Personal loans have always been a lifesaver in the critical financial conditions of an individual. The main advantage of it lies in the name itself that these can be used to overcome any of the budgetary crises in an individual’s life may it be your child’s education, any sort of family function, or any money related or medical emergency.

Even though personal loans are multipurpose loans and usually considered hassle-free there are still free questions in the minds of individuals like what is the procedure, eligibility, the documents required, the interest rate for Personal Loans Application.

Personal Loans Application

What are the eligibility criteria?

Regardless of all the features of the personal loans, still, there have been general criteria set up to see whether the ones who have given the Personal Loans Application have the capacity to reply to it or not. The criteria for personal loan application eligibility are-

  • The minimum age of the applicant should be 21 years.
  • The person should have a regular source of income whether a salary or self-employed source to see whether the person financially trusts worthy or not.

What are the documents required?

The essential documents required for Personal Loans Application include:

  • Identity proof like Aadhar card, passport, voter ID or class 10th marks sheet, etc.
  • Age proof like birth certificate, passport, driving license, etc
  • Address proof like voter ID, Aadhar Card, or utility bills.
  • Income proof that includes bank statements, salary slip, and self-employed ones includes proof of continuity of business.

What are the interest rates?

As personal loans are collateral-free and security free, the rate of interest on personal loans is higher than the other loans offered by banks or NBFC. Mostly the interest rates start from 10.99% onwards but sometimes the rate of interest is decided by taking into consideration the applicant’s profile. In some cases, the money lenders require the presence of a guarantee. There are usually two guarantees, a primary guarantee, and a secondary guarantee. In these cases, there are chances of a low rate of interest.

What is the procedure?

The procedure for the Personal Loans Application is as follows:

  • Check your eligibility with your representing lenders as the criteria may vary from lender to lender.
  • The filling of the personal application form is either online or in-person and providing all the personal details, employment, and financial details.
  • Selection of the loan amount.

What are the features of a personal loan?

  • It is quick and smooth. It gives you the advantage of applying online.
  • There is a financial institution that provides you with the balance transfer facility that is transferring one’s loan from one bank to another.
  • The amount provided is up to Rs. 50 lakh and the load duration varies from 12 months to 60 months.
  • The procession time for their approval is quite less as compared to all other loans.

Whether it be or depth-consideration loan secured personal loan fixed-rate loans, credit card cash advances, payday loans, a pawnshop loan or any sort of personal line of credit. Personal loan application has always been an easy and helpful step to overcome any sort of urgent money requirement.