This is when a personal loan comes to your rescue. Based on your credit history, a bank or a financial institution may offer you a certain amount of personal loan.
Personal loan is a convenient way of acquiring additional funding since it requires fewer documents and are processed at a faster pace than any other retail loan. Documents such as address and identity proof, salary slips in case of salaried category and other relevant business stability proofs are required. You can avail a personal loan of a minimum Rs 25,000 and a maximum up to Rs 20 lakhs depending on the bank and your eligibility. Personal loans in India can be used for meeting sudden or planned expenditures.
IIn this type of personal loan, you will need to make the payment of installments over a fixed period of time in such a way that you make payment of a greater amount at the end of the term. However, while opting for balloon loans, you need to ensure that your income level should not reduce during the loan period to make the payment of ‘balloon’ amount towards the end of the year.
In this type of personal loan, the repayment of the loan amount along with the interest is done once at the end of the tenure. Personal loans will allow us to overcome an acute financial crisis, and thereby prevent the need of mortgaging the jewellery, home, or any related prized possessions for meeting the financial emergencies. Single payment loans are the best way of helping you at the need of the hour at the same time keeping your assets secured.
Instalment loans are the types of personal loans wherein you will have to pay off the amount borrowed along with the interest, in equal monthly instalments over a pre- assigned duration of time. Instalment loans are the most popular types of personal loans in India.
Personal loan online in India can be applied in the below steps:
Personal loan in India can be applied in the below steps in the offline mode:
Both self-employed and salaried people can apply for a Personal loan. They being unsecured loans, personal loans may be a little risky to the lender as compared to the other types of loans. This is because, there are higher chances of the borrower defaulting on the repayments. Mentioned below is the list of the eligibility criteria for applying a personal loan:
Mentioned below is the list of documents required by individuals for Personal loan application:
Mentioned below is the list of documentation required by self-employed individuals for Personal loan application”
Ensure that you can repay the loan amount before you opt for a personal loan. Making use of the Personal loan EMI Calculator will help you in getting a clear picture of the EMI that you will have to pay and for what tenure. The Personal loan EMI Calculators are user-friendly and they tell you exactly how much you can afford to pay in monthly EMI without unsettling your other monthly expenses.
In order to use the EMI calculator, all you need to do is enter basic details such as the amount required, the tenure as well as the interest rate on the loan.
You may then click on ‘Calculate’. The Personal loan EMI Calculator will help you in determining the EMI that you will need to pay.
Mentioned below are some of the benefits of opting for a personal loan:
• No collateral: Being an unsecured loan, you need not offer any type of security to the lender either in shares, cash or any type of valuable assets. In short, you need not pledge any of your assets in order to gain the benefit of a personal loan
• Faster approvals: You may be surprised to see your personal loan getting sanctioned in less than 24 hours with a minimum set of documentation
• Emergency funds: Personal loans can be used for any type of financial emergency; say for your child’s education, marriage or any hospitalization exigencies.
• No restrictions: Personal loans do not come with any restrictions on spending the disbursed amount. You may use it the way you wish to.
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Many questions may come in your mind before deciding on the Loan. ‘How much Loan I would need, how many years I shall invest for, what would be the EMI’s, etc. Loans Calculators are life-savers. They help you know your needs and assess the potential costs. Grey Font brings to you various Loans Calculators and interactive tools to help you calculate your needs. In order to get better results, ensure to enter a value in all the possible fields.
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