Know basics of personal loan
The following are the many reasons for taking a personal loan –
- No Collateral Required – Since personal loans are unsecured loans that do not need any assets as collateral, loan approval takes lesser time
- Meeting Unplanned Emergencies – In cases where urgent funding is required, easy personal loans act as a safety net
- Organising Your Outstanding Debt – If you are being crushed under the heavy weight of credit-card dues, you can take an instant personal loan for debt consolidation
- Higher education- Provide complete financial support to your child during higher education with high-value personal loans. Meet all financing needs such as course fees, travel expenses, hostel charges and more with customised personal loans in India.
- Wedding- Meet the high-end expenses of a grand wedding or plan post-marriage trips with the help of a personal loan.
- Medical emergency- Avail personal loans online with minimal documentation to address medical emergencies, which requires immediate funding.
- Home renovation- Manage the necessary home renovation and repair expenses with an instant loan and repay over a flexible tenor of your choice.
Documents required for a personal loan?
To avail a loan, you will need to submit the following documents:
- Passport-size photographs
- KYC Documents – PAN, Aadhaar, Driving license, Voter’s ID, Passport all document self attested
- Bank account statements for Six months
- Income tax reurn last 3 year-ITRV Acknowledgement,Computation
Eligible to apply for a Personal Loan:
- Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
- Individuals between 18 TO 60 years of age
- Individuals who have had a job for at least 3 years, with a minimum of 1 year with the current employer
How to improve your Personal Loan Eligibility?
Follow these tips to improve your Personal Loan Eligibility –
- Get Rid of Debts – Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting
- Maintain a good CIBIL Score – Try to build a CIBIL score above 750
- Do not apply for multiple loans simultaneously – Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness
- Choose a longer loan tenure – Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.