Personal Loan
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What Is A Personal Loan?
Looking for an instant way to fund your larger expenses? Get an instant personal loan!
But what is a personal loan? It is an attractive loan option that you can consider for various purposes without pledging any collateral. Whether you want to finance a medical emergency, take a much-needed family vacation, or give your home a long-awaited makeover, it allows you to tackle your urgent financial needs with utmost ease.
Purpose
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For any purpose including any social and financial commitment.
Personal Loan Advantages
- Zero charges on Part Pre-Payment.
- No Collateral/Security.
- Overdraft Facility.
Personal Loan FAQ
A personal loan is usually based on criteria such as your monthly net income and your previous credit history including score. Hence, credit score plays a key role in both ensuring the success of the application as well as in determining the interest rate of the loan.
- Bank Statements for the last three months
- Salary Slips for the last three months
- Address Proof and Identity Proof documents
- Quick loan payment
- No collateral or security needed
- Minimal documentation
- Flexible EMI plans and many repayment options
Personal Loan Disbursement
The maximum amount of Personal Loan that can be availed depends on the income of the person. Personal loan disbursement refers to the process of releasing the loan funds to the borrower by the lending institution or bank. Once a personal loan application is approved, the disbursement process is initiated, and the borrower receives the loan amount in their designated bank account or through other agreed-upon methods
Personal Loan Eligibility
You need to meet some basic conditions to be eligible for a Personal Loan. Following are the general Personal Loan eligibility factors:
- Personal loan eligibility can be greatly affected by factors such as your income, age, CIBIL score, job stability, and even work experience.
- The documents required to establish your credentials like Voter Card, Aadhaar Card.
- Proof of identity and proof of residence.
- Income documents – salary slip for the last three months.
- The applicant must have at least one year of work experience
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.
- Add Co-applicants – A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.
