The world is coming closer every day, with people having countless products to choose from. But how to acquire them all with limited budget? Personal Loans will be your assistance.
What are personal loans?
Personal loans are easy loans with low interest rates as compared to the loan amount. Regardless of whether you need assets for a family wedding, any emergency, need to buy consumer goods, home remodel or dealing with financial crisis — an instant personal loan is the perfect answer for your pressing money related necessities.
Benefits of Personal loan
- Fast and Instant
- No collateral
- Minimum Documents
- Cash disbursal within a day
The most beneficial aspect of personal loans is low interest rate. Online lenders give some of lowest interest rates to its borrowers, making it affordable for everyone.
Who are Eligible for Personal loans?
Different banks have different criteria when it comes to the eligibility to sanction a personal loan. But the generalized norms that are followed are:
Minimum Age: – 19 years
Maximum Age: – 60 years
Minimum salary: – Rs 15,000
With the above criteria being met, your loan will be credited in your account.
Personal loans are most effective when you are in need of urgent cash. With its quality to provide instant money you are able to meet your need of liquid cash. The lenders do not provide the loan for any specific purpose, but it depends on your end that how you use it.
These loans are provided to the salaried as well as the self-employed people.
Individuals working full time in companies too can avail the benefits of personal loans. There isn’t any much difference when it comes to the eligibility criteria. Though it does depend from which bank you are getting your loan done, accordingly you can apply it for.
Talking about the benefits to salaried employees, personal loans are quite reliable and flexible.
- Instant online approval
- Easy application procedure
- Loan disbursal
- Easy Emi
Personal loans make it easy for salaried employees to make maximum use of their limited disposable income. Though when it comes to self-employed, the criteria are different, but remains beneficial for the both the income groups.
Who are self-employed?
These are the individuals who are the owners of their own firm. They don’t have a fixed monthly salary but that doesn’t mean that its difficult for them to generate a personal loan.
Eligibility for Self Employed
The general criteria in terms of the self-employed individuals are slightly different from those of salaried employees.
Age limit: in order to sanction a loan, the minimum age should be not less than 21 years of age. Now this mostly also depends from banks to banks. For example, a leading major bank may set the age limit of 28 years.
Credit Score: Banks lookout for the credit history or the creditworthiness of the borrower through generating its credit score. It’s the method to know the capacity to make repayments of loans. Since they do not have a regular source of income, their credit score is the only indication of their credit-repayment behavior.
Salary: the criteria of monthly salary is different of self-employed form that of salaried. you need to be earning at least Rs. 25 000 a month if you want to be eligible for a personal loan from a bank.
Stability: Another criterion that the bank takes into consideration is how stabilized your business is. You need to be working for at least 2 years, or more in order to get your loan application approved.
Benefits to Self-Employed
Personal loan has made it possible for the entrepreneurs with low income to easily acquire loans and reduce the possibility if any financial crisis.
With 0 collateral, self-employed individuals are able to have sufficient amount of liquidity. There is no specific purpose against which the loan should be taken this it gives the individuals the freedom to use the loan in whichever way they feel to.
With so many online and offline lenders, you can approach to any platform you are convenient with when it comes to applying for personal loans. Homecredit , Hdfc are few of the players in the market which are ready to help you and offer you this instant loan. Personal loan comes with the set of advantages that make up your day for your daily needs.