Things you need to be aware while applying for Personal loans
Everybody experience financial contingencies at some point of time in life. When you're running out of cash, in such situation you might approach to relatives or friends. However, there would be a slim chance that you would get the required assistance from them. On the other side, loan sharks like traditional lenders are there to eat all your money with exorbitant interest rates. Thus, the best way to arrange quick and easy finance would be availing personal loans online.
Personal loans are collateral free loans which can be utilized for any purpose as long as it’s not an illegal activity or investment risk. With personal loans, you can renovate your home, go for a vacation with family, cover up medical expenses, consolidate your debts, etc. The whole idea amongst financial institutions and banks is to provide quick finance that would suffice your financial needs on time.
Today, reputed banks and financial institutions offer loans under different provisions and easy repayment options. They can be obtained without pledging at collateral and instantly disbursed to your bank account. Online personal loan aggregators’ sites would let you compare loans of peer players amongst the market in terms of interest rates, principal amount, processing fee, pre-payment charges, and principal loan amount.
You can avail minimum Rs 25,000 to maximum up to Rs 50 lakhs, with a repayment window of around 12-60 months. The competition is really stiff and thus you can avail apnapaisa personal loans anywhere between 10-22 % rate of interest and mere processing on it. A good income source, job stability, and credit score is the key to reduce the interest rate and crack the best deal that proves affordable on your wallets.
E-technology has made our life easy and you can derive loans right from the cozy corners of your home or offices. It's quick, convenient and secure. E-application form is simple to fill up and won't cost you a penny at all. Applicants can collate information of numerous lenders from the reputed aggregator sites and get a personal loan quote instantly. With the online mechanism, you can ditch the tedious paperwork and painstaking visits to branches for form submissions.
Since personal loans are developed to meet the personal ends the interest rates are offered at reasonable rates. It usually varies based on the market condition which is always volatile due to fierce competition. Lenders come up with round the discount offers that would keep the customers on the winning side!
Personal loans are provided by most of the banks and financial institution with eligibility criteria which might slightly differ based on a few simple parameters. Your credit score and existing borrowings would also be taken into consideration to check your repayment capacity.
- Employment type: Salaried Individuals and Self-Employed professionals
- Age: 18-60 for salaried professionals and 21 - 65 for Self-Employed professionals
- Credit Score: 750+ and above to negotiate with the lenders for low-interest rate deal
- Minimum Income: Rs 20,000/- (Metro Cities) and Rs 15,000/- (Non-Metro Cities)
- Loan Amount: Minimum: Rs 50,000/ and Maximum up to Rs 25 lakhs
- Work Experience: For Salaried Professionals - Should be working for at least 6-12 months with the current employer and For Self-Employed Professionals: The business should be running successfully for 3 years along with IT returns of minimum 2+ years.
