Availing Personal Loan In India

In India, one can avail personal loan for their personal or professional requirements

. This means the customer can use this finance for any of their requirements, like paying off debts, purchase of car, purchase of consumer durable goods, paying off utility bills, medical emergency, travelling expenses, initiating new business, higher education, marriage purpose, business expansion and many more. Many banks and financial institutions provide personal loan in India. Some of the popular names are SBI, HDFC, Axis, CITI, Standard Chartered, ICICI, PNB, Kotak, Fullerton, DHFL and many more.

These lenders provide personal finance with attractive offers and lucrative interest rates. This is so; to attract more customers towards themselves, so as to mitigate the effect of competition. Therefore, customers should be little careful while applying for the personal finance, as large numbers of lenders are present in the market who provide personal loan. The customer should compare these lenders on the basis of personal loan interest rate, processing fee, tenure, prepayment charges, amount and norms. The customer should select that the loan provider that provides the best deal for the personal loan and one can do it, by visiting sites and even can calculate the loan"s EMI through EMI calculator.

However, bank also checks the customer"s creditworthiness, repaying ability, financial position and source of income, before sanctioning the personal loan to the applicant. This is so; one can get personal finance without providing collateral or security of their asset or property to the bank. The bank checks these things through applicant documents that one submits with personal finance form. The customer has to give various documents to become eligible for the personal finance in India. The customer has to submit proof of income, age, identity, bank statement, residence and employment details. The bank verifies these documents and then decides about the personal loan interest rates, tenure and amount. Normally, bank charge 14% to 25% interest rate for the tenure of 1 to 5 years for the loan amount of Rs.50000 to Rs.15lacs.

One gets various benefits of availing personal loan. Those are; it requires minimal documents for the processing of personal finance, because of which, it makes process loan process quick and convenient. One can use this fund according to their requirement. The customer does not have to disclose any information to the lender for availing the personal finance.

Thus, customers should check their credentials before availing the personal loan, as lender decides about personal loan agreement on the basis of these documents.

by: Dialabank

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