Need A Personal Loan?
Firstly, Know what a 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?
- Education Expenses
- Pay off credit cards
- Pay for medical treatments
- Debt Consolidation
- 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 spendings.
Maximum loan duration
The 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 to Longer tenure having Lower EMI.Use our EMI Calculator to calculate the EMI
It depends from bank to bank, the general Criteria include Monthly Income, Age, Occupation, place of residence and capacity to repay the loan, etc
Minimum age: – 21 years
Maximum age: – 60 years
Minimum monthly income: – Rs 15,000 (banks may have a higher minimum income requirement)
The most vital thing that Banks and other NBFC’s consider is your CIBIL Report /Credit Score by which they understand borrowers’ behaviors in terms 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 the 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
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
- 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.
- CIBIL Report/Credit Score: Different lender uses different ratings for the credit score. 700 and higher are generally considered good.
- Choose the right lender.
- Be careful with credit card consolidation.
- Read the full disclosure of all the loan terms and read the fine print.
- Make sure your credit score is accurate.
- Watch out for origination fees.
- Don’t take on more than you can afford.
- Be careful about allowing automatic withdrawals.
- 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 fulfill 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 the Companies Act are quicker and have no such hard rules. In most cases, the rate of interest is high for NBFC’s despite 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 a 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?
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 the 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 utilize 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.
If you meet all the requirements 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.
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.
A 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.