There are times in our lives when we need to make some major expenditure, and it isn’t always that our bank account supports us. Whether it’s a wedding or a grand tour or you are simply looking to ease your debt burden. You can very well avail easy personal loan to fulfill the mentioned purposes and so many others as well. Now, there must be several questions running through mind. So, let us look at some of the personal loan basics:
Can I avail personal loan?
Yes, if you are salaried or self-employed you may avail a personal loan. However, there are a number of eligibility criteria put forth by every lending institution, these vary not only among institutions but also depend on the individual customer’s profile.
How much personal loan can I get?
How much personal loan you can get depends on how much you can afford. This entirely depends on your income, credit score, existing loans and other factors such as work experience, residence stability and so on. Since a personal loan is unsecured, the lending institution always ensures that your income will support the loan amount borrowed by you.
How do I know if I am eligible ?
The eligibility criteria is mainly based on:
-The company you work for
- The loan amount you are looking for
- The city you live in.
To know about the personal loan eligibility criteria in detail, get knowledge here.
Where can I get personal loan?
You can avail personal loans from all leading banks and non-banking financial institutions provided you are eligible to avail one.However, if you are looking for the most suitable offer, and want to compare among different banks instead of visiting each one individually, you can very well avail consulting services.
What are the benefits of a personal loan?
Availing a personal loan has many benefits apart from fulfilling your immediate money needs. These are:
- No security/ collateral required
- Simple documentation
- Easy repayment options: preclosure and part-payment facilities
- Loan amount up to 25 lakhs
- Loan sanction in a matter of days
Availing personal loans is easy, and the most important aspect being: your money requirements are fulfilled in a short span of time (when compared to secured loans).
Remember, it isn’t about getting the best offer, it is about getting the most suitable one!