How to get a Personal Loan?
How to get a Personal Loan? Why to take Personal Loan? What is benefits of Personal Loan and all knowledge about personal Loan?
What is Personal Loan?
Personal Loan is unsecured Loan provided by financial Institutions based by some criteria which are developed by themselves. Criteria can be like Employment history, Income Level, Repayment Capacity etc.
How do Personal Loan Works?
Personal Loans also have categories like Secured or Unsecured, But most of the Personal Loans are unsecured, means they are not baked by collateral, Lenders decide whether to give Secured or Unsecured Loans based on some factors such as your credit Score, credit history, Income Level etc.
If you don’t qualify for an unsecured Loan, then you may be offered secured Loan, Secured Loan works as mortgage Loan, like Any Secured Loan backed by any assets like your car, home, jewellery etc. and lenders can sell your property if you default.
What are requirements for taking Personal Loan?
A good Credit Profile helps you to select a better Personal Loan for you in lower interest rate. Some documentation also required to obtain Personal Loan like employment history, salary slip, Credit History record, etc.
Where Personal Loan can be used?
As we know Personal Loan is for Personal purposes and we don’t need to explain It to any one that where we would use that loan amount. But a Normal Person can uses that loan amount in Renovation of House, For Building house, etc
Minimum Salary for taking Loan
There are not any specified criteria for salary for taking Loan, if your Salary is 15000/Pm so you can also take Loan from some financial Institutions or banks
Who are eligible for Personal Loan?
You need to be a citizen of India; it means in short you should have valid Adhar Card and Voter ID Card, etc. Your age should be in between 21 to 67 years.