A personal loan is the best way to offset any temporary financial emergency. It allows the person to avail a loan without any previous conditions on the usage of the loan amount. Personal Loan Bakarpur is your loyal and honest companion available 24*7!
Personal loans have a quick approval rate as compared to other loans. The applicant may get approval within 24-48 hours.
Eligibility criteria for Personal Loan Bakarpur
The applicant needs to fulfill some criterion. You are 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 should be 21 years at least for salaried person and for self-employed, then it is 25 years.
Also, the applicant should be a permanent resident or citizen 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.
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 Bakarpur Documentation
First of all, you need 2 coloured passport size photographs.
Also, you must have some documents for your identity proof, Residential proof, and Income proof.
For Identity and Residential Proof- PAN card or Aadhar card or Voter Id card or Driving license or Passport are required. One of these documents is given as proof.
Further, income Proof is needed to provide like bank statement or your salary slips of the last 6 months. For a self-employed, you need to add your income tax return statement of the previous 3 years.
Personal Loan Bakarpur Interest Rates
Personal loan rate varies from time to time due to various factors like the amount of loan, bank, etc. Basically, the interest rate of personal loan is 10.75% p.a.
Personal Loans is available to the applicant with the Pre-closure facility, but it has some penalty charges. Generally, Pre-closure charges are 0-2%.
Tenure of Personal Loan Bakarpur
The borrower is free to select the tenure of their loan from 1 year to 5 years. It depends upon the applicant’s convenience.
Methods of Repayment
Personal loan repayment is made in 3 ways:
Term Loan- The customer pays the bank per month interest rate, and in the end, also he will pay the principal amount.
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.
Overdraft- Overdraft facility provides the customer to pay only the used amount for that particular time of the loan. No interest is charged.
Features of the Personal Loan Bakarpur
It is convenient and fast to Apply. The applicant can apply online within 2 minutes. Moreover, the Personal Loan is available offline as well, but applying online is hassle-free.
You can visit our website, www.bookmyloans.in.
A personal loan is that which doesn’t involve any asset. Applicants get the personal loan as per their income or salary.
The applicant does not have restrictions upon the end use of loan amount.
Also, tenure of the loan is flexible.
It takes merely 30 minutes for the approval of Personal Loan only if the applicant is eligible.
Where can the Personal Loan amount be used?
The personal Loan amount is for multiple uses. But still, the reasons are to be specified.
Wedding – a personal loan can be used for wedding occasions. It usually involves a massive amount of funds. For such purposes, a person can quickly get a Personal Loan.
Education –Personal Loan can be helpful in having 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 live their life enjoying 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’s totally based on the applicant’s will.
Bakarpur is a large village in district Mohali of Punjab state. The local languages are Puadhi and Punjabi.