Why Personal Loan ?
Personal loan: a single loan for fulfilling all your needs’ like home renovations, education, medical bill payments, relocating etc. Are you hesitant to take a personal loan? Well, here are a few reasons why you should take a personal loan without any second thoughts:
- Home renovations: In case you are interested in giving your home a new look but you are worried about the expenses for this,taking a personal loan can be a very good idea. With the help of the personal loan, you can make any number of changes in your home as per your needs. Want to buy new furniture or other household products? Go, apply for a personal loan and get it done instead of delaying it.
- Improve your credit score: By taking a small personal loan, and repaying it on time, you can develop a very good credit score which may later help you get bigger loans for other things too. All that matters is that you make timely payments of all the the installments.
- New business: If you want to start a new business, you can take a personal loan and get started. Taking a personal loan instead of a business loan can be beneficial because of the low interest you will have to pay.
No guarantors or collateral required: No need of any security, guarantors or collateral required for taking a personal loan. The bank just needs a confirmation that the person will be able to repay the loan and for this a few factors are taken into consideration like employment, income, stability in the employment, growth in the business etc.
- Dream vacation: Want to go to a place that you always dreamt of visiting, just take a personal loan and enjoy your vacation either solo or along with your loved ones.
- Marriages: Need money to buy the most beautiful dress for your marriage or for arranging the honeymoon, take a personal loan and buy anything that you dreamt of for your marriage and go out to the most beautiful places with your spouse.
- Medical bills: If you need more money for the treatment than you had actually predicted, you can go for a personal loan and pay for all the bills. Usually people take loans for dental treatments, important and expensive operations, surgeries etc.
- Confidentiality, easy repayment and simple documentation: You don’t require any security, collateral or guarantors for applying for a personal loan, which means that the fact that you took a loan will be between yourself and the bank only. All the banks provide flexible repayment methods. A personal loan can be taken for a tenure of six months to five years which makes the repayment of the loan very easy. The documentation is also easy because an identity proof, address proof and salary proof be sufficient in most of the cases.
- Combine all the loans: Personal loan can also be taken to combine all other kind of debts like credit card payments,car loans, home loans etc at a single interest rate and single tenure. Paying for one loan is easier than paying for a large number of loans at a time.
- Cibil score not very good: When you want to take a big loan but you do not have a good cibil score to apply for the loan, you can get a personal loan by just showing the eligibility and income proof so that the bank gets a guarantee that you can repay the loan in the given tenure.
Are you eligible for taking a personal loan??
You are eligible to take a personal loan if:
- Salaried Employees
- Salaried doctors
- Employees of Public and private limited companies
- Public and private limited companies
- The person applying for the loan should at least be a graduate
- Government sector employees including Public Sector Undertakings and central and local bodies
- Minimum work experience required is two years.
- Minimum age of the person should be 21 years
- Maximum age of the person should be 60 years at loan maturity
- The monthly salary should be at least 25,000. Though the minimum salary required for applying for the loan varies from bank to bank.
What are the documents you need to apply for the personal loan?
Though the document requirements will be different in different banks but there are a few documents which the banks will most probably ask you to submit at the time of taking the loan:
- Application form
- Post-sanction / pre-disbursement documentation
- Loan Agreement duly signed
- Signature verification proof
- Salary account bank statement of the last 3 months
- Age proof
- identity proof like passport, Voter ID card, driving license, PAN card
- Residence proof like ration card, latest mobile/electricity bill, passport, driving license etc.
- Income proof
Do not wait for fulfilling your needs, instead apply for a personal loan and get it done now.