New Delhi:Â If you are going to get married or buy something for which you need more money, then you can take a personal loan. You can take a personal loan even for renovating the house. This is because many documents are required in a home loan. In comparison, banks do not ask for more documents in personal loans. A personal loan is an unsecured loan. For this, the bank or the lender does not need any collateral or security.
Get approval soon
If you have taken home loan or gold loan then you will know how long and tedious its process is. You have to provide a complete bundle of many documents. On the contrary, while taking a personal loan, you have to provide some documents related to KYC and income. After this, you get a message of approval on all types of verification and loans in the normal three to five working days. During this process, the bank or lender assesses your CIBIL score as well as your ability to pay the loan. After the loan connection, you get the entire amount in your account within a few hours.
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Payment can be made in a period of one to five years
Personal loan has to be paid through easy EMI ie EMI. Generally, you get one to five years to pay for a personal loan. This means that you have to pay your debt from 12 to 60 EMIs. You can choose the duration based on your payment ability. You will be aware that the shorter the period you pay, the less you will have to pay interest.
This is how you can apply for personal loan
Once you have made up your mind to take a personal loan, now you have to determine how much money you need. After that you should check on your bank’s website that how much amount you are eligible for the loan. Apart from this, you can also calculate the potential EMI. Apart from this, there are many portals nowadays, where you can enter some details with your PAN card to see which bank or lender can offer you more loans. Apart from this, you can also see the possible interest rate offered by various banks. After this, you can apply for loan by going to online banking, net banking or bank branch.
The interest rate depends on different aspects
The rate of interest is determined by banks or lenders keeping in mind all things. It is first seen that your company, Lender, is listed on a list. Second, how is your CIBIL score. Apart from this, at the time you have applied for the loan, if an offer is going on at that time, then you can also get the benefit.
These documents are needed
To take a personal loan, as a proof of income, you have to give a salary statement, income tax return and a bank account statement. Apart from this, documents and PAN cards are required for verification of identity and address. If you are self-employed, you may need to provide a copy of the degree and license.
