Personal Loan Balugaon
Applying for a personal loan is not a big task. You just follow some simple steps and get hold of cash. In other words, it’s an easy and straightforward process. Personal Loan Balugaon are unsecured loans that come with fixed interest rates and can be utilized for making large purchases.
They do not require collateral or guarantees for availing the loan. Personal loans are provided based on a few factors like the age, income level, credit score, and repayment capacity of the borrower.
Eligibility criteria for Personal Loan Balugaon
The applicant needs to fulfill some criterion. You are eligible to get the personal loan only if you are a salaried employee or a Self Employed. Further, you need to complete the following requirements:
Firstly, the applicant needs to be 21 years for salaried person and for self-employed, then it is 25 years.
The maximum age limit is 60 years for salaried clients, at the time of maturity and 65 years for the self-employed applicant.
Also, the applicant should be a citizen or permanent resident of India.
The applicant needs 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 Balugaon Documentation
First of all, you need 2 coloured passport size photographs.
Also, you must have some documents for identity proof, Residential proof, and 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 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 Balugaon Interest Rates
Basically, the interest rate of personal loan is 10.75% p.a. But it varies time to time due to various factors like the amount of loan, bank, etc.
Personal Loans avails the applicant with Pre-closure facility, but it includes some penalty charges. Generally, these charges are 0-2%.
Tenure of Personal Loan Balugaon
The applicants are 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 banker per month interest rate, and in the end, also he will pay the principal amount.
Overdraft- Overdraft facility provides the customer to pay only the used amount for that particular time of the loan. No interest is charged.
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 Balugaon
It is convenient and easy to Apply. The applicant can apply online in 2 minutes. Also, 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 any rules and restrictions on the end use of loan amount.
It takes merely 30 minutes for the approval of Personal Loan only if the applicant is eligible.
Also, tenure is flexible.
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 purposes. It involves a significant 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 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’s totally based on the applicant’s will.
Balugaon is a town in Khordha district Odisha state, India. It is close to Chilika lake from the state capital Bhubaneswar. Also, the economy is centred around prawn and fish business.