How to Take Personal Loan : -Now taking a personal loan in India has become very easy. Today we will tell you how you will apply for a personal loan, and what is its process. A person can take a personal loan for any reason such as a medical emergency or you have to do some small business. Personal loans are now available very easily and instantly. Today we will tell you all the details related to personal loan like what should be your eligibility to take personal loan. Can students also take a personal loan or under what circumstances can you take a personal loan?
When we take personal loan
Friends, sometimes we have to face such situations when we are in dire need of money and in that situation we take the help of friends or family members, but what will you do when they do not have money. In such a situation, one solution remains and that is to take a personal loan! So friends, in today’s article, especially on this topic, we are going to talk about how you can take a personal loan!
What is personal loan
Let me now tell you for information, what is a personal loan, as the name suggests that this loan is personal. Means you can apply for this loan for any personal reason, it is not necessary to have any specific reason. Even if there is a shortage of money in your house, you can take this loan. The bank does not ask you the details of taking a personal loan. With a few simple documents, you become entitled to take a personal loan. Nowadays, banks also message you from time to time to take a personal loan.
Personal loan eligibility
As I told you earlier that you do not need to give any reason for taking a personal loan. But to take a personal loan, you have some necessary conditions of the bank, without fulfilling which you cannot take a personal loan. So what are those conditions, let us tell you in detail: –
Borrowers for personal loans are divided into two categories:
1 . self employed
2 . salaried
1 Self Employed: – Self Employed means those who have their own business, be it a doctor or a small business person. Let us tell you that every bank may have different conditions. Self employed people must be at least 21 years old. Also, their income should be at least 15 lakh per year.
- Salaried: – That is, if you work in a company and you get salary per month or you are in a government job, then they come under this category. For this, your age should be at least 18 years and your income should be 15 thousand per month only then you can take personal loan.
Documents for personal loan
Let us now tell you, which documents you will need to take a personal loan. To take a personal loan from any bank, you have to provide some documents. Which includes Aadhaar card, PAN card, bank statement, some photos. To take a loan from the bank, you have to open an account with the bank. Then the further process will start.
Personal loan interest rate
Let us tell you that the interest of personal loan of all banks can be different, so you can calculate by visiting the website of the bank from which you want to take personal loan. If we talk about ICICI Bank, then its interest rate is 10.75% to 19% per annum. When you take a personal loan, you can pay the EMI in easy installments.