Personal loans are unsecured loans that can be used to meet an individual’s short-term and long-term financial needs. Banks and Non-banking financial companies offer personal loans to salaried employees, retired pensioners, and self-employed professionals. Borrowers don’t have to provide any collateral or security to obtain personal loans. Borrowers can use the personal loan for any purpose, from marriage and travel expenditure to education and home renovation expenses.
Though most banks and Non-banking financial companies disburse personal loans on a daily basis to customers across the country, making a successful loan application is critical. Borrowers have to meet a specific set of requirements posed by the lenders to obtain the loan. Listed below are a few easy steps that can help an applicant make a successful personal loan application:
To obtain a personal loan, the borrower should meet the following eligibility criteria:
The following documents should be submitted along with the personal loan application:
Listed below are the applicable interest rate and fee for personal loans:
|Loan amount||Rs.50,000 to Rs.30 lakhs|
|Repayment period||1 to 5 years|
|Interest rate||12% to 20% p.a.|
|Pre-payment charges||Varies with banks|
|Processing fee||Varies with banks|
Here is a list of banks offering suitable personal loans for self-employed professionals:
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