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Personal Loans Simplified

Personal loans can be your savior when you need money urgently. It is a kind of unsecured loan that you can take without putting any collateral. In this post, we will tell you everything about personal loans, starting from its eligibility criteria to how you can avail it.

Eligibility Criteria

To be eligible for a personal loan, you should be at least 21 years old and maximum 65 years old. You should have a stable job or a business for at least 2 years with a minimum of INR 25,000 monthly income.

Documents Required

If you fulfill the eligibility criteria, then you need to have the following documents to apply for a personal loan:

• PAN Card
• Address Proof (Aadhaar Card/Voter ID Card)
• Bank Statement for the last three months
• Salary Slip for the last three months (for Salaried Individuals)
• ITR for the last two years (for Self-Employed Individuals)

How to Apply Online

You can easily apply for a personal loan online through a bank’s website or a fintech company’s platform. Follow the below-given steps to apply online:

• Visit the bank’s website or a fintech company’s platform
• Fill in the required details
• Upload the necessary documents
• Check your loan eligibility
• Choose the loan amount and tenure
• Get approval within a few hours

Types of Personal Loans

There are mainly two types of personal loans:

1. Secured Personal Loan
2. Unsecured Personal Loan

A secured personal loan requires collateral, whereas an unsecured personal loan doesn’t need any collateral.

Tips to Avail a Personal Loan

Here are some tips that will help you to avail a personal loan easily:

• Research the market and compare different loan offers
• Check your credit score before applying for a personal loan
• Don’t apply for multiple loans simultaneously
• Choose the loan amount as per your repayment capacity
• Read the terms and conditions carefully before signing the loan agreement

Ideas to Use Personal Loan

You can use a personal loan for any purpose, as there are no restrictions on its usage. Here are some ideas on how to use a personal loan:

• Debt Consolidation
• Home Renovation
• Medical Emergency
• Wedding or Travel Expenses

FAQs about Personal Loans

Q. What is the interest rate on personal loans?

A. The interest rate on personal loans varies from lender to lender. It ranges from 10% to 22%.

Q. How much personal loan can I get?

A. You can get a personal loan from INR 10,000 to INR 50 lakhs, depending on your eligibility and repayment capacity.

Q. Can I prepay my personal loan?

A. Yes, you can prepay your personal loan, but some lenders may charge you a prepayment penalty.

Q. How long does it take to get a personal loan?

A. You can get your personal loan approved within a few hours to a few days, depending on the lender’s verification process.

Conclusion

A personal loan can be a savior in times of need. It is easy to avail and can be used for any purpose. However, you should consider your repayment capacity and the interest rate before applying for a personal loan. Use the tips and ideas mentioned here to get the best personal loan offer that meets your requirements.

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