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Personal Loan

Home Personal Loan

Personal Loan is an unsecured credit provided by financial institutions based on criteria like employment history, repayment capacity, income level, profession and credit history. Personal Loan, which is also known as a consumer loan is a multi-purpose loan, which you can use to meet any of your immediate needs.

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Features of a Personal Loan

QUICK DISBURSAL

With various financial institutions offering Personal Loan online services, the loan amount is disbursed within a few hours. The personal loan provided by the lender is convinced of your repayment capacity.

REPAYMENT IS EASY

One of the personal loan benefits is that the repayment duration ranges from 12 to 84 months. You have the freedom to choose tenor as per your needs and finances.

LESS DOCUMENTATION

One of the biggest advantages of online personal loans is that the documentation requirements are minimal.

TAX BENEFITS

While personal loans, by themselves, may not offer tax savings, you can still manage to save tax with a personal loan, depending on what purpose you use the funds for. In case you avail of a personal loan to pay for home improvement, to purchase or construct a house, or to pay for higher education, you can make use of the relevant provisions of the Income Tax Act to claim tax benefits.

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PERSONAL LOAN ELIGIBILITY CRITERIA

  • Applicant must be between the age of 21 year to 58 year.
  • A minimum Civil score of 600 or more or Experian sore 650 or more.
  • A good relationship with your Bank.
  • A timely Debt payment history.
  • Personal loans are processed on basis of the net salary which should be a minimum of 25K per month: the salary should be directly transferred by the employer to the account. A minimum work experience of 1 year or more is mandatory to apply for a personal loan.

DOCUMENTS REQUIRMENT

Identity and Address proof

Latest 3 months’ bank account statement

Latest 3 months’ Salary Slip

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In conclusion

If you are a prospective personal loan applicant, it is necessary to do the required research before applying for a loan. The biggest advantage of using a third-party financial services website to apply for a personal loan is that you get to compare the EMI payables and the interest rates offered by different websites. This helps you to save a significant amount of time since you won’t have to individually visit each lender’s website to check the interest rate and the EMI.