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Jun 6
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Personal Loans and benefits of applying online

Personal Loans and benefits of applying online

 

What Is A Personal Loan?

Be it buying a house on a home loan or admitting your children to a prestigious institute on an education loan, there is no denying the fact that most of the loans come with a specific reason. Contrasting them, a personal loan is such entity that you can avail to accomplish personal financial requirements and that too, without keeping anything as a collateral.

Whether it is about covering wedding expenses, medical expenses, or a vacation expense, personal loans are one such sought-after types of loan that can be used for various things. Not just that, but one can even use it to consolidate earlier debt at reasonably less rate of interest.

Reasons to Select A Personal Loan:

It is nothing but impractical to anticipate a cash crunch beforehand. Nobody can predict when an urgent requirement of money stands tall in front of them. In such a scenario, online personal loan can be availed without any hassles. Below-mentioned is some reasons to take up a personal loan, out of all:

  • No Guarantor or Collateral:

In most cases, personal loans don’t demand a need for a guarantor or a collateral. Therefore, it becomes easier for people to get financial help without putting anything in front.

  • Hassle-Free Paperwork:

Considering the absence of long and tiring verifications, the paperwork for availing personal loans online is usually less and quicker, in comparison with other types of loans.

  • Quick Approval:

Another substantial reason why people prefer taking this loan is the approval of instant personal loans online. Since personal loans facilitate emergency situations, hence the disbursal time is anywhere from a day to a week.

  • Long Tenure:

As compared to other types of loans, the personal loan comes with a tenure of 12 to 60 months. Although the tenure period depends on several factors, borrowers get a flexibility to choose according to their ease.

Documents Required:

Documents vary by your profession:

  • For Salaried Individuals:
  • Identity proof
  • Residence proof
  • Salary slip of last 3 months
  • Bank statement of 3 months

 

  • For Self-Employed Individual:
  • Identity proof
  • Residence proof
  • Audited income proof for the last 2 years
  • Bank statement for 6 months
  • Proof of office address

Loan Eligibility for Personal Loans:

The loan eligibility is based on several factors, like monthly income, the amount for which loan has been applied, and the EMIs. Here are few aspects that you would have to consider:

For Salaried:

  • 23 to 58 years of age
  • 17,000 of monthly income in small cities
  • 25,000 of monthly income in metro cities
  • A CIBIL score above 750
  • Minimum loan amount to be Rs. 75,000
  • Maximum loan amount to be Rs. 20,00,000

For Self-Employed:

  • 28 to 65 years of age
  • The annual turnover of Rs. 40 lakhs for non-professionals and Rs. 15 lakhs for professionals
  • A CIBIL score above 750
  • Minimum loan amount to be Rs. 75,000
  • Maximum loan amount to be Rs. 15,00,000

 

Availing a loan to fulfill personal expenses can be a plain-sailing. Compare personal loan online and begin your journey of easy payback policies and comparatively less prices. So, don’t forget to compare before you choose anything.

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