What is Personal Loan Valpoi?
Personal Loan Valpoi is an unsecured loan taken by any eligible applicant from a banking or non-banking financial company to meet their personal financial needs.
It will help you to meet your current financial problems. You don’t need to pledge any security or collateral while applying for a personal loan.
Eligibility criteria for Personal Loan Valpoi
There are specific eligibility criteria and requirements which the applicant needs to fulfill to get the personal loan. The applicant eligible to get a personal loan if you are a salaried employee or a Self Employed.
A salaried employee needs to fulfill the following requirements:
The applicant must have minimum salary of Rs.18000 per month.
His age should lie between 21-60 years.
Moreover, one should possess a CIBIL score at least more than 700.
His overall working experience should be 3 years and 1 year experience for current job.
Lastly, he must have a salary slips as proof to get the loan.
Most noteworthy: If a person receives a salary in cash, then he is not eligible to get the personal loan.
Self- Employed Individuals
All the self-employed individuals need to fulfill the following requirements:
The age of borrower varies. Usually, it is between 25-65 years.
He should have filed an Income tax return of 2.5-3 lakhs.
Also, the applicant should be filing ITR from previous 3 years.
He must possess the CIBIL score of more than 700.
For residence proof, he should have his own office or house.
Also, he must have the working experience, at least of last 3 years.
Documentation of Personal Loan Valpoi
Firstly, the applicant must carry 2 colored photographs in passport size.
After that, To get a personal loan he must have some documents for identity proof, Residential proof and Income proof.
Furthermore, For identity Proof, one can have a PAN card or Aadhar card or Voter Id card or Driving license or Passport. Anyone of these documents can be presented in the form of Identity proof.
Also, For Residential Proof, again, he can have a PAN card or Aadhar card or Voter Id card or Driving license or Passport.
In addition, For Income Proof, you must have your salary slip of last 6 months or the bank statement. If you are self-employed, then you need to have income tax return statement of the previous 3 years.
Interest Rates of Personal Loan Valpoi
Personal loan interest rates depend upon certain factors like income of the applicant, the amount of loan applied or the company. Usually, the interest rate of personal loan is 10.75% per annum. However, it may vary from time to time.
When someone wants to close the loan before the completion of tenure of a loan, then this is called pre-closure. Personal Loans facilitate Pre-closure, but it includes some penalty charges. Generally, these charges are 0-2%.
Tenure of Personal Loan
The applicant can choose the tenure of their loan as per their convenience. Usually, it can be from 1 year to 5 years.
Methods of Repayment
Repayment of personal loan can be made in 3 ways:
EMI- Under this, the bank makes the installment of a part of the interest rate and principal after which the customer need to pay it per month.
Term Loan- The customer pays to the bank per month interest rate, and in the end he will pay the principal amount as well.
Overdraft- OD or Overdraft is a product which benefits the customer by allowing them to pay only for the used amount for that particular time. There is no interest charged on that loan amount.
Features of the Personal Loan Valpoi
Personal Loans are easy to apply. The application process can be done offline and online as well. However, applying online is more comfortable.
The most desirable thing about a personal loan is that it does not require any collateral. The applicant gets the loan on the basis of their salary or income.
Moreover, the documentation process of personal loan is very simple. Only the basic documents are required.
Also, the tenure of a personal loan is very flexible. One can freely choose the period from 1-5 years.
Moreover, there are no restrictions upon the use of loan amount.
Where can the Personal Loan amount be used?
A personal loan is a multi-purpose loan. But still, reasons are to be specified to get the loan.
Wedding- One can get the personal loan for wedding purposes. It normally involves large amounts.
Education- To get the excellent education you require money which you can get with the help of a personal loan.
Vacations-Vacations can be expensive, but this scenario can be solved with the help of a personal loan.
Medical- In situations like medical problems, there is a need for instant money. In this case, a personal loan can assist you with financial aid.
Besides these, a personal loan can be applied and used for several purposes as per the will of the applicant.
How to apply through Bookmyloans?
First of all, visit our website www.bookmyloans.in
Then, fill the Personal Loan Application Form.
Lastly, you can get further details from our representatives.
Valpoi is a city in North Goa district in the Indian state of Goa.