- July 4, 2020
- Posted by: Ganeshcbani
- Category: Blog
Finding a loan that meets your needs can be difficult, but luckily there are several different types of loans available. In this article, we’ll discuss the different types of loans and what criteria you need to meet in order to qualify for one.
Unsecured Personal Loan
Banks/NBFC provides customers from all backgrounds with unsecured online personal loans. We help your aspirations and goals through the provision of tailored loans to cover expected or emergency costs. We still stand at our institution to assist in meeting your financial needs with medical emergency funds, home upgrades, large-scale acquisitions, wedding, vacations, trips and many other items.
Characteristics and advantages
Characteristics and advantages of unsecured loans are:
- Employed and self-employed people may apply for unsecured loans.
- You can use a loan of up to 25 lakhs
- The borrowing cap for doctors is up to Rs. 30 lakh
- The rate of interest is as small as 12.99% and up to 36%
- Tenure is 12 months to 60 months
- You will withhold the loan until the initial 6 EMIs have been paid
Rate of interest and charges
The online interest rate on personal loans starts at 12.99% for working lenders. Some other considerations we think when setting prices are your net income, age , location, current monthly commitment, employment (wage or self-employed), etc.
The list of documents needed to apply for a personal loan includes:
- Latest photos of passport size
- Private loan application form completed
- Age verification (Passport / PAN card / Statutory Authority Certificate)
- Evidence of identification (driving license / voter card / passport / pan card)
- Email Proof (Passport / Driving License / Card / Lent / Bank Statement or Passbook) Proof of email:
- Pay slips / evidence of the last 3 month or bank passbook / evidence of the last 6 months
- Form 16
- Returns on income tax
- Check for processing fees
Eligibility Check for Personal Loan
- Bank/NBFC eligibility criteria for unsecured loans are listed below:
- Applicable minimum age is 21 years, not more than 65 at the time of loan closure
- You have to be an Indian citizen to apply for unsecured personal loans online.
- You must have the requisite personal loan documentation and the properly completed and signed application form.
For salaried workers
- You must be an employee of a public sector company (central, state or local) or of a public limited company.
- If you live in some other part of India, your monthly income has to be at least Rs 20,000
For self-employed persons
Your taxable profit will comply with the organization’s guidelines when applying for a loan. Please note that, depending on other factors such as location and loans, the sum is different for each individual.
Financial statements indicate revenue stability
Where to apply for a loan without security?
You may apply for unsecured personal loans online or offline at Bank/NBFC. Go to our nearest office for a free consultation and advice on an suitable funding choice for you. Or, you can apply online and get instant funding approval. Notice that in the case of an online application a soft copy of documents needed for personal loans is ready for upload.
Unsecured Loan Forms
This is an unsecured loan of the simplest type. You just have to offer a signature to get this loan, as the name implies. As a creditor, your signature will be the only security for the loan, where the borrower promises to repay the entire loan on time. A signature loan can be obtained from a bank or a non-bank financial company (NBFC). It is a loan that you can pay in installments where you have to pay the debt monthly until the debt is completely reimbursed.
Personal credit: A personal credit is the most frequent type of unsecured debt. You do not have to ask why you are taking the loan when applying for a personal loan. It is also an installment loan in which you repay the loan over a fixed term in equivalent monthly installments (EMIs). Both banks and NBFCs provide online and offline personal credits.
An educational loan or a student loan is a loan that may be used to pay your educational fees. The best feature of educational loans is that a borrower has no time to pay for the moratorium. It is also known as a time of vacation or waiting. A candidate student can also benefit from interest-rate subsidies and flexible payment methods. These credits can be paid for the hostel fees, library fees, mess fees, training fees and other academic fees.
Peer-to – peer loans
This form of loan is issued by a not traditional lending entity, such as banks or NBFCs. You can take a loan from people or your colleagues. Typically, these loans follow a fixed rate interest system. This is a more convenient way to obtain loans. There are less stringent eligibility conditions for peer-to – peer loans. The interest rate on these loans is low.
These are relatively small loans offered mainly to employees. Several businesses also provide these loans to self-employed professionals on the market. The loan is here refunded whenever the borrower receives his next salary or wages. The interest rates charged for these loans are much higher than for conventional loans.