How to take personal loan complete information

Different types of loans are given by the bank for different needs like Home Loan, Business Loan, Education Loan etc. But personal loan is given for personal needs. Any eligible person can get a personal loan and it can also be available for his personal reasons, whether it is for the treatment of any disease, due to the repair of the house, to buy a car, to pay the fees of children, air conditioner (AC) ) and why not just buy the freeze.

Personal Loan
Personal loan is almost like any normal loan, but it is slightly different from normal loan. It is given for personal needs just like its name and can be for personal use such as for work at home, for starting a business, for treatment when sick, for traveling, paying EMI for mobile and computer, etc. Personal loan is not secured like Home Loan or Car Loan and for this no property has to be mortgaged.

You can get a personal loan from 50 thousand rupees to 50 lakh rupees. There are different offers for personal loan by different banks and each bank charges different interest rate on personal loan. At present, the interest rates of different banks on personal loans range from 15 to 30%.

Personal loan is a type of unsecured loan and it is given on various grounds like income, credit history, repayment capacity etc.

What are the benefits of Personal Loan – Benefits of Personal Loan
• Personal loan is a way to remove the uncertainty of any person or personal loan is helpful in meeting contingency needs.
• Most banks take 1-5 years to repay the personal loan, due to which any person can easily repay the loan.
• The biggest advantage of any person when taking a personal loan is that there is no need to mortgage or collateral or guarantee from any third person, due to this, this loan can be easily obtained. is |
• In any bank, cheap interest is available in exchange for moneylenders, moneylenders and other people, where the moneylenders give loans at 40-50% interest, the same bank can give you loan easily at 15-30% interest.
• In the case of personal loan, the salaried youth gets the loan very easily.
• When taking a personal loan, you do not need to mention the reason for taking the loan and it involves less paperwork, due to which the loan is available in less time.
What are the drawbacks of Personal Loan – Loss of Personal Loan
• The biggest drawback of personal loan is its interest rate. The interest rate of personal loan is much higher than other loans like home loan, car loan, gold loan, so personal loan should be taken only when there is no other option.
• Due to not keeping any collateral in personal loan, this loan is very difficult for those people who do not have a fixed means of income or there is a shortage in the documents.
• Personal loan is available on the credit score of any person, if the credit score of a person is bad, then the bank does not give the loan to him.
How to Apply for Personal Loan
Who can apply for Personal Loan – (Who is Eligible)
Although the eligibility criteria for giving personal loan are different in every bank, but it is mainly decided on the basis of applicant’s income, source of income, age, credit score and repayment capacity.

Any person who has a fixed income source can apply for a personal loan. In most of the cases, the bank gives personal loan easily to those people who are employed/professional i.e. who have a fixed income.

By giving loan to the bank, the loan has to be recovered as well, so the bank prefers to give personal loan to those people who have a fixed income or any other means of income. The bank does not want that the loan given by it should go into the bad loan account.

Documents Required For Personal Loan – (Required Documents)
While taking a personal loan, the bank gives you the loan only on the basis of the documents. No bank can give you a loan without documents, so you generally need the following documents before taking a loan:

• Income Proof, PAN Card, Income Tax Returns
• ID Proof, Aadhar Card, Ration Card
• passport size photo
• Bank account statement and other bank details
• Business balance sheet if you have a business
Some of these documents are such documents that should be verified by the members of the recognized institution, such as the bank gives you the loan quickly after verification from the CA from the balance sheet of the business.
Things to keep in mind while taking Personal Loan – (Impotent Points)
If you are thinking of taking a personal loan, then you should take a loan only after comparing the interest rates of different banks so that you can get a loan with a low interest rate.
You should check the terms and conditions of the loan thoroughly before taking a loan because some complicated terms can be harmful for you.
As far as possible, take a loan from the bank in which you have an account, otherwise it is very difficult to get a loan from another bank.
Give full details of your income to the bank and also give information about your other sources of income, so that you can get loan easily.
Keep your credit score good because while giving loan the bank checks your credit score. Along with this, she also sees your good behavior which affects the employees of the bank.
Before giving the loan, the bank wants to know your credentials, for this you have to give Aadhar card, identity card, bank account information etc. so that your correct identity can be ascertained.
Take a loan of only the amount you need, otherwise you may face problems while repaying the loan later. Because the interest rate on such loan is high.

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