Personal loans- A life saver to meet your immediate needs

Personal loans- A life saver to meet your immediate needs
October 23 09:53 2019 Print This Article

Any individual who wants to meet any immediate needs, consider a personal loan. It is secured in nature and the applicable interest rates are generally higher as compared to other loans such as gold loan, vehicle loan, home loan, etc. The interest rate on this type of loan varies between 12 percent and 20 percent which is subject to the applicant’s relationship with the lenders, credit repayment history, earning capacity, etc. In case of an emergency, personal loan seems to be useful. Personal loans can be used to pay off credit card bills and consolidate your outstanding debt, among other things. And, unlike other forms of financing, unsecured personal loans don’t need to be backed by collateral. Some of the other reasons to take a personal loan are:

Consolidate debts:

Personal loans are most commonly used for consolidating debts. For example, let us imagine that you have outstanding credit card debt or multiple loans and they all have varying balances due and interest rates. This situation will lead to financial trouble, which is where personal loans can help you greatly.

When you are applying a loan to use it for debt consolidation, you are combining all of those outstanding balances into one monthly payment. It makes it easier for you to plan a timeframe to pay off your debt without getting overwhelmed.

Finance home remodeling: 

A personal loan can be the best option for you to pay for home remodeling. Whether you want to put on a new roof, install solar panels, remodel your kitchen or add a swimming pool, hot tub, landscaping or hardscaping, a personal loan can help.

A personal loan is a right choice for people who don’t have equity in their home or don’t want to get a home equity line of credit or HELOC.

Eligibility criteria for a personal loan

One must meet the eligibility criteria to get a personal loan. Some of the personal loan eligibility criteria are as follows:

Any resident of a certain country who is an active employee of an MNC, Public or Private limited company and is between 21- 58 years of age is eligible for availing a personal loan at that particular country. These are the main criteria to meet to get a personal loan. Some of the other criteria are:

  • A person who has a net salary of Rs.20,000/- per month
  • A person who must have a minimum educational qualification of being a graduate.
  • A person who is an active resident of a city for at least 1 year
  • A person with minimum work experience of at least 1 year

Documents required for getting a personal loan

To apply for any kind of loan, meeting the basic documentation requirement is a must. If you intend to apply for a personal loan at any bank, you must provide self-attested copies of all the required documents, depending upon several factors such as your service/profession, income, and loan requirement. At the same time, carry the original copies for verification.

Thus, you can get a personal loan in Noida by submitting all the required documents. Also, ensure to choose the bank that provides a loan with minimal interest rates.

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