How to take Personal Loan / Method of taking Personal Loan – How to take Personal Loan?

Hello friends, personal loan can prove to be very helpful in fulfilling your needs. How to take personal loan? What is personal loan? How to get personal loan? Why choose personal loan? Let us know how you can easily get a personal loan.

What is personal loan?

In today’s modern times, we need money the most, only when a person borrows money from any institution or bank to fulfill his needs, then it is called loan or debt. When someone takes a loan for his personal work it is called a personal loan, earlier the process used to be very difficult but now with the modern times, it has become easier than ever. If you are also thinking of taking a personal loan, then it is important for you to know from where you can get a personal loan and from where you can take the loan. You can take a loan from any bank or NBFC. What is the process of applying for a loan from any institution? In today’s article we are talking about all these things, let us understand it in detail.

Types of Personal Loan

Personal loans are unsecured loans that can be used for a variety of purposes, such as medical expenses, home renovation and travel.

• marriage loan
• travel loan
• home renovation loan
• Personal Loan for Students
• medical emergency loan
• consumer durable loan
• Personal Loan for Women
• festival loan
• Personal Loan for the future of your child(ren)

Conditions for taking personal loan –

If you take a loan from any bank or NBFC, then there are some important conditions, but we are telling you some basic things which are important for you to know –

• Whatever loan you take, you will repay it on time.
• If you have taken a loan at a high interest rate, then you will have to repay it in full.

Eligibility and documents for Personal Loan –

If you are thinking of taking a personal loan, then you should have these necessary eligibility and documents.

• The applicant should have his own Aadhar card, PAN card.
• Apart from this, the applicant should have his own bank account in his name.
• Along with this, he should not be a loan defaulter from any bank.
• The CIBIL score of the applicant should be at least 700.
• It is also necessary for the applicant to provide information about his sources of income.
• The applicant should not have any previous loan in his/her own name .

These are all the eligibility and documents required to take the loan. –

Personal Loan Eligibility Criteria
To avail a personal loan you have to fulfill the following main conditions:

• Age: The minimum age of the applicant should be 18 years and maximum 60 years.
  Credit Score: 750 or higher
• Salary: The minimum salary of employed people is Rs 15000. should be per month
• Income: Minimum of Rs 5 lakh for non-employed customers. Per year
• Steady Employment: Total work experience 1 year, although some loan institutions ask for more work experience.
• Continuity of business: Non-employed professionals must have been running the business for at least 3 years, some loan institutions may ask for a longer period.
  Usually for 3 years business continuity with some lenders
• Employment Type: Individuals working in reputed institutions, MNC, Private and Public Limited Companies, Government Institutions, PSUs.
  *The eligibility criteria mentioned above for personal loan are general and may change/increase depending on the bank/loan institution. 

How to take personal loan –

There are many ways to take a personal loan. If you meet the personal loan criteria of the bank/NBFC, you can apply for a personal loan in various ways. You can apply for the loan offline by visiting the bank and NBFC branch. Apart from this you can apply for personal loan online. You can apply online directly by visiting the websites of banks and NBFCs and if you want to see multiple loan offers together and want to know what are your chances of getting a loan from which banks and NBFCs, then for this you can apply through personal account on Paisabazaar.com. Apply Loan. Its method is given below.

FAQs – 

Question. Can I take a personal loan for my wedding?

Answer:  Yes, you can take a personal loan for wedding as a personal loan can be used to meet any personal need. Some banks even provide personal loans specifically for weddings.

Question : Who gives instant loan?

Answer : Which are the banks that provide instant personal loans? Many banks like Yes Bank, ICICI Bank and Axis Bank offer instant personal loans. Apart from this, HDFC Bank claims to deposit the loan amount in the account of its pre-approved customers within 10 seconds of applying for personal loan.

Question : What should I do to take a personal loan?

Answer : For this you will have to submit an ID proof (PAN card, Aadhar card), address proof (rent agreement or Aadhar card), income proof (bank statement) and a photograph. After checking all the documents, your loan will be approved and the loan amount will be deposited in your account within a few days.

Note – No type of loan is given on appshop.online, only loan related information is shared here. Take loan from any app at your discretion. Do not share personal information on the blog.