PERSONAL LOAN ELIGIBILITY
What is a personal loan?
A personal loan is a loan that does not require collateral or security and is offered with minimal documentation.
You can use the funds from this loan for any legitimate financial need. Like any other loan, you must repay it accordance to the agreed terms with the bank. Normally this can include a few months to a few years in easy equated monthly instalments.
What is a personal loan used for?
You are free to use the funds you get from a PERSONAL LOANS any way you wish – fund a holiday, buy a gadget, pay for medical treatment, use on home renovation, spend on a wedding, finance your children’s education, etc.
How do personal loans work?
A personal loan works pretty much the same way as most loans. You apply for a loan, submit the documents, the bank checks your credit worthiness and makes a loan offer. If you accept it, the funds are transferred to your bank account, and you can use them any way you like.
You must repay the loan in equated monthly instalments (EMI), which will depend on factors such as loan amount, tenure and interest rate.
- Interest rates on personal loans: Interest rates can range will depend on your credit history, tenure, income, occupation etc. The rates are fixed and not floating rate.
- Tenure and repayment: You can get a loan for a tenure that suits your needs. You must repay the loan in equated monthly instalments or EMIs in a fixed sum every month. The EMI will depend on the loan amount, tenure and interest rate.
DOCUMENTS NEED
FOR
SALARIED:
CREDIT SCORE:
GOVT EMPLOYEES: 500+
PVT EMPLOYEES: 690+
SALARY: MINUMUM 15000
DOCUMENTS:
ADHAR
CARD+ PAN CARD + PAY SLIP LAST 3 MONTH /JOINING LETTER + BANK STATEMENT OF LAST 12 MONTH+ HOME ELECTRIC BILL + EMAIL
+ PHONE NUMBER
CONDITIONS:
IF CUSTOMER SALARY IS LESS THEN 15K:
>> NEED MINIMUM SALARY 12K & WITH DEDUCTING
PF AND ESI
FOR SELF
EMPLOYED:
CREDIT SCORE: 700+
DOCUMENTS:
ADHAR
CARD+ PAN CARD + ITR FILE +TRADE LICENSE+ GST + BANK STATEMENT OF LAST 12 MONTH+ HOME
ELECTRIC BILL + EMAIL + PHONE NUMBER
>> IF CUSTOMER IS A EXISTING
CUSTOMER OF BAJAJ FINSERV OR IDFC FIRST BANK OR TVS CREDIT CUSTOMER WILL GET
THE LOAN WITHOUT DOCUMENT VERY ESEY
Understanding Personal Loan Eligibility criteria is crucial for salaried individuals seeking financial assistance. Factors such as credit score, income, and employment history play a vital role in determining one's eligibility. It's important to research and compare different lenders before applying.
ReplyDeleteA 3 Lakh personal loan can be a useful financial tool, but like any form of credit, it should be used wisely. It's great to have options that can provide financial flexibility, but it's equally important to be financially responsible and make informed decisions when considering such loans.
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