A personal loan is one of the fast unsecured loans that can be used for wide plenty of purposes like medical things, vacant event, consumer products etc. As per customer needs. To fulfill the personal needs of the customer, it is designed for multi-purpose delivery in the quickest application with simple documents provided. Generally, fixed income is taken into consideration for a process by the company. Personal uses are founded for customers will be 1.
Main purpose of Personal loan application:
People who are generally in salary structure are more interested in accessing this kind of loan for easy application and the fastest disbursal time. Financial institutions are aims to consecrate to fund most salary-based clients as possible through simple paperwork.
Desired property document of client shoud be clear with legal formalities when it is checked by legal person of insitution
Personal Loan Features
Points are below given as a subject:
- Clients should have a good time of work experience required with mentioned documents.
- Fixed income paperwork should be available to the clients.
- Bad goodwill means credits will be not entertained by the financial company Residence.
- Establishment should be counted in for a long duration with documents.
In banking always income should be reflected as it will be checked by the companies authorized team.
How to Avoid Rejection of Personal loan Applications?
The approval of a personal loan application depends on many factors. When you apply for a loan, you should make sure that you are fulfilling all the factors to ensure the approval of your loan application. The eligibility criteria for personal loans may vary from lender to lender. However, there are some common criteria which include the age of the applicant, his or her income, credit score, the status of employment, and so on. Before you apply for a loan, make sure that all the eligibility criteria are being fulfilled. This will help you avoid the rejection of your loan application. Although there are other options that you can resort to in case your loan application gets rejected, it is recommended to double-check before applying to avoid the chances of rejection of loan application.
How to Check Personal Loan Status?
There are two main modes of checking the status of your loan application. Most lenders offer both online and offline modes through which you can keep tracking your loan status.
Most lenders offer the option of logging in to their official portal to help you track the status of your loan application. You can use the application number or reference number which is issued by the lender for this purpose. On the other hand, if you have applied for a loan through a third-party aggregator website such as BankBazaar, you can just log in to its web portal and track the status of your loan application directly.
If you are not comfortable using the online platform, you can also track the status of your personal loan application through offline means. You can visit the branch office of your loan provider and check the status of your loan application. On the other hand, you can also connect with your lender over the telephone through their helpline or customer care number.
For both these methods, you would be required to provide a few basic details such as your name and the application number or reference number. Head to BankBazaar to know more about how to track your personal loan status.
Uses of Personal Loan
What can you use a personal loan for? Since it is an unsecured loan without the need for any collateral, there are very few limitations on how you can use a personal loan. It can broadly be used for consolidating your debt (from other loans or credit cards), making high-value purchases for which you do not have cash in hand, or for emergency situations. It cannot be used for speculative purposes or for making investments in the stock market. Some of the common reasons that people take out personal loans for includes meeting sudden business or educational expenses, paying for a vacation, buying high-end electronic gadgets or household appliances, wedding expenses, emergency medical expenses, home renovations, etc. It can also be used for buying a vehicle if the rate of interest on the personal loan is lower than that of a vehicle loan. Thus, a personal loan has a wide variety of uses and can come in handy for meeting either planned or emergency expenditure.
The paper is point out below
- Photograph of client needed
- Income docs mean salary slip, pay certificate etc. will be asked
- Bank statement of few months will be given
- Basic document like pan card, Aadhar card, company id etc. will be required
- Old residence proof or owned may be asked
- Work experience means joining letter, form 16 Are also a part of that loan
How to Get Personal Loan Statement?
You can easily get in touch with your lender either through their online web portal or in person and request your loan statement. On most lender websites, you can just log in using your online credentials and provide your loan account number. Once you have tracked your account, you can request a statement which is either sent to your registered email ID or provided in the form of a PDF file which can be downloaded. Similarly, you can also visit the branch office of the lender from where you have availed the loan and place a request for a statement. In addition to that, you can raise a request for your personal loan statement through phone banking as well.
Tips for Successful Personal Loan Application
There are a few important things to keep in mind when searching for a personal loan. Check out list of most helpful tips that will certainly help you with your personal loans.
- Assess the need for your loan.
- Do proper research to get the best rate.
- Check your credit history.
- Review the fine print on your loan document carefully.
- Choose your loan tenure by assessing your repayment ability.
- Choose an affordable interest rate.
- Select your loan amount as per your convenience.
- Check your EMIs properly.
- Compare the processing fee.
- Select fixed or variable interest rate according to your preference.
Frequenty asked Questions & Answer
- A Personal loan is a type of unsecured loan that you can borrow from a bank or financial institution if you require funds to pay for your financial needs.
You borrow a loan when you require credit. Once you submit your loan application to a lender for a personal loan, the lender verifies and approves it. Post this, the loan amount is disbursed into your bank account. Once you receive the loan amount, you will need to repay the lender via EMIs for the loan repayment tenure.
The maximum amount of loan depends on your monthly income. In India, there are lenders who offer up to Rs.40 lakh.
If you happen to get some extra money, you can pay it towards your loan even before the EMIs are due. This is called a prepayment. Every prepayment you make goes towards reducing the outstanding principal component of your loan. And since the principal reduces, your interest cost will also reduce. Also, your tenure gets shortened this way, helping you pay off the loan ahead of time.
Usually, banks will require your CIBIL score to be above 720 to provide a personal loan. In case your credit score is less, your application may be rejected or the personal loan will be provided with high interest rates.
If your personal loan application is rejected, then it is mostly either due to your low credit score or you not meet the eligibility criteria. If you meet the eligibility criteria and improve your credit score, your personal loan application will not be rejected.
Yes, you can, but it depends on your income and your ability to pay the EMIs of both the home loan and the personal loan.
A personal loan can be used for holidays, to start a small business, purchasing consumer goods, to purchase a vehicle, to pay friends and family, to pay medical bills, and debt consolidation.
A pre-approved loan is one where the customer can apply for a loan and possibly doesn’t need to submit documents or go through the verification process as he/she shares a healthy relationship with the bank as an existing customer and has a clean repayment record.
Standing instructions are basic instructions given by a bank customer to the bank to make a payment to another bank account or the bank at regular intervals or as a one-time payment, as per the requirement. As per the instructions, the money in the bank account of the customer will be debited and remitted to another account as per the specified time of the customer.