Every once in while we face some money related issue. It could be a significant loss in the business, or it could be an urgent money requirement. You can easily cross all these financial hurdles by taking a personal loan. See the thing with the personal loan is that you can use the principal amount of credit in any way you like the bank has no restrictions on the loan amount. Thus this loaning scheme is said to be an unsecured way of taking a loan from the bank. Moreover, a personal loan is supposed to be one of the fastest and the most reliable way of making a credit thus, if you are in urgent need of money you should consider this loan as your first option.
See personal loan is nothing but a financial product which banks provide to the applicant without taking in any collateral against the loan amount. To avail, this loan applicant must have a good CIBIL as there is no other way of knowing whether the applicant will return the loan amount back or not bank checks his/her banking history and then decides the loan amount and its respective rate of interest.
Why should one choose Personal Loan Bathinda?
- Firstly, the documentation process is fast and is hassle-free
- Likewise, if all your documents are up to the marked bank will approve your loan amount within 30 minutes of applying
- You can easily avail this loan from your home by availing it online.
- Moreover, you can expect the loan amount to be in the range of 40,000Rs to 40Lac Rupee.
- In addition to this, both salaried and the self-employed applicant are eligible to take this loan.
- As it is unsecured, you don’t need to provide any collateral to the bank in return of the principal amount.
- Furthermore, when you apply for this loan, you only need to provide 2-3% of the total loan amount as the processing fee which is easily affordable in most of the cases.
- Similarly, you can close this the can before time by using the foreclosure facility. The foreclosure charges are 0-3% of the total loan amount.
Personal Loan Bathinda Eligibility
For the self-employed applicant:
- Firstly, the age of the applicant needs to be in between 21 years to 71 years.
- Furthermore, a business must be up and running for at least three years.
- Also, the annual turnover of your business needs to be above 30 Lacs.
- Similarly to the salaried applicant, the self-employed borrower must have an account in a bank.
For the salaried applicant:
- To avail personal loan the required age of salaried applicant should be 25 - 65 Years.
- Also, as a salaried applicant, it is required that you must have one year of working experience.
- In addition to this, the applicant has to be working with the current employer for about six months at least.
- Similarly, the salary of an application needs to come to a bank account.
- The minimum salary requirement to avail personal loan is 18,000 Rs this could also change depending on the area where the applicant is living.
- Most importantly, the CIBIL of salaried applicant needs to be above 750 to avail this loan.
Personal Loan Bathinda Documents
- You need to provide one of these documents for residential proof Passport/ Driving License/Ration Card/ Aadhar Card / PAN Card/ Voter ID Card /Utility bills of the latest three months, or you can provide your rental agreement papers.
- The applicant can use any one of these following documents as an identity proof Aadhar Card / PAN Card/ Voter ID Card/ Passport/ Driving License.
- Salaried applicant Income proof: 6 months of the latest bank statement and six months of salary receipt
- Income proof for Self-employed: last years ITR return documents and audited financial papers.
Personal Loan Bathinda Interest Rate
See personal loan is interest varies from person to person. You might get a lower interest rate in comparison to the other applicant who availed for the same loan amount. You can expect the interest rate to be anywhere in between 14 - 17% lowest. This loan provides the lowest interest rate in comparison to other loaning schemes in which you don’t need to provide collateral to the bank.
How does Personal Loan work?
- Firstly, you need to apply to take a personal loan.
- After that, your loan request is transferred to the bank where one of the employees will go through your application and check whether it meets bank standards or not.
- Also, at this point of time bank will check your CIBIL along with your income eligibility.
- Once your application full-fills all the criteria bank provides you with the loan amount and its respective interest rate.
- Finally, if you accept the loan amount the disbursal of the loan takes place.
Bathinda is a city located in northwest India in the Malwa region in the state of Punjab. This city is named after the Bhati Rajput kings and is one of the oldest cities of India. Bathinda is also known as “City of Lakes” and also once called “Taber-e-Hind” which means the Gateway of India.