Today, Personal Loans are quite popular among everyone,and an increasing number of consumers are applying for such Loans to meet their
larger and unexpected expenses. It is convenient to apply for and enables you
to take care of your financial requirements even when you are short on time.
What’s more? You can apply for this Loan even if you are a salaried or
self-employed professional.
What is it?
A Personal Loan is unsecured and provided by banks and other financial institutionsthat can be used for a variety of reasons
Advantages
Some of the important benefits of a Personal Loaninclude:
· Unlike otherLoans, the Personal Loan amount can be used for any purpose. You can use it to
plan a wedding, go on a vacation, fund a medical emergency, renovate a home,
buy a new gadget, get a wardrobe overhaul, etc.
· If you fulfil therequirements set by the bank, the approval process is quick and requires
minimum documents.
· Some lenders allowyou to choose from flexible tenures. This enables you to repay your Loan while
still having ample room to fulfil your other needs and wants.
· Today, you canapply for a Personal Loan in just a few clicks through a Banking app or other Online Banking mediums, without any hassle.
· Since it is an UnsecuredLoan, you do not require any collateral, guarantor, or co-applicant to apply
for a Personal Loan.
How to apply?
Follow these simple steps to apply for a Personal Loanand tick off everything on your bucket list:
Determine requirements
Before you apply, determine how much money you need tofulfil your goals. This enables you to figure out the amount you will need to
borrow.
Check eligibility
To be eligible for a Personal Loan for a salaried employee, you need to fulfil the following criteria:
· You should be 22years or at least 60 years at the time of Loan maturity.
· You should have aminimum monthly income of Rs. 20,000.
· You should havebeen in the current profession for at least two years.
Calculate EMIs
Compare the interest rates of several banks and use a Personal Loan EMI calculator to determine your equated monthly instalments. Youcan modify your tenure if your bank allows flexibility to arrive at a figure
that you are comfortable paying each month.
Apply online
After you have chosen a bank that offers PersonalLoan for a salaried employee, make sure you hold a Savings Account in sucha bank. Later, use Online Banking platforms to apply for your Loan. You then
need to fill out an online form stating your requirements, submit any necessary
documents, and wait for approval. Once approved, the amount gets instantly credited
to your Bank Account.
