Personal Loan Alathur
For every work, there is always a financial requirement which makes the base for that particular. Without proper funds, it is quite challenging to start. Whether it is education or marriage, funds are always required.
Personal loan Alathur is that ray of hope to those who want to meet their financial requirement in a most relaxed and efficient way. With the help of available documentation and fewer restrictions, one can quickly meet their financial need under Personal loans Alathur.
Eligibility criteria for Personal Loan Alathur
The applicant needs to complete some criterion. Applicant is eligible to get the personal loan if you are a salaried employee or a Self Employed. Further, you need to meet the following requirements:
Firstly, the applicant needs to be 21 years for salaried person and for self-employed, then it is 25 years.
Also, the applicant should be a citizen or permanent resident of India.
The maximum age for the entire salaried applicants should be 60 years at the time of maturity and 65 years for the self-employed applicant.
Moreover, the applicant needs to have a minimum Credit Score 700.
Applicant should have a rigid source of income.
Also, the salaried applicants should receive a salary in his bank account.
Also, the monthly income of the salaried applicant should be Rs. 18000 minimum.
Lastly, the self-employed applicants should pay at least for the last three years an ITR of Rs. 2.5 Lacs.
Personal Loan Alathur Documentation
First of all, you need to have 2 colored passport size photographs.
Also, you must have to submit some documents for the identity proof, Residential proof, and the Income proof.
You need to submit PAN card or Aadhar card or Voter Id card or Driving license or Passport for Identity and Residential proof.
Moreover, you need to provide a bank statement or your salary slips of the last 6 months as income Proof. For a self-employed, you need to add your income tax return statement of the previous 3 years.
Personal Loan Alathur Interest Rates
Usually, the interest rates of personal loan is 10.75% p.a. But these varies time to time due to various factors like the amount of credit, bank, etc.
Personal Loans provides the applicant with the Pre-closure facility, but it includes some penalty charges. Generally, these charges are 0-2%.
Tenure of Personal Loan Alathur
The applicants can choose the tenure of their loan between 1 year to 5 years. It depends upon the applicant’s will.
Methods of Repayment
A personal loan has 3 repayment methods:
Term Loan- The customer pays to the bank per month interest rate, and in the ending, also he will pay the principal value.
Overdraft- Overdraft facility provides the customer to pay only the used amount for that particular time of the loan. There are no interest charges upon it.
EMI- EMI in which the bank makes the instalment of a part of interest rate and principal after which the customer need to pay it per month.
Features of the Personal Loan Alathur
It is fast and convenient to Apply. The applicant can apply online in 2 minutes. Also, the Loan is available offline as well, but the online method is quick to proceed.
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A personal loan doesn’t require any asset. Candidates get the personal loan as per their income or salary.
The borrower does not have any rules and restrictions on the end use of loan amount.
Also, tenure or period of the loan is flexible.
It takes hardly 30 minutes for the approval only if the applicant is eligible.
Where can the Personal Loan amount be used?
The personal Loan amount is used for multiple usages. But still, the reasons are to be specified.
Wedding – Wedding or marriage is a big occasion in someone’s life, which involve huge funds. Now, these funds can be financed with personal loan easily.
Education – Personal Loan can help have quality education for yourself or your child.
Medical – You never know when you meet with an accident, and you get out of cash. A personal loan is the best option to get financial aid in such situations.
Vacations – Everyone wants to have fun in their lives and what can be better than going on Vacations. But this can cost heavier. So in this scenario, the personal loan provides you a boost up.
At last, it is on the applicant’s will.
Alathur is a small village in the Palakkad District, Kerala state, India. The main occupation of this area is agriculture. Alathur was once well known for its beedi cottage industry, but production level declined because of anti-smoking efforts.