What is a Personal Loan?
If you have a pressing financial need, then a Personal Loan can be a good choice. A Personal Loan has short to medium term and does not require any collaterals or security as compared to home loans or a car loan.
This unsecured loan offers its users the benefit to fulfill their immediate financial needs such as medical emergencies, vacation, home restoration and more.
With quick approval process, flexible repayment options and very less documentation, a Personal Loan sanction takes into consideration your credit score, repayment history, employer and income.
We bring to you five simple steps by which you can avail yourself a Personal Loan
1: Decide the purpose and the amount
When looking to get yourself a Personal Loan, you must clearly understand your requirement. For example, you may need it for a long-planned vacation or a wedding emergency. Also, decide the amount you will need as a Personal Loan.
2: Check your loan eligibility
When you are sure of the amount you will need to borrow, it is vital that you check the loan amount you are eligible for. This can be determined with the help of a Personal Loan eligibility calculator that can be found online.
You can also learn about how to calculate your Personal Loan EMI and ways to reduce it.
3: Determine your monthly installments
With the help of an EMI calculator, you can determine the monthly loan repayment amount. In accordance to your income and tenure, you can choose to modify the rate of interest.
4: Get in touch with your bank
You can apply for Personal Loan with your bank either online or in-person or even at the ATM.
5: Necessary document requirement
The following are the documents that you will require for a Personal Loan:
- Income Proof (bank statements, IT returns, salary slips)
- Address Proof
- ID Proof
When you have followed the five steps, you have to now wait till the money is remitted to your account.
Realize all your desires, right away!