What Is Personal Loan And What Are The Attractive Features?

What Is Personal Loan And What Are The Attractive Features?

It’s unsecured loan and that provide funds to salaried as well as self-employed. You can take a personal loan for any reason. In today’s time, everything is going to be easy, getting approval through online is the quicker procedure. Whether you are salaried or self-employed, you can get the finances immediately to meet your needs.

When it comes to applying, then you have an online and offline both process. You can take extra advantages because it’s unsecured that means without any security take the benefits. You can get instant approval at attractive interest rates and flexible tenures. You can have their services for home renovation, wedding, medical, study, travel and more.

Age eligibility And KYC

If we talk about age eligibility for salaried, should be 21 to 58 years, job experience one year with minimum net monthly income Rs 20,000. For self-employed, age should be 24 to 65 years, work experience three years and minimum net annual income Rs 1 lakh.

For documents salaried and self-employed divided into a different category. For salaried, you have to share two passport size photograph, last three months salary slip, identity proof, address proof, last three months bank statements, employment proof, and signature proof. For self-employed, you have to share two passport size photograph, identity proof, address proof, last six months bank statements, income proof, employment proof, and signature proof.

EMI Calculator

Personal loan EMI calculator is a magical tool, that lets you know the exact calculations of EMIs, Interest and total Amount payable within seconds. You can understand like this, your amount of Rs 2,00,000, taken for a tenure of 5 years at an interest rate of 10.99% per annum. In general, the rate of interest offered on this unsecured ranges from 10.99% to 24% per annum.

Interest Rate

Each bank has given different interest rate such as HDFC 10.99% to 20.99% , ICICI 10.99% to 18.49% , SBI 11.35% to 15.10% and Axis 15.50% to 24.00%. You have to check all the things and select one as per your requirement.

Now you get to know about documents and apply method. Let’s find the attractive features and make up your mind to take it.

  • You can get instant help but need to concentrate own needs. In the market, you have so many lenders who try to attract you, but don’t worry it depends on your requirement
  • As you know it’s unsecured that’s why you have to share minimal documents
  • When they can ask for less legal formalities and minimal documentation, so you can get instant approval
  • This facility only provide to stable income person, that’s the reason the lenders don’t ask for assurance
  • It’s a multi-purpose product you can use it as per your needs
  • On income profile borrower range is between Rs 50,000 to Rs 30 lakhs

How Can You Avoid Rejection?

As you know, the personal loan can be used, for multiple purposes. You can apply, with proper documentation and procedures and it’s a 100% chances of approval. But, there can be the situation they can reject your request, and you have no idea why? One of the reason can be your low credit score and others.

You should know the fact that, every individual bank can consider your credit score for approval. The range of score starts from 300 to 900 and more than 750 indicates you are responsible and have an idea of utilization. And less than 650 shows irresponsible behavior. Your income status also matters a lot. They can find out your stability in the source of income because you have to pay back all the bills on time without any fail. They don’t accept, a worst previous record it shows your irresponsible habits of card usage.

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