All About Personal Loan Barabanki:
Personal Loan Barabanki
Personal Loan Barabanki is available to you for fulfilling your finance related issues. Now, you can sit back and relax. It will help you in getting funds on time.
A personal loan is helpful as the whole process from applying for a loan to its documentation, and then disbursement of loan takes very less time.
Eligibility criteria for Personal Loan Barabanki
The applicant needs to fulfil some criterion. One is eligible to get the personal loan if he/she a salaried employee or a Self Employed. Further, you need to fulfil the following requirements:
Firstly, the salaried applicant needs to be 21 years and self-employed 25 years at least.
Also, he/she should be a citizen or permanent resident of India.
The maximum age limit for the salaried applicants is 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 Barabanki 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 Barabanki Interest Rates
Usually, the interest rate of personal loan is 10.75% p.a. which is quite reasonable. These rates may vary due to various factors like the amount of loan, bank, etc.
Pre-closure Charges
Personal Loans avails the applicant the Pre-closure facility, but it includes some penalty charges. Generally, these charges are 0-2%.
Tenure of Personal Loan Barabanki
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
There are 3 ways through which personal loan can be repaid:
Term Loan- The client pays the banker per month interest rate, and at the end, he will pay the principal amount also.
Overdraft- Overdraft provides the customer to pay only the used amount for that particular time of the credit. There are no interest charges.
EMI- In this 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 Barabanki
It is convenient and easy to Apply. The client can apply online in 2 minutes. However, the Loan is available offline as well, but online mode is hassle-free.
One can visit our website and apply online, www.bookmyloans.in.
Also, a personal loan doesn’t involve any security. Borrower gets the personal loan according to the income or salary.
There are no restrictions on the end use of credit amount.
Also, the tenure of loan is flexible.
Usually, it takes 30 minutes for the approval of Personal Loan 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 purposes. It involves a significant amount of funds. For such purposes, a person can quickly get a Personal Loan.
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.
As a result, it’s totally based on the applicant’s will.
About Barabanki
Barabanki is a city in Uttar Pradesh state, India. The city is classified as a Muslim-majority city in the government documents.