ITR filing GST filing Accounting outsourcing services

Know basics of personal loan

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.


Sharing is best way to say thanks to author

ITR filing GST filing Accounting outsourcing services Hope this article helped you with information on Why should you take a Personal Loan?,loan,business loan,tax,Know basics of personal loan. Feel free to ask query with a click of button.