Personal loans are very easy to apply and entail the following benefits:
You do not have to keep any of your assets like a house or a car as collateral in order to apply for a personal loan. This is why a personal loan is an unsecured loan being offered on the basis of an applicant’s credit history, income details, age, and other such information.
Personal loans are better than credit card loans and gold loans since they come with a flexible tenure upto 5 years. The borrower can take up to 5 years to repay the loan amount and so personal loans are highly flexible.
You can take personal loans for any number of options ranging from medical emergencies, debt accumulation, sudden travel plans, house renovation and any other such requirements. You don’t have to fit into any preconditions in order to apply for the personal loan.
The documentation process is very simple and hassle-free. Not only this, but personal loans get approved within 48 hours of submitting the application and so minimum documentation is required.
Personal loans are highly flexible in nature and are allowed on the basis of depending on various factors like the borrower’s repayment history, monthly income, age, profession, employer etc. A borrower can therefore, apply for personal nights for requirements as low as INR 10,000 to as high as 40 lakhs depending on the bank policies.
What is the eligibility criterion for applying for a personal loan?
These personal loans are not collateral are based for a particular stipulated time.
Any Indian citizen who earns a basic amount of salary on a monthly basis is eligible to apply for a personal loan. The type and amount of personal loan sanctioned depend on the lender and their rules and regulations.
In general, the following factors have to be satisfied before applying for a personal loan:
The repayment ability of a person is the biggest factor. The bank does look for your employment history before sanctioning a personal loan.
The monthly income of the person and his/her repaying capacity.
The age of the borrower should be agreed by the lending institution.
The applicant should have a good credit score and history.
The person should not have any existing EMIs or any additional debts on him.
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