If you are planning to apply for a personal loan then this write-up will be a great help for you to understand various Instant Loan types, their eligibility and all about their application process.
A personal loan is an unsecured loan. There are two basic loan categories - secured loan & a secured loan. A secured loan is a loan taken against some asset as collateral, for example, home mortgage loan. However, a personal loan is unsecured loan since to apply for this type of financing one does not need to provide security with the lending institution. It allows the loan applicant to borrow money without any guarantor or collateral. These days personal loans are in trend. It has become one of the most easily available financial institutions, very helpful if you want a short-term finance. Instead of borrowing money from your family and friend’s circle anyone matching the eligibility criterion of banks, NBFCs, and P2P lending platforms can take a personal loan to support their immediate financial need. It is fastest, simplest and easiest financial instruments for raising money. Types of Personal Loans: Since the name itself is a personal loan you can avail it for any of your legit personal reasons. The most interesting fact is a borrower is not obliged to disclose the reason for taking the loan even to the financial institution as it is a personal loan. There can be a plethora of circumstances when taking a personal loan can be a good idea. For example, personal loan for travel plans, personal loan for the wedding, personal loan to support medical emergencies, personal loan for education, home renovation loan, debt consolidation etc. Listed Below are some of the necessary Eligibility Guidelines to Qualify for a Personal Loan: 1. Age: 21-60 years of age 2. Decent income 3. Good employment track record 4. Good debt-to-income ration 5. You should be able to provide all the documents such as personal identity and financial documents. How to Apply? The application process for a personal loan is simple, fast and completely online. Earlier you would need to walk into your local bank, wait in a queue to speak with a loan officer and then hand fill the lengthy application form to apply. You can still do that, but you also can go online, visit the website of financial institutions with whom you wish to Personal Loan Apply and, get a quick loan decision. You can easily apply for a Personal Loan in Pune, Mumbai, Bangalore or New Delhi with any major bank, NBFC or Peer to peer lending platform. You need to upload all the necessary documents such as your employment details, identity cards etc. A personal loan is usually for the time period of 12 months to 60 months. But the duration of the loan is completely depending upon the bank or financial institution’s policy. Usually, the time duration is short as it is a smaller finance compare to other big secured loans like a home loan. It is very convenient as the loan can be repaid by EMIs spread over time. One of the major reasons why one should go ahead with a personal loan is the rejection rate of the personal loan is very low. Personal Loan in Pune Personal Loan Apply Instant Loan
0 Comments
Your comment will be posted after it is approved.
Leave a Reply. |
|