Personal Loan is an unsecured loan (not secured by collateral), granted to a person for meeting any kind of emergencies like personal, household, business or even for commercial purposes. It’s popularly called the anything loan.
This loan can be availed for a vacation or even for your sons/daughters marriage.
Personal Loans are available from Rs 20,000 to Rs 20 Lakhs for any purpose, depending on your requirement. Repayment can be done in EMI's ranging from 12 to 60 months (1-5 years). The procedure to avail personal loans is simple with minimal documentation and quick approvals.
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1. Are you eligible to get a personal loan?
The bank checks your loan application and checks if you are el;and looks to see if you have availed other loans, the income/salary you draw and your credit score. The lender checks your credit report (CIR), looks into your credit score (A number between 300-900 for CIBIL) and offers you a credit grade, which is very important to get that personal loan.
Depending on credit grade, banks sanction the loan amount and decide the tenure. Personal loan rates are around 11-21% a year. Interest rates and terms/conditions differ across banks.
2. Documents required for Personal Loans
Documents required would be an identity proof, residence proof, income proof / Income Tax Returns (ITR) of the last 2 years. After the proper verification of the documents, the borrower's credit score is checked with Credit Information Bureau (India) Limited commonly known as CIBIL. The bank may decide to approve or reject the personal loan, based on your CIBIL score and validity of the documents.
3. Interest Rates on Personal loans
Interest rates on personal loans depend on 3 major factors.
1. Borrower's income and his ability to repay the loan.
2. The company/employer for whom the borrower is working.
3. The credit history of the borrower.
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4. Advantages of taking a personal loan
No reason Loan: This loan comes with the benefit of “No Restrictions” on how you should spend the loan amount, compared to a home loan or car loan, where the loan amount can only be used to buy a property or a vehicle. The personal loan allows you the freedom to use the money in whichever way you want.
No collateral: A personal loan is an ‘unsecured loan’, which means you do not need to provide any security to the lender in the form of cash, shares or any other valuable assets. This makes it more attractive to some customers, who may not be able to pledge a collateral.
Emergency Loan: You can use this loan for any emergency. This loan is also used for a medical emergency or to fund the marriage of your child.
Quick Sanctioning: Personal loan is sanctioned really fast. It could be as quick as 24 hours. Minimal documentation means less processing time.
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