eligibility criteria for a personal loan
To get a personal loan, the following are basic eligibility criteria.
For Salaried
- Minimum Age: 21 years
- Minimum Monthly Income: 15,000/-
- Work Experience: Minimum work experience should be 1+ years & with current employer minimum 1 month
For Self Employed Professionals
- Minimum Age: 25 years
- Minimum Annual Income: 5,00,000/- per year
- Work Experience: Minimum 3 years in business with proper Certification & Licence
Documents Required for Personal Loan
For Salaried
- Identity & Age Proof: Pan Card, Aadhar Card, Voter ID, Passport
- Address proof: Passport, driving licence, Voter ID, utility bills (electricity/water/gas), Registered Rental Agreement
- Bank statements for the last 3 months
- Salary Slips along with latest Form 16 or ITR or your company offer letter
- Bank Statements Latest 3 months or 6 Months Bank Passbook
For Self Employed Professionals
- Identity & Age Proof: Pan Card, Aadhar Card, Voter ID, Passport
- Residence proof: Passport, Driving licence, Voter ID, Utility bills (electricity/water/gas)
- Date of Birth proof: Passport, Driving licence, Pan Card, Birth Certificate, 10 th or 12 th Marks Card, or Aadhar Card
- Bank Statements: Latest 3 months or 6 Months Bank Passbook
- Latest Income Tax Returns
- Last 2 years Balance Sheet and Profit & Loss Account and duly certified by a Chartered Accountant
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