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Saturday, June 8, 2024

Criterion of Personal Loan

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Nowadays, one can easily avail the benefits of personal loan provider in Alwar or any other part of the country as there is a number of the financial institution which are dealing in personal loan. A personal loan is an unsecured loan which can be put to any use of your choice. To avail personal loan, one must fulfil certain criteria such as income level, credit and employment history, repayment ability of the individual. One does not require collateral security as compared to home or gold loan. However, the rate of interests on the personal loan is lower than what traditional moneylender used to charge.

Every bank has a certain criterion when it comes to a personal bank loan as per their policy. However there are general conditions which need to be followed, including age, occupation, income, ability to repay loan etc. A regular source of income is an important condition that needs to be fulfilled, whether you are salaried employee or self- employed or any other professional. Good credit history also plays very important role in deciding of sanctioning of the loan.

The duration of personal loan is for a short term ranging from 1 to 5 years or 12 to 60 months. You can choose the duration of your personal loan as per your needs. The loan amount is disbursed within 7 working days. Once the loan is approved, you get cheque of said loan amount, or it is automatically deposited in your account.

The amount of loan one can borrowfrom bank and another financial institution varies, and it depends upon person to person. Whether you are salaried or self – employed decides the loan amount one can borrow from banks and other financial institutions. The most likely the loan amount is fixed in such a way that monthly installments do not exceed 40-50 per cent of your monthly income. All other loans which the applicant is already under are also taken into consideration while calculating personal loan amount. The minimum amount of loan that one can borrow differs from bank to bank but in many cases it is fixed around fifteen to thirty thousand. However it is not standard amount and it may vary. The documentation required for a personal loan is minimal. Some key documents that are required to submit include

  • Any Income proof
  • Any Document  related to Address proof
  • Any Document related to identity proof
  • A Certified copy of degree or license in case of self-employed person.

The personal loan has the benefit of equally monthly instalments i.e. a fixed amount is paid every month in relation to this loan. Before going for a personal loan, one must use a personal loan calculator to decide if one can manage the cost of loan of regularly scheduled loan installments.

Hence we can conclude that personal loan is ultimate solution to your financial stress. There are a number of personal loan agents in Alwar which easily provide you with personal loan. They grant loan with affordable rate of interest.

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