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Personal Loans as the name suggest, are used for your personal needs, whether you use it for
debt consolidation, wedding, home improvement, home equity loans, or any purpose.
It can either be secured against your property or unsecured depending on your personal circumstances and preferences.
The repayments are normally monthly and cover both the interest due and the capital outstanding loan amount.
The purposes for loan can be any of these:
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Home renovations
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Travel
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Education expenses
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Vehicle
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Lifestyle changes
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Furniture
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Wedding expenses
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Debt consolidation
Types Of Personal Loans:
Secured Personal Loans: A secured loan is secured against your property to act as security to the Lender for the money you have borrowed.A secured loan tends to be more flexible, easier and quicker to process.
Unsecured Personal Loans: Unsecured means that the customer does not need to own their own home or other
collateral to borrow money, so there is more risk involved for the lender.
Therefore they will not be able to offer you as much with this type of loan. With an Unsecured Personal Loan, your approval will be based on your credit history
or employment status.
Personal Loans are available to everyone from salaried persons to business man. Certain verifications and documents are required from the individual side to be approved for a personal loan.
Documents required for personal loan:
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Application Form
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Proof of date of birth
- Proof of Residence
- Proof of work experience
- Salary Slip for last few months
- Form 16
- Photographs
- Bank Statement for last few months
- Signature Verification
- Upfront Processing Fee Cheque (in case of some lenders)
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