First of all, before doing anything, we should understand it and then think about whether to do it or not
What Is A Personal Loan?
A personal loan comes in handy when you have an immediate financial requirement with minimum turnaround time& it is also known as an ‘all-purpose loan’. Unlike other secured loan products a personal loan has easy eligibility criteria & documentation. Today, one can avail instant personal loans to fulfil their personal needs.
Benefits of personal loans
1.Quick funding with no complex documentation
2. Flexibility to use the money as you need
3. Lumpsum funding
4. Attractive interest rates
5. Predictable repayment schedule
6. Positive impact on credit score
Criteria of Eligibility Personal Loan
Employees of private limited companies and public sector undertakings, including central, state and local bodies
Individuals between 21 (salaried)/23 years of age (non-salaried) and retirement age (for salaried) and 65 years (for non-salaried).
Minimum monthly gross salary of Rs. 15,000 per month (Rs.20,000 per month for personal loan.
Required Documents
Proof of Identity
Passport
PAN card
Voter’s Identity card
Driving license
Proof of Address
Ration card
Electricity bill
Any letter recognized by the public authority
Bank Account Statement for the last 6 months.
Freqently ask questions
What a personal loan and its importance?
Can an unemployed person apply for a person loan?
What are the advantages of personal loans in india?
Is there any moratorium period on personal loans?
That’s really helpful information about personal loans! They seem like a great solution for urgent financial needs without too much hassle. The quick approval process is especially appealing when you’re in a tight spot. It’s interesting that it’s called an ‘all-purpose loan’ since it can be used for anything. How does the interest rate compare to other types of loans?