A personal loan is an unsecured loan where the amount is borrowed for the fulfilment of the short- medium term personal needs or expenses. its an express way of realizing and fulfilling the dream without any hassles. Though most commonly used to meet expenses related to debt restructuring, vacations, unexpected medical expenses and down payments, a personal loan may be used for practically any type of expense Its an unsecured loan offered to salaried as well as self employed individuals.
Personal loan can be availed by both salaried as well as self-employed. When it comes to the personal loan application of a salaried person the employer plays an important role. If you are working at central, state or local government offices or departments than taking personal loan would be very easy for you. Secondly even of you are working in private firm but the firm is well known than it will ease the process. You should be working at least since past 12 months with your current employer. For Self employed borrower there has to be a growing trend of income and a clean repayment history.
Certain set of documents are required as the Banks/ NBFC follow a specific procedure while processing loan applications. Therefore, even for the consideration for a bank loan, the borrower must compile and submit the Bank a strong documentation. The following are some of the documents required for processing of a business loan application:
Additional Documents Requested from Salaried Applicants
Additional Documents Requested from Self-Employed/Professionals/ Business entities
Taking a loan allows you to borrow money for almost all your requirements and to have a better experience, there are certain points you must know before availing a personal loan.
Personal Loan FAQ
Why Can’t I select higher tenure on my EMI selection page?
Your loan EMI options are decided by the financial institution where you have applied a loan depending on your profile. If you have applied for a smaller loan amount, the financial institution may decide to cap your loan tenure based on their internal policies.
How much can I borrow and for how long?
You can get personal loans ranging from 75000 to 25 Lacs for a period of 1 to 5 years.
How will you disburse the loan amount?
Soon after the loan is approved the funds will be transferred right into your bank account.
What is the repayment Schedule?
Repayment of the loan can be made on a monthly basis with EMI (equated monthly installment). The amount of EMI is calculated based on your loan amount, loan tenure and interest rate. The EMI will be decided when your loan is approved and it will vary from one offer to another.
Check your maximum loan eligibility and apply for a personal loan now...
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