One can use a personal loan, an unsecured form of borrowing, to fulfill any financial need. In contrast to other forms of credit, it has easier eligibility requirements, special offers, and affordable interest rates. It is a practical choice for urgent expenses because of the unlimited end-use.
An instant personal loan can be your best relief. You may need it for paying for your upcoming international trip, home renovations, or unanticipated medical expenditures. Nowadays, anyone needing a loan may quickly apply online. You can avail of up to Rs. 5 lakh loan with the best deals in India.
Personal loan details
Interest rate- 10.49% onwards.
Processing fee- 0.5% to 2.50% of the loan amount.
Loan tenor- 1 to 5 years.
Prepayment charges- 2% to 3% of the outstanding loan amount.
Late payment charges- 2% of the due amount.
Personal loan eligibility criteria
Every person who seeks a personal loan must meet the eligibility requirements set forth by the financial institutions. The following eligibility requirements must be met to qualify for a quick personal loan-
Nationality- Indian.
Nature of employment- Individuals on a salary employed by a public or private company or self-employed.
Age- 21 years and above.
Minimum net monthly income- Rs. 15,000.
Work experience- 2 to 3 years.
Credit score- The required CIBIL score for a personal loan is 600 or above.
Documents required for a personal loan
To apply for a personal loan, you should have the following documentation-
Identity proof- PAN card, Aadhaar card, Voter ID, passport, driving license.
Residence proof- Voter ID, passport, electricity bill, driving license, Aadhaar card, telephone bill.
Income proof- Bank statements for the last 3 months or salary slips for the last 3 months.
Photographs- 2 passport-sized photographs.
How to apply for this loan?
A candidate must first ensure that he or she satisfies the fundamental eligibility requirements to receive the desired loan amount. Only then can that person begin the comprehensive process of applying for a personal loan.
Step 1: Enter your personal and professional information into the online application form.
Step 2: Select the loan amount you want and specify a suitable loan tenor to get quick approval. People often ask, ‘how much personal loan can I get?’ Well, it depends on your eligibility.
Step 3: Submit the application form with the supporting documentation for validation.
Step 4: Within a day of your loan being accepted, the money will be deposited into your account.
Features and benefits of a personal loan
High loan amount- You can instantly get a personal loan of Rs. 5 lakh.
Attractive interest rate- One of the market’s most reasonable personal loan interest rates is available here, starting at just 10.49% per annum. You should take the help of an interest rate calculator to find out the EMI on a personal loan of 5 lakh.
No end-use restriction- A personal loan can be used for almost anything.
Online process- You can submit an online personal loan application from the convenience of your home.
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