Personal Loan is a collateral free loan based on income documents of individual or company. Personal loan processing is very easy as it required fewer documents as compare to any secured loan but it always attracts the high rate of interest & shorter repayment period.
Since this is an unsecured loan thus the borrower’s past track records of loans & credit score has to be good.
Any financial institutional look for credit score & income because they are not your friend and it is strictly a business transaction, therefore your good income documents & credit score will help Lander to land the money.
Personal Loan can only be availed for any valid purpose, be it a wedding expenditure, a holiday or purchasing consumer durables, the personal loan is very handy & caters to all your needs.
For Salaried Persons:
- Minimum salary required is 25,000/-.
- Salary should be credited in bank or received by cheque.
- Cash salary not considerable.
For Self Employed Or Businessman:
- Minimum 3 years ITR.
- Business should be 3 years old.
- One of the premises that is residence or office should be owned.