Personal Loan Badal
Personal Loans are those loans which are backed by the promise you make to the lender to repay them. For this reason, they are also called as “signature loans” or “unsecured loans.” Personal loans usually have a fixed rate of interest, and the tenure for such loans is from 1 to 5 years. The amount may vary from lender to lender and the tenure.
Personal Loan Eligibility Criteria
- Firstly, the minimum age of the applicant applying for a loan must be more than 21 years if he/she is salaried and 25 years if he/she is self-employed.
- Then, 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 the last three years at least.
Personal Loan Interest Rates
The Personal Loan Interest Rate, being more risky type, is a bit more as compared to the other loans.
It depends on various factors like the 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.
Documentation Required for Taking Personal Loan
- The documentation process for taking a personal loan is straightforward and understandable. Since a personal loan is a very unsecured loan, so the bank or NBFC needs to assure by checking all the documents of the applicant of the loan.
- Firstly, two colored passport size photographs are must.
- Then, one proof of identity is also must, which includes – Aadhar Card/ Voter Card/ PAN Card/ Passport/ Driving License.
- Furthermore, one residence proof which includes – Aadhar Card/ Voter Card/ PAN Card/ Passport/ Driving License/ Utility bills of last three months by the name of the applicant / Ration Card/ Rental Agreement.
- Further, one income proof which includes – salary slips and bank statement of last 6 months for salaried person.
- For self-employed person, income proof is ITR of the last 3 years and it should be of Rs.2.5 lacks at least.
- However, it changes 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 have to pay some amount as a penalty charge. 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 the Loan amount
There are three methods of returning money:
- Term Loan
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.
Badal is a village in Punjab State of India. The village is popular for its political affiliations and is always a hotspot of many prominent Indian Political Parties. There are a total of 686 households with a population of 3473 out of which 1863 are males, and 1610 are females.