Are you facing a financial crunch and are not able to pay your bills on time? Are you planning to marry but do not have enough savings to manage the expenses? In all such situations, there is one thing that can save you and that is a personal loan. It is very easy to get a personal loan and you can use the same for legitimate financial requirements.
Keen to have more information about the personal loan?
- You can call a personal loan an unsecured credit that is offered by a financial institution. This personal loan is not secured against any asset of the applicant.
- In the case of this type of loan, no collateral or security is needed but of course, you have to meet the criteria for getting personal loan approval.
- The loan has to be paid in equated monthly installments that is EMI. Keep in mind that you have to abide by the agreed terms with the bank or financial institution while repaying the loan.
Here is how you can use the personal loan:
A personal loan is a multipurpose loan and you can use it for your immediate financial requirements.
- You can use this loan to pay your utility bills like electricity bills, telephone bill etc.
- Medical treatment is also one aspect where a personal loan can be useful.
- Pay your child’s school or college fees with a personal loan
- You can go on a holiday or you can bear the expenses of your wedding with a personal loan.
- A personal loan can also be used to buy gadgets and electronic goods.
Check out the various benefits of a personal loan:
Now let us take a look at some of the benefits of a personal loan:
- Personal loan approval requires less documentation. If the person meets the criteria and all the documents are in accordance with the requirements of the financial institution then the loan is approved quickly.
- Some of the leading financial institutions like Money View have made the process of applying for a personal loan very easy. You can easily apply for a personal loan from institutes like Money View online.
- Once the personal loan is approved then the disbursal of the same is also done quickly and in most cases, the money is credited to the applicant’s account in the next 48 hours.
- The applicant is also given the flexibility to choose the tenure of the loan. The applicant first needs to consider their repayment capacity and based on this they can choose the loan tenure which is usually in the range of 12 months to 60 months.
You must know the criteria on which a personal loan is dependent:
The criteria for applying for the personal loan is as follows:
- The applicant has to be in the age group of 21 to 57 years to apply for the personal loan
- The applicant can be a salaried or self-employed individual and the income should be deposited in his bank account
- The candidate also needs to check out the minimum monthly income that is needed to apply for the personal loan with the financial institution.
- For personal loan approval, the credit history of the applicant is very crucial. Leading financial institutions require a minimum CIBIL score of 600 or an Experian score of 650.
Submit the required documents and get the personal loan quickly:
If you are eligible to apply for a personal loan then the next important aspect is the documentation process. In the case of leading financial institutions, the documentation process is hassle-free. The applicant can get the loan with minimalistic documentation and these documents have to be uploaded online. So, here are some of the documents that the candidate has to submit along with his loan application:
- The applicant has to submit his PAN card and Aadhaar card as identity proof.
- Address proof also has to be submitted by the applicant and here also one can submit their Aadhaar card.
- You also have to submit the last 3 months’ bank statements which show salary credits to the account.
Are you wondering how personal loans work?
- The applicant has to first check if he is eligible to apply for a personal loan.
- The eligible person has to apply for a personal loan. Along with the personal loan application, he also has to complete the documentation process.
- Once the financial institution receives the personal loan application and the documents then it checks the creditworthiness of the applicant. Based on this aspect the loan offer is made by the financial institution to the applicant.
- Once the applicant accepts the offer made by the financial institution and agrees to the terms and conditions laid down by the financial institution the funds are transferred to the bank account of the applicant.
- The person has to then repay the loan in installments which is known as EMI or Equated Monthly Installments.
Do not miss out on checking the factors that have an impact on the EMI:
Here is a list of some of the factors which influence the EMI of your loan:
- If you have opted for a higher loan amount then be prepared to pay a higher EMI
- With the longer repayment term, the EMI amount is less but here you end up paying higher interest. So, if possible choose a shorter repayment term so that the applicable rate of interest is less.
- A good credit score is very important for getting a personal loan at a lower interest rate. So, if you have a low credit score then take the required steps to improve the same.
- Delayed payments and applying for many loans at the same time can jeopardize your chances of getting a personal loan with a low-interest rate.
- The type of interest rate also has an impact on the EMI of the personal loan. With a fixed interest rate you have to pay the same rate of interest throughout the repayment term. In the case of floating interest rates which are decided by the RBI the interest rates vary throughout the repayment term.
Choose the right financial institution for getting a personal loan with ease:
Your choice of financial institution is very important in the case of getting personal loans. If you want to get personal loans with ease and minimum documentation then approach Money View. This top-notch financial institute is known for offering personal loans with ease to applicants. Yes but for this, you have to fulfill the required criteria, submit all the documents, and agree to the terms and conditions of the financial institution.
- If you want to apply for a personal loan then just visit the Money View website and check if you are eligible.
- Eligible candidates have to submit the application form along with the required documents and all this has to be done online.
- If everything is in place the institution makes the loan offer and if you accept the same and agree to all the terms and conditions then the loan is disbursed and credited to your bank account in a few hours.
Summary:
Personal loans are useful to pay off your debts and bills but for this, you have to fit into the eligibility criteria. To get complete information about this unsecured loan you can get in touch with the financial experts of Money View.
