Personal Loan
Overview
A personal loan is an unsecured credit that helps you take care of any kind of expense, ranging from wedding expenditures to medical bills. Personal loans can fill multiple financial gaps for you. Since they are secured in nature, you don’t have to pledge collateral or security to get the loan. Besides, there is no need to specify the end use.
That is why, from funding your higher education, and home renovation, to foreign vacations and any type of unexpected expense, a best loan for personal use is the ideal option.
However, they also come with the EMI cost. The low interest personal loan rate depends on your loan amount and other several other factors. You can repay the loan, by choosing a repayment term and an EMI size you are comfortable with. To help you find the right personal loan offer, DK Finsage Consultancy offers end-to-end guidance from filling out the application form to submitting paperwork, till you get the money credit into your account. All you need to do is choose a personal loan online. Apply digitally with ease. Receive 360-degree assistance to identify banks and NBFCs offering the most competitive interest rates, and a lot more.
Uses of Personal Loan
Since a personal loan is a multi-purpose product, you can use it to fulfill any of your financial needs. Here are some of the most common uses of personal loans.
Wedding
Fund your dream wedding with a quick personal loan. Take care of all your expenses, from pre-wedding events to D-day ceremonies with ease. Whether you are throwing a big fat wedding or a small ceremony, a personal loan will help you fund all your expenses in one go. Compare best loan offers from different lenders to choose the right loan for your wedding.
Home renovation
House Renovation or upgrading your old house can give it an incredible face lift. Be it extending you balcony area or remodeling your kitchen, expenses can easily pile up. Fret not! A personal loan helps you tackle these costs without leaving a dent in your savings. Redesign your home or upgrade it with a personal loan for home renovation.
Travel
No more waiting till you've saved enough for your vacation. With a personal loan for travel, you can finance your holiday in the snowy alps of Switzerland or the white expanse of the Great Rann of Kutch. Fund all your travel expenses from airfare to hotel bookings without breaking the bank.
Medical emergency
Medical emergencies can be daunting. But, with a personal loan, you can take care of your emergency medical expenses with ease. With a quick personal loan, you don’t have to worry about long processing and disbursal times. Finance all your medical expenses with ease with the right loan.
Education
Education costs have skyrocketed with time. Whether you are working towards a rewarding career or upskilling while working, the right education is expensive. Comfortably finance your higher education needs or your loved ones’ with a personal loan. Take care of tuition costs and living expenses of studying abroad using a personal loan for education.
Home loan down payment
Eyes set on a property but struggling to make a down payment? Use a personal loan to make a sizeable down payment with ease. Since a home loan covers 75-85% of your property’s cost, use a personal loan to cover 100% of your expenses. When looking for the best bank for personal loan in India, let us help you make the right choice.
Eligibility Criteria
A Personal Loan can be availed of by anyone, whether you are a salaried employee, government employee, or a working professional. All you have to do is fulfill basic eligibility conditions laid out by banks and NBFCs. While personal loan eligibility conditions can differ across banks and NBFCs, here are some standard criteria you must be:
Salaried or a working professional
Aged between 21 and 60 years
Having a job and a minimum of 3 months experience
Having a minimum of Rs. 25,000 net income per month.
Personal Loan Eligibility Criteria
To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.
- Age should fall under the range of 21 years to 60 years
- Net monthly income should be 15,000/- for salaried
- Credit score must be above 650
- Debt-to-income ratio
- Employment stability
- Maintained a good credit score
- Clear repayment history
Must be a Resident Citizen of India
Documents required to apply for Personal Loan
- Identity Proof– Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
- Proof of Residence or Address Proof– Electricity Bill, Telephone Bill,
- Ration Card
- Income Proof– 6 Month Bank statement, 3 Month Salary Slips
- Employment Proof– Employment Certificate, Office address proof, Office Identity Card
- Photograph– Passport-size photographs