Personal loan is for personal problems or requirements that may be anything like marriage, vacation, festival, and other functions. These personal desires may come any time to anyone. So an Unsecured Loan is the finest solution to face these types of problems.
Is Personal Loan Attractive?
Yes, it is. Here are the some points which attract people for personal finance:
- The feature that is on the top is that personal loan is unsecured. That means you do not need to give guarantee to avail this loan. It offers you flexible repayment time period as compared to other secure loans.
- Secondly, the documentation is very less. After you fulfill the required criteria, your loan will be approved within a week or two.
What are requirements for Unsecured Loan?
As we have no need to give any property or valuable thing, so the remaining is Documents. Documents required are:
- For identity proof – Pan Card, driving license, or passport.
- Residence proof – Ration card, electricity or telephone bill, gas bill, bank statement and passport.
- Other documents:
- For a salaried person – Salary slip, form 16, bank statement of 6 months.
- Self employed person – 2-3 years account statement, IT returns as income proof.
Just keep in mind you have to give blue prints of the above documents.
What will be the interest rates?
This is an unsecured loan, so in this case you have to pay more interest rate than secured loans. A borrower has two options on interest rate – fixed and floating rate of interest.
- Fixed: These interest rates remains fixed for the whole tenure period. For instance, a bank agrees to grant you loan at 15 %, then you will have to pay the entire EMI upon interest rate of 15%.
- Floating: Rate of interest varies according to the RBI norms and policies.
So if you want the lowest rate of interest on your personal finance, you must consider two things:
- If a person gets a monthly salary of Rs 15,000, he is eligible for availing Unsecured Loan at cheapest rates.
- Your credit score must be in between 600 to 1000. It will make a good impression on the bank that helps you to approve the loan on the best rate of interest and reliability of bank on you.
For the lowest interest rate on the loan, you should maintain a good CIBIL/credit score and proceed with the right interest rate category.
Special Note: Bank does not provide personal loan to poor credit holders, however; one can fulfill their financial requirement with a Gold Loan easily.
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