Need A Personal Loan? Get it with us at LegalRaasta

Need A Personal Loan?

Firstly, Know what personal loan is! and what to do when you need a personal loan?

The personal loan comes under Unsecured loans which means if you want to take a personal loan there will be no need for you to use an asset as collateral or guarantee. Personal loans are for those people who don’t want to go through the hassles of providing security or collateral and these loans come with manageable Interest rates and minimum documentation. If you need a personal loan you can check Finbucket.com

Purposes for which it can be used?

  1. Education Expenses
  2. Wedding
  3. Vacation
  4. Pay off credit cards
  5. Pay for medical treatments
  6. Debt Consolidation
  7. other personal expenses

You can use funds you get from personal loans anywhere you wish you are not obliged to answer any one of your spends.

Maximum loan duration

Loan tenure ranges from 1 to 7 years or 12 to 74 months. you have the flexibility to choose a tenure of your choice that suits you best. Shorter tenure means Larger EMI as opposed in Longer tenure having Lower EMI.Use our EMI Calculator to calculate the EMI

Eligibility Criteria

It depends from bank to bank, the general Criteria include Monthly Income, Age, Occupation, place of residence and capacity to repay the loan etc

   AGE:

Minimum age: – 21 years

Maximum age: – 60 years

   INCOME:

Minimum monthly income: – Rs 15,000 (banks may have a higher minimum income requirement)

   CREDIT SCORE:

The most vital thing that Banks and other  NBFC’s consider is your CIBIL Report /Credit Score by which they understand borrowers behaviours in term of repaying the loan amount and trustworthiness. To have a clear understanding of what credit score is, visit Finbucket

Documents needed to apply for Personal Loans

List of documents for Salaried

Proof of Identity:- Voters ID / PAN Card/Passport / Driving License /

Proof of Residence:- Leave and License Agreement / Passport

Salary slips for last 3 months.

Latest 3 months Bank Statement

Passport Size photographs.

List of documents for Self-Employed

KYC Documents: Proof of Identity; Address proof; DOB proof.

Proof of Residence: – Leave and License Agreement / Passport

Income proof

Latest 6 months Bank statement.

Office address proof.

Proof of residence or office ownership.

Proof of continuity of business.

Things to keep in mind when Applying

Need a Personal Loan? following are the few things to keep in mind when applying for a personal loan

  1. Interest Rates: the interest rate is fixed and depends on your credit score, tenure, income, occupation etc. Some personal loans come with a variable interest rate that changes periodically.
  2. CIBIL Report/Credit Score: Different lender uses different ratings for the credit score. 700 and higher is generally considered good.
  3. Choose the right lender.
  4. Be careful with credit card consolidation.
  5. Read the full disclosure of all the loan terms and read the fine print.
  6. Make sure your credit score is accurate.
  7. Watch out for origination fees.
  8. Don’t take on more than you can afford.
  9. Be careful about allowing automatic withdrawals.
  10. Fixed rate or variable rate?

From where you can take the loan

Banks: There are so many banks providing personal loans to the individual those who Strongly fulfil the above Eligibility criteria namely HDFC Personal Loan, ICICI Personal Loan, Bajaj Finserv (Finance) Personal Loan, SBI Personal Loan, Axis Bank Personal Loan etc. You can check for their possible interest rate here

NBFC’s:  NBFC stands for Non-Banking Financial Company are also providing loans

When it comes to borrowing a loan mostly prefer NBFC’s over banks because banks, are regulated RBI-Banking Act, having hard rules and take more time in approving or sanction a loan whereas NBFC’s regulated by Companies Act are quicker and have no such hard rules. In most of the cases, the rate of interest is high for NBFC’s despite of this many borrowers choose NBFC considering the ease of getting a loan and less complication.

We at Finbucket.com provide you with the best suitable lender based on your preferences and help you cut short the time and hassle in applying for loans. If you have bad CIBIL Score we will still provide you with loans.

How to Apply!

Finally! When it comes to applying for Personal Loan, we made it super easy for you, just fill in basic details here and get approval for your loan just in 10 seconds. So what are you waiting for?

Benefits

Tax benefits:

personal loans have no such tax benefits but if you have taken a loan for home renovations/down payment, you may get tax benefit under I-T deduction under Section 24. tax benefit will be limited to interest only not on principle part. At the time of claim, you have to show proper receipts.

No limitation on end use:

The most important thing about the personal loan is that it allows you to utilise your fund wherever you want, unlike home loans. so if you are in urgent need of funds personal loans loan can be a good option for you.

Quick disbursal:

If you meet all the necessary requirement and have a good credit score Typically, it gets disbursed within 7 working days. We at Finbucket provide you with the online approval of loans as quickly as possible.

No collateral required:
There is no need for you to submit any asset as collateral, it is a type of unsecured loan, that is why it is easy to get.

Flexibility to choose the tenure:

Tenure ranges from 1 to 7 years and this up to you to choose the tenure of your choice, longer tenure reflects lower EMI and vice versa.

Fixed rate of interest:

Interest rates generally are fixed therefore EMI will be level for the entire tenure, you do not have to worry about the change in interest rates when need a personal loan.

How much can one borrow?

Need a personal loan? worry about how much you can borrow! so generally it depends on whether you are salaried or self-employed and on your income. generally, banks have restricted the Loan amount such that EMI level should not be more than 40-50% of your monthly income. in most of the cases some banks have lower bound of Rs 30,000 on borrowing amount.

 

Hence, a personal loan is the best when a monetary need is a concern. so what are you waiting for? Apply for a personal loan now.

By | 2018-07-28T06:40:13+00:00 July 3rd, 2018|Loans, Personal Loan|0 Comments

About the Author:

Pulkit Jain is the founder of LegalRaasta – India's top portal for registration, trademark, return filing and loans. Pulkit is a veteran CA with over 10+ of experience.