All About Personal Loan
There are some days when the person gets is any kind of financial problem and is not able to meet his/her financial needs . A personal loan is a loan that helps us to solve these kind financial issues. It is a type of unsecured loan.
The borrower does not need to keep the anything in the bank as collateral. The lender provides the borrower to use the fund as per their wish which makes it a flexible loan to avail.
Where to Use the Funds?
1. Medical emergency
3. Vacation or travelling
4. Renovation of property
Eligibility for Availing Personal Loan:
1. Salaried person government, MNC or any private company or any self-employed person like Doctor, CA, CS or Architect.
2. The age limit of availing the personal loan lies between 21 years to 60 years.
3. Rs. 25000 per month for salaried person and Rs. 5 lakh gross annual receipts for professionals.
Work Experience Required:
The borrower must be having minimum of 3 years and above experience in their profession.
Minimum CIBIL Score:
The minimum CIBIL score the borrower must be having is 650. In order to avail a personal loan.
Maximum EMI as Percent of Income:
EMI percentage is 65%
How Much can a Person Borrow?
This basically depends on your income and depends upon the salaried or self-employed.
Any ongoing loans are also considered while the lender lends the personal loan
Extra Charges Payable:
Yes there are some extra charges that are payable while availing a personal loan.
The lender charges the processing fees usually 1-2% of the loan principal,
This is to take care of the paperwork that needs to be processed.
How to Repay the Loan:
The loan can be repaid in the form of EMIs via post-dated cheques.
The interest rate starts from 10.99% onwards in case of personal loans.
Summary:The personal loan is a type of unsecured loan. As the person does not require keeping any collateral with the lender and the person can use the money as per his/her choice may it is a weeding, home renovation, or a vacation the borrower can enjoy the flexibility to use the money as per their wish.
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