Personal Loan Akluj
An individual can get a Personal loan at almost any bank. The best part about this type of loan is that you can spend the money the way you want to spend. There will be no restrictions on how to use the money. Personal loans are usually unsecured and reasonably easy to get. The condition is that you must have a good credit history. The only downside of such loans is that the interest rates in these loans are quite high as compared to the other loans as there is no security provided by the applicant.
Personal Loan Eligibility Criteria
Firstly, the minimum age of the applicant applying for loan must be more than 21 years if he/she is salaried and 25 years if he/she is self-employed.
Secondly, the maximum age of the salaried person must be 60 years and for self-employed the maximum age must be 65 years, at the time of maturity.
He/she must be the citizen or permanent resident of India.
After that, the minimum Credit Score of the applicant must be 700.
Also, the applicant must have a rigid source of income.
If the applicant is salaried then he/she should get his salary in his/her bank account.
Further, the monthly salary for a salaried person should be at least Rs.18000.
And for the self-employed applicant, the ITR of Rs. 2.5 Lacks should have been paid for last three years at least.
Documentation Required for Taking Personal Loan
The documentation process for taking personal loan is very easy and understandable. Since personal loan is very unsecured loan so the bank or NBFC needs to be assured by checking all the documents of the applicant of loan.
First of all, 2 colored passport size photographs are required.
Then, one proof of identity is required which includes – Aadhar Card/ Voter Card/ PAN Card/ Passport/ Driving License.
Furthermore, one residence proof is required which includes – Aadhar Card/ Voter Card/ PAN Card/ Passport/ Driving License/ Ration Card/ Rental Agreement/ Utility bills of last three months by the name of the applicant.
Plus, one income proof which includes – salary slips and bank statement of last 6 months for salaries person.
For self-employed person, income proof is ITR of last 3 years and it should be of Rs.2.5 lacks at least.
Personal Loan Interest Rates
The Personal Loan Interest Rate, being more risky type, is more as compared to the other types of loans.
It depends on various factors like income of the person, the amount of loan required and the category of the company etc. Generally, the basic rate of interest in the personal loan is 10.75% per annum. However, it can be changed from time to time and with respect to different credit scores of applicants.
If the applicant wants to close the loan before the completion of the tenure of the loan then this process is known as pre-closure. The Personal Loan comes with this feature of pre-closure. But the applicant will be charged some amount as a penalty charges. But these charges are nominal. These are around 0-2% depending from bank to bank.
Tenure of Personal Loan
The applicants are free to choose the tenure of the loan according to their requirements. There is no such restriction in that. It can be from 6 months to 5 years as per the applicant’s convenience.
Methods of Repayment of Loan amount
Basically there are three methods of returning the money:
How to apply Online?
Visit our website bookmyloans.in.
Fill the online application form with your basic necessary details into it.
You will receive a call from the loan experts within 5 minutes.
The whole process is very easy, simple, hassle-free and understandable.
Akluj is a town in Solapur in Maharashtra, India. It is situated on the bank of the River Nira. Akluj was earlier famous for its large trade in cotton, but now it is not the same. Akluj was Asia’s most luxurious and largest Gram panchayat for some time. This city is a beautiful place.