What Is personal Loan?

Personal Loan is an unsecured loan available for individuals as per specific criteria like income, credit score, employment history, repayment capacity.Personal loan is normally taken for the personal needs.

Personal loans quickly approves like within 24-72 hours.Personal loans are available from Rs. 10,000 to Rs. 15 Lakhs or 20 lakhs, depending on the bank and individuals credit score and paying capacity.

    Types of Personal Loan

    Personal loans can be used for various purposes. 

    Wedding loan You can take personal loan for all your wedding related expenses.

    Home Renovation loan– This personal loan helps you to manage the costs of home renovation, maintenance, refurnishing and more.

    Travel loan- You can take personal loan for family trip or vacation.

    Medical loan – In case of any urgent medical expense when you do not have insurance as well than you can opt for personal loan.

    Small personal loan – For urgent need of money for any reason you can opt for personal loans.

    Who provide Personal Loan-

    Banks and other moneylenders provide personal loan facility. You can directly reach out to them by online or offline.

    Documents for Salaried Individuals:

    Identity Proof: Passport, Driving License, Voters ID or PAN Card

    Residence Proof: Passport or utility bills

    3 to 6 months Bank Statement of Salary Account

    3 to 6 months’ Salary slips

    Passport size pho

    Documents for Self-Employed

    Identity Proof: Passport, Driving License, Voters ID or PAN Card

    Residence Proof: Passport or utility bills

    Passport size photo

    Income proof: Audited financials for the last three years.

    Last 6 months Bank statement.

    Office address proof.

    How to apply for Personal Loan

    You can apply online or directly visit the bank or moneylenders office. You need all the basic documents to avail personal loan.

    Benefits of Personal Loans –

    Short Term Repayment Tenure – In personal loans repayment tenure is very short term and ranges up to 60 months.

    Fast Disbursal – Disbursal process in personal loan is quick, personal loan disburse in 24 or 48 hours, fast disbursal make personal loan ideal for who need urgent money.

    No collateral required – Personal loans are unsecured loans and collateral fee. You don’t need to mortgage any asset for this loan.

    Basic Eligibility Criteria- To avail personal loans, eligibility criteria is very simple like salaried individuals; resident of India, age should be above 23 etc. Get personal loan easily