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Personal loans refers to the such types of loans that are provided by financial institutions to meet immediate/personal need, may be for buying some household goods or appliances, renovating house or buying a new one, family vacation, children wedding and also in case there is an emergency but your are not required to mention the reason nor will any one ask, this comes out to be the greatest advantage of personal loan.
Personal loans are easy to get as it involves less paperwork and are granted within 3-4 days of application once the criteria is met and is therefore considered a preferable option for meeting financial needs in urgency. Furthermore it is completely hassle free as no security deposit or guarantor is required for personal loan application.
In order to apply for personal loan, one is required to meet the following basic criteria:-
- Minimum and maximum age for salaried and self employed section is 21- 58 years and 25-65 years respectively.
- Minimum annual income should be 1, 20,000(for salaried) and 1, 50,000(self employed)
- Should be service/business for at least last 1 year (salaried) and 3 years (self employed)
- Minimum and maximum loan amount should be between 50,000 – 15, 00,000
- Loan is granted for a period of 1-7 years
- Additionally, evaluation of residential proof, term of working experience, income, saving and debt obligations is done for determining repayment ability of the borrower
Documents to be provided for personal loan application
- Proof of identity (passport, driving license, Voters ID, PAN card)
- Age proof
- Signature proof (ration card, utility bill, LIC policy receipt)
- Income proof(bank statement from operating account)
So, you can easily go for personal loans, apply now from bank of your choice, at reasonable interest rate depending upon loan amount, tenure etc.
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Home Loans
