A Personal Loan Tharaj is an unsecured service, which helps you to meet your current financial needs. You need not pledge any security or collateral while availing a personal loan. The lender provides you with the flexibility to use the fund as per your need. It totally depends on the applicant how and when he or she wants to use the money.
Personal Loan Tharaj Eligibility Criteria
- Firstly, 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.
- After that, 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.
- Also, the applicant must have a proper source of income.
- Then, if the applicant is salaried, then his salary must come in his/her bank account.
- In addition to it, 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.
- Meanwhile, for the self-employed applier, ITR of Rs. 2.5 Lacks should have been paid for the last three years.
- Likewise, he/she must be a resident of India.
- In the end, the minimum Credit Score of the applicant must be at least 700.
Personal Loan Tharaj Interest Rates
The Personal Loan 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 Tharaj
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.
- Also, one proof of identity, which includes – Aadhar Card/ Voter Card/ Passport/ Driving License/ PAN Card.
- Meanwhile, 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.
- In the addition to that, 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 Tharaj has this feature of pre-closure. But the applicant needs to pay some amount as a penalty charge. But these charges are nominal. 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?
- The first step is to visit our website, bookmyloans.in.
- Fill the online application form with your basic details in it.
- You will receive a call from loan experts within 5 minutes of filling the form.
- The whole process is very easy, simple, hassle-free and understandable.
Tharaj is a village in Moga District in the state of Punjab, India. It is located 36 KM away from District head quarters Moga, 14 KM away from Baghapuranam, and 188 KM away from State capital Chandigarh. The native language is Punjabi. The total population is 5313, and the number of houses is 995, as per the report of 2011 census. The overall literacy rate is 56.7%, and the female literacy rate is 25.8%.