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LOOKING FOR A COLLATERAL-FREE LOAN – THEN ALL YOU NEED TO HAVE A PERSONAL LOAN


Having some financial trouble or need money for some personal stuff but don’t want to take it to put anything on collateral, so for you one the best loan will be Personal Loan.

A personal loan is unsecured loans which can be borrow without any collateral and can be used for any purpose, here you don’t need to mention the reason for what you need money. In the last few years, it has been noticed that people are taking Personal Loans rather than taking a loan from family members or known ones. One thing you should keep in mind that the Rate of Interest in "Personal Loan" is higher than of secured loans like Home Loans, Gold Loan, etc but as a comparison to taking a loan from Private moneylenders it’s better to opt Personal Loan either from a bank or financial institution as Private moneylenders charge usually higher Rate of Interest than Personal Loan.

There can be so many reasons for what you can need a Personal Loan like Medical Emergencies, Credit Score Improvement, Expanding your Business, Home Renovation, Higher Education, Wedding, etc.

From online you can find many banks and financial intuitions offering Personal Loan around you and you can get Instant Personal Loan approval by fulfilling their eligibility criteria and achieve your goals.

How to apply for a Personal Loan: 
There are many banks and financial institutions out there that offer a personal loan and they may ask for different steps for applying. The most general way of applying are:

1. You need to submit your details in documentation like Identity and Address Proof.
2. You need to submit your employment-related documents.
3. You need to select the loan amount with a period for which you need it.
4. Submit all the required documents at the stipulated time.

Eligibility for Applying for Personal Loans
• Your age should be between 23 years old to 60 years old.
• You should be an employee of private limited companies, or from public sector undertakings either of state, central or local bodies.
• You can be self-employed professionals like Doctors, CA, CS, Architects, etc.
• Your minimum income should be Rs. 25,000 per month for salaried; Rs. 5 Lakh gross annual receipts for professionals.
• Work experience should be 3 years or more.
• Your CIBIL score should be at least 730.

Documents Needed While Applying for A Loan
The following documents are required while applying for a personal loan-
• Identity Proof: Aadhar Card, Passport, PAN Card, Voter ID card or Driving Licence.
• Address Proof: Aadhar Card, Passport, Voter ID card, Driving Licence, Telephone Bill or Life Insurance Copy.
• Three months of the latest Bank Statements where your salary or income is visible.
• Salary slips for the last 3 months
• 2 photographs

Why choose Personal Loan:
Personal Loan is one of the loans in which you don’t need to put anything in collateral or security deposit or to introduce any guarantor of you and still you can have the money to fulfil your need without any restriction. So why save money by cutting your needs for something when you can take a Personal Loan for Self-Employed also and get the "Instant Personal Loan Approval" from many of the banks by just fulfilling their eligibility criteria’s.

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