Personal Loan

Personal Loan can Be availed for a marriage in the family, house repair, Child education / medical expenses or travel expenses, personal Loan is a very easy way to arrange margin money required to book a property, payment of unexpected financial expenses or to pay off your credit card dues.

Personal Loan Documentation

Personal Loan Eligibility and Interest Rates

A personal loan is given to employees of corporate and government sector. Banks prefer to offer a personal loan to the clients with strong and strong financials. Similarly, Personal loan interest rate varies according to customer employer. If someone is working for category A company will pay lesser Personal Loan Interest than Person working with Category B company.

Every Bank has a list of preferred companies and offers different rates to customers. You must check the applicable rate for you before giving papers for loan application and remember do not submit multiple application with different banks if you are not sure about approval. This may have a negative impact on your loan application as your financial data is available to banks on a click of the button.

Personal Loan is an unsecured loan facility offered by banks to its customers and they can use this loan without any limitation for following reasons
Customers in India take personal loan when they need funds for
1. To Pay Loans and Credit Card dues
2. To Pay Medical expense like Hospital expenses.
3. For Marriage expenditure.
4. To Buy a Property
5. To Pay for renovation and Home renovation
6. To Pay Family Travel expenditure

Personal Loan – Important Points to Remember

Select Bank Before Applying: –the Most of bank has various product and their own policies. You must be aware of all these before submitting your loan application. Because you are not aware of the final result, whether your loan will be approved, downsized or rejected. It is very much required to get your documents checked as per bank policy. This will save loan processing time and you will have a clear idea about how much and when you can get your Personal loan amount.

Check Your Cibil Score:- Cibil Score play a vital role in getting your desired loan amount. If you have any loan reflecting in your cibil report as written off or settled
Know About Your Loan Eligibility:- Your loan eligibility will be calculated on your current income. It is always better to know your loan eligibility while planning an expense.
Documentation / Tax Returns:- Applicant must have property income documents like Salary slips, Form 16 and Latest ITR to support 3yrs job continuity. In lieu of these, Bank has right to reject your application.
Check your Affordability:- You may be eligible for a higher amount on your current income, but you must check your affordability and must also consider your others family and household expenses before taking an EMI commitment. A delay in Loan repayment can spoil your cibil report.

Personal Loan Consultation, at no extra cost

HomeLoanDSA offers Personal Loan consultancy free of cost. Let a Loan expert consult and guide you before Application. Simply share your contact details below and we would get in touch with you very soon.