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GUIDE TO KNOW ABOUT PERSONAL LOAN

 

 In the Covid-19 situation, you must be facing financial crunches. A lot of businesses are being shut by the owner because of a lack of funds. To meet day to day expenses, you need cash in your hand. For this type of situation, a personal loan is the best way to solve this problem. A personal loan is an unsecured loan that can help you in meeting the financial needs such as medical expenses, educational fees, Marriage expenses, and housing expenses. Most of the time, you don’t need to give something as a mortgage. The lender has authorized you to use the funds in any way. Unlike the secured loan like home loan, car loan you can use the funds for a variety of reasons as mentioned above. However, before apply for personal loan online, you need to know all details about it.

How to apply for a Personal loan?
The first and foremost step in the application process is to know about the required amount you need for it. In this, you do not need to run to the bank to "Apply For Personal Loan" is you can apply it by sitting at home as well via online application.


•    First thing, you need to choose the bank from which you want to avail of the personal loan. You will get different types of personal loans from different banks. Your work experience is considered by them while giving the loan.


•    Once you have chosen the bank you want to go to, the next thing you need to do is providing personal, employment, and financial information.


•    Then you need to select the loan amount that you need and also the tenor that you require to get an instant online application.


•    The next thing is to submit the important documents (Aadhaar card, voter’s ID, last 2-month salary slips) to the bank or financial institution you are taking the loan.


If the above-mentioned documents are original and verified by the Bank or its representative then you will get the amount in your account in a day or two.

Eligibility for Personal loan
As per the "Personal Loan Eligibility" calculator, various factors determine your eligibility to get the personal loan


•    A personal loan can be availed by a salaried person working for the government, or private companies as well as MNCs.


•    The age requirement of the applicant of personal loans is 21 to 60 years and the minimum income required for eligibility is Rs. 25000 per month for salaried individuals.


•    The minimum work experience should be 3 years and above and work experience in the current company should be at least a year.


•    Your CIBIL score should be 720 or above and the minimum percentage of your income should be 65%.

Overview
To conclude this is the whole eligibility criteria which one should clear before applying for a personal loan. Last thing you have to keep in mind the interest rates of Bank If you understand it before applying the amount you want as a personal loan then the amount will be disbursed in the next 48 hours.

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