Personal Loans:
A Personal loan is taken by an Individual to fulfill his/her per
sonal needs. Repayment can be done through fixed EMI over a fixed term. No guarantor or co-applicant is required.
Application of Funds:
You can have the personal loan for n number of reason. Primarily, the personal loans are taken for 6 reasons:
- Business Needs
- Education
- Marriage
- Asset Acquisition
- Debt Consolidation
- Agriculture Purpose
The main advantages of a personal loan include the following:
- Relatively quick (because they do not require as much documentation as a home or auto loan).
- No restriction on how you can spend the money
- Do not require any collateral. So if you do not have any assets like a home, or shares or gold to offer as security, and are in need of money urgently, this is perhaps the most convenient option.
List of documents for Salaried
- Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)
- Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
- Latest 3 months Bank Statement (where salary/income is credited).
- Salary slips for last 3 months.
List of documents for Self-Employed
- KYC Documents: Proof of Identity; Address proof; DOB proof.
- Proof of Residence: - Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
- Income proof (audited financials for the last two years).
- Latest 6 months Bank statement.
- Office address proof.
- Proof of residence or office ownership.
- Proof of continuity of business.
Compare and apply for bank loans (Personal Loans) : My Loans
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