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Personal Loan is associate unsecured loan for private use that doesn't need any security or collateral and may be availed for any purpose, be it a marriage expenditure, a vacation or getting consumer goods, the private loan is extremely handy & caters to all or any your desires. the number of loan may be range from 50000 to 200000 & the tenure for repaying the loan varies from 6 months to 2 years.
A Loan without security: a private Loan isn't a secured loan (bank doesn't invite any security or collateral) as against a Secured Loan wherever one is needed to pledge a house or alternative security to amass a loan.
Simple Documentation: a private Loan is accessed with bottom work or documentation & doesn't take abundant time to acquire as against a Secured Loan.
No specification about the end use of the loan amount: you're not needed to disclose the tip use of the money borrowed, Banks square measure involved concerning the very fact that whether or not the receiver is in a position to pay back the loan with interest before the day of the month or not and that they ensure this by checking the financial gain, employment or business & alternative factors of the receiver.
Features And Benefits
Key Features
- Affordable EMI
- Low down Payments
- Speedy processing
Eligibility
The applicant must meet the below eligibility criteria.
- Monthly income 4 times of monthly EMI
- Valid ID proof
- Valid Address proof
- Bank statement
- 2 guarantors (their photos and documents)
The Documentation Process In Personal Loan Is Very Fast As Against Secured Loans. Following Documents Are Required By Financial Institutions To Process The Loan Application:
- Identity proof (KYC)
- 3 to 6 months Bank statements
- Residence proof
- 3 Months Salary slip
- Form 16 of 2 years
In case of self-employed banks require balance sheets, profit & loss account, computation of income, partnership deed, MOA & other mandatory documents etc.
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