Personal loan is one of the most dependable loans around the market to meet your personal (as the name itself suggests) and most dire needs. So, here I take you my loyal readers’ step by step to inform you of the process of this loan.First, let’s take you to the benefits, it is always good to start on a positive note. Don’t you think?
Benefits-
When it comes to this loan there is minimum documentation required. You do not need to provide any collateral or security, isn’t that the best thing there is?! You don’t have to worry every day, what if I am not able to pay back the loan in time they will take my car or my gold! Oh god!. No sleepless nights in short. How relaxing!
Next comes the nail-biting point, the rate of interest! “Whoever even thought of making “rate of interests” wouldn’t it be better if there was no rate of interest at all? But we need to be realistic, don’t we? How would the banks or other lenders make money without the rate of interest? Lastly, when your application has been approved the funds or the loan amount will be directly sent to the aforementioned bank account. This means you don’t have to visit the bank or lender personally and collect the loan amount from them. It will all be an automatic, electronic process which will not waste any of your precious time.
Personal loan eligibility-
Minimum age required by any bank or financial institution where a candidate has applied for the loan needs to be 21-28 (for both salaried and self-employed individuals). The minimum salary/income differs from bank to bank and lending companies start at 15,000/-, 10 lakh for professionals and 20 lakh for non-professionals. The banks and other financial business companies require the candidate who has applied for the loan to be stable at his current company or job if you remember this criterion is also asked for salaried individuals when they go in for a job interview. Why is stability needed you ask? the banks need to know if the individual is capable of paying the EMI every month and not falter on the monthly payments and cause loss to the bank.
The other thing you need to have in mind is will you be capable of paying the interest? Is it high for you? The rate of interest will be decided by keeping in mind: If you live in a rural or urban area if the term of the loan you have applied for, your credit score among others. You can choose the interest rate by using the Personal Loan EMI calculator.
Conclusion-
Fincare Small Finance Bank Personal Loan too provides personal loans. For more details on a personal loan visit the Dialabank website.
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