Personal loan is a type of unsecured loan that often comes handy to meet personal financial needs. They often carry a lower interest rate than credit cards. Individuals can apply for personal loan in Chennai to meet their urgent finance needs such as medical emergencies, educational expenses, debt consolidation, business/holiday trips, and vice versa.
They are issued by banks solely on the basis of the applicant’s credit history and repayment ability. Therefore, it is important that you maintain a good credit score and file taxes on time. Personal loans are given to applicants without any questions and thus, are also known as multi-purpose loan.
Short-term finance – As life comes with some unexpected twist and turns at the most unexpected time, so, to aid such twist and turns, personal loan comes as a saviour. Salaried and self-employed individuals can apply for personal loan for shorter tenure, in order to meet urgent finance needs.
No collateral required – One of the added benefits of getting a personal loan is that it doesn’t demand for any sort of collateral security from the borrower.
Quick approval – The lending banks and financial institutions approves the personal loan application in no time, usually within 24 hours. Hence, they come handy at the time of financial crisis.
Minimum documentation – Applicants are not required to follow a lengthy documentation process as it involves quite minimum paperwork. Just a copy of few documents like identity proof, address proof, and income proof are required along with the application to process the request.
Loan quantum – Individuals can apply for the loan quantum based on their finance needs. Usually, the loan quantum ranges between Rs.50,000 to Rs.30 lakhs.
Flexible tenure – Depending on certain factors like income, age, loan quantum, credit history, and interest rate, applicants can choose flexible loan tenure for maximum up to 48 months.
Loan top-up – In case, if the sanctioned loan amount is not enough to meet the needs, applicants can get a loan top-up at the ongoing interest rate, i.e., they don’t have to compromise with their needs due to lack of monetary sources.
24*7 customer support – In any case of query or enquiry, the customer care services are open round the clock to ensure quick assistance to the valued customer.
Loan transfer – The most amazing part of personal loan is that they can be transferred from one bank to another, in order, to avail lower rate of interest.
• An applicant must be a resident of India
• He/she must be a salaried employee or self-employed professional
• He/she must have a good credit history
• The minimum age of an applicant must be 21 years (at the time of loan application), but, not more than 60 years (at the time of loan maturity)
• Duly filled loan application form
• A copy of identity proof (Voter ID/ Passport/ Adhaar card/ Ration Card/ Driving license)
• A copy of residential proof (Voter ID/ Adhaar/ Ration Card/ Utility Bills/ Rent agreement)
• Bank statement copy for the last 6 months
• Salary slips for last 3 months
• Income tax returns statement for last 2 years or form 16
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