All About Personal Loan Kamareddy:
Personal Loan Kamareddy
A personal loan is an unsecured financial service which can be taken by individuals from various banks or NBFCs to meet their personal needs or desires. It is provided by the lender keeping in view the income level, credit and employment history, repayment capacity, age, etc. Unlike the home loan or car loan, a personal loan is not secured against any asset. It only lays its back on the words of promise said by the applicant to repay it within the stipulated time. It is the life jacket for a person as it does not require any security or collateral in exchange of the money.
Personal Loan Kamareddy Eligibility Criteria
- First of all, minimum age of the applier applying for a loan must be at least 21 years for salaried, and the same is 25 years for self-employed.
- Secondly, the maximum age is 60 years of the salaried person, and that for self-employed, the maximum age must be 65 years. The maximum age is as per the time of maturity.
- Then, the applicant must have a proper source of income.
- Also, if the applicant is salaried, then his salary must come in his/her bank account.
- In addition to that, the monthly salary for a salaried person should not be less than Rs.18000. If the salary of a person is less than 18000, then he or she is not applicable for taking a loan.
- Likewise, for the self-employed applier, ITR of Rs. 2.5 Lacks should have been paid for the last three years.
- Meanwhile, he/she must be a resident of India.
- Finally, the minimum Credit Score of the applicant must be at least 700.
Personal Loan Kamareddy Interest Rates
The Personal Loan Kamareddy Interest Rate is more as compared to other loans. It depends on various things like income of the person, amount of loan required, and the category of the company, etc. Usually, the basic rate of interest in the personal loan is 10.75% per annum. However, it can change from time to time and in concern to different credit scores of the applicants.
Documentation Required for Taking Personal Loan Kamareddy
The documentation process for taking this loan is quite easy and understandable. Since a personal loan is a very insecure loan, so the bank or NBFC needs to assure by checking all the documents of the applicant of the loan.
- First of all, two colored passport size photographs are a must.
- Second point, one proof of identity, which includes – Aadhar Card/ Voter Card/ Passport/ Driving License/ PAN Card.
- Likewise, 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.
- Besides that, one income proof which includes – salary slips and bank statement of last 6 months for salaried person.
- Finally, for self-employed people, income proof is ITR of the last 3 years, and it should be of Rs.2.5 lacks at least.
Tenure of Personal Loan
The applicants have an option to choose the tenure, i.e., time period of the loan according to their own requirements. There is no such restriction in that. It can range from 6 months to 5 years, according to the applicant’s convenience.
If the person wants to close the loan before the completion of the time period of his loan, then the process is known as pre-closure. The Personal Loan Kamareddy has this feature of pre-closure. But the applicant will have to pay some amount as a penalty charge. But these charges are reasonable. These are around 0-2% depending on bank to bank and region to region.
Methods of Repayment of Loan amount
There are 3 methods of returning money:
- Term Loan
How to apply Online?
- Visit our website, bookmyloans.in.
- Fill the online application form with your necessary details in it.
- You will receive a call from loan experts within 5 minutes.
- The whole process is very easy, hassle-free, simple, and understandable.
Kamareddy is a Mandal in Nizamabad District in the state of Telangana, India. It comes under the Telangana region. Kamareddy belongs to Kamareddy revenue division. As part of the Telangana Districts re-organisation, Kamareddy Mandal reorganized from the Nizamabad District to Kamareddy district. It is located 54 KM away from District head quarters Nizamabad. Medak, Warangal (Orugallu), Sirpur, Bidar, Hyderabad are near by Important tourist destinations to see. Telugu is the native language here. The total population of Kamareddy Mandal is 106,298 people who are living in 21,765 houses, covering the entire of 26 villages and 18 panchayats. Out of the entire community, males are 53,478, and females are 52,820.