Personal Finance – Personal Loan Services
You can avail the advantage of personal loan in India by borrowing money to fulfil any kind of financial requirement. We at FinancialBazar aid to provide you customized personal loan that suits you best.
What is Personal Loan?
A personal loan is a fixed amount of money provided by the bank or any financial service provider. It is an unsecured credit that you can borrow at a fixed rate of interest and repay it over a fixed time of period. Personal loan is also widely known as a consumer loan or multipurpose loan as you can use it fulfil any of your personal needs.
Where Can a Personal Loan be Used?
As the name “Multipurpose Loan” suggests, you can use the personal loan amount almost for any reason. It’s versatility ranges from debt consolidation to unexpected bills to taking a vacation or using it for a wedding. Let’s take a look into the list of reasons of a personal loan:
- Consolidate Debts – You can use a personal loan to save surplus charges from other debt and lower your monthly payments. In that way, you can free up your monthly income to be used for other necessary expenses.
- Bill Payments – Unexpected expenses are obvious in this uncertain life. An emergency personal loan can help you stay strong. You can take it in cases of job loss, automobile repairs, medical bill payments or to help a friend or family member.
- Home Renovation or Repair – You can use a personal loan to repair necessary things at home.
- Wedding – Wedding is a big event for any family in India and it is quite expensive. To bear this expense, you can get a personal loan to use for a wedding.
- Medical Emergencies – Though health care providers and health insurance providers can help you cut down the medical expenses in any kind of emergency. If there is still a need for a big amount of money, you can get a personal loan to pay medical debts off.
- Purchase Vehicle – Vehicle or a car loan also covers this facility with a lower rate of interest as they are secured loans. You can also use a personal loan to purchase a vehicle but at the same time you have to pay a higher rate of interest.
- Vacation – Yes, you can get a personal loan to travel and go for a vacation. Though it’s not really a great idea but still if you want to go for a vacation and run short of money for time being, you can get a personal loan.
How do you Get a Loan for Personal Use?
The process of getting a personal loan is quite easy. You just need to follow the following points:
- Check Personal Loan Eligibility
- EMI Calculation
- Fill Personal Loan Application Form
- Pay File Processing Fee
- Discuss with the Bank or Financial Service Provider
- Required Document Submission and its Evaluation
- Get Money in Bank Account
What are the Required Documents for Personal Loan?
Duly-filled and self-attested personal loan application form.
|2||Passport Size Photographs|
Proof of Identification(Any one of these) –
Proof of Financial Transaction –
Proof of Residence(Any one of these) –
Proof of Income(Any of these) –
What is the Eligibility for Personal Loan?
Eligibility for a personal loan depends on various essential factors and it varies with your age, occupation, income, and CIBIL score. Let’s take a look into it.
Main factors that determine eligibility for personbal loan are:
|Age of the Applicant||21 to 60 years|
|Eligible Salary||Rs. 25,000 per month and above|
|Work Experience for Salaried||3 years and above|
|For Self Employed or Professionals||Rs. 5 Lakh Gross Annual Receipts|
|Minimum CIBIL Score||750|
|Loan Tenure||Up to 5 Years|
|Lowest Personal Loan Rate||10.50%|