Personal Loan Interest Rates

What do you mean by Personal Loan?

Personal loans are a type of investments that require no collateral or security and are used to meet any financial need or emergency. Unlike home and car loans, their use is not limited to only one thing. The one can avail such loans to fund for a wedding, make home renovations, pay for education, and meet medical requirements. Personal loans can be availed by any bank or NBFC to meet unplanned needs and can be availed by salaried professionals, self-employed professionals, and self-employed non-professionals who run a business.
More over, It is completely an unsecured loan. Keep reading below to know more about the benefits and the interest rate about a Personal Loan.

Some major points about Personal Loan:

1. Firstly, a fixed amount of a loan has to return by a customer as an installment every month to the Bank
2. Secondly, you could now get easy and instant approval as per your loan amount within 48-72 hour
3. After that, you need to maintain the bank balance so that you can bear the monthly installment of your loan amount.
4. Moreover, all documents should be complete and maintained.
5. Besides that, try to make your documents genuine and clear, so that no problem will arise in the future.
6. Although, CIBIL Score plays a huge role in this type of loan, especially unsecured.
What is the best way to get a Personal Loan @ Lowest Rate of Interest?
If we comparing the interest rate of different banks, we can see the Yes Bank is providing the lowest rate of return of all, which is 10.75

Try to find out the banks like HDFC Bank, YES Bank, PNB, AXIS bank, SBI bank, which can do disbursal within 1-2 days, so that customer will get the money sooner.

Eligibility criteria for Personal Loan:

It is based on which Bank has to approve the request of the applicant regarding the credit there are two categories of the applicants:

1.Salaried
2.Self-employed

Salaried Applicants

Firstly the Age of the candidate must be 21 or above.
• The second thing is the salary of the customer should at least Rs 18000
• After that CiBIL score of customer has to be maintained, higher than 650.
• Further, most the applicant would get a loan from his/her nearest branch only.
• Lastly, the ITR of the previous 2 years is mandatory.

Self-Employed Applicants

• Firstly, the criteria of self-employed must be 21 or above
• Secondly,  under self-employed, minimum of 3 years of ITR is necessary.
• After that, at least business should be working from last 3 years.
• Moreover, the credit score of the individual applicants should be good there should not be any debt or dues left.
• After that, income should be more than 250000 PA of a candidate.
• Besides that, Last 3-month bank statement is necessary Required documents for a Personal Loan

After that; fillings, your all details and submitting the documents, besides that you have to make sure that all the things are correct so that there is no chance to reject the case.
Keep the following documents with you:

Documents Required for Salaried Applicants:

It includes 2 categories

1.) Salaried
2.) Self Employed

Salaried

• Firstly, Identity proof ( Aadhar card, Passport, Pan card, Voter card, Driving license)
• After that, Residence Proof (Aadhar card , Driving License, Passport, Ration card)
• After that, photo ID proof ( Aadhar card, Driving License, Passport,) any 1 of them
• Moreover,  latest Bank account statement of 6 months is mandatory.
• Besides that, Salary slip of last 3 months.
• Although, 2 Passport size photos, colored are required.
• Lastly, Certification of Employment is needed in case of salaried.

Self Employed

• Firstly, ID proof (Driving License, Voter card, Aadhar card, pan card, Passport)
• Secondly, ITR is mandatory for the last 3 years.
• After that, a business should be registered and working for at least 3 years.
• Moreover,  proof of Ownership (rental agreement/telephone or electricity bill/ration card/passport)
• Lastly, Form 16 is a must for self-employed.

Personal Loan Interest Rate

All banks have their different criteria and schemes to attract the customer; some may offer a low rate of interest while some may offering 0% processing fees or foreclosure charges.