- May 11, 2020
- Posted by: Ganeshcbani
- Category: Uncategorized
Lowest Interest rate Personal Loans
Personal loans are an unsecured type of loan that satisfies immediate needs. It is multifunctional in nature and can therefore be used for various purposes, including wedding, house renovation, travel and more. Moreover, the amount borrowed is not restricted and can be used for any purpose. A personal loan will actually help you build your loan faster than other types of loan. That is because it holds the risk that it is unpredictable.
In summary, a personal loan can compensate for any temporary financial crisis.
What are the benefits of low APR personal loans?
There are a few benefits to low APR personal loans.
First, low APR loans can be a great option for borrowers who have good credit scores and don’t need to borrow a large amount of money. This type of loan typically has an interest rate that is lower than other types of loans, which means that you will pay off your loan faster. Additionally, low APR loans can be a great choice for borrowers who have difficulty getting approved for traditional loans because they may not require a large down payment or credit score.
Advantages and features
No collateral required: One advantage of an online personal loan is that it is unsecured in nature. This ensures that you do not have to guarantee your loan. Although this can be a justification for your interest rate, if you fulfill your eligibility criteria, you can easily get a low interest personal loan.
Minimal documentation: The process of verification and documentation has become short in this age of digitisation. This refers to an instant personal loan as it is easy to disburse and needs minimum approval documents.
Easy approval: You can quickly and easily obtain personal loans. That is why it is the safest bet in financial emergencies. The process has also become digital, thus reducing verification time.
Multipurpose in nature: A personal loan is available for anything but investments and illegal activities. In addition, it is in nature multi-purpose and can be used for anything. Many types of credit are for a particular purpose and can only be used for the same purpose. For example, a house loan is used to buy a house while a car loan is used to purchase a vehicle. However, a personal loan can be made to compensate for any immediate demands.
Personal Loan Eligibility
Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:
| Age | 18/21 years – 60/65 years |
| Employment Type | 1. Salaried 2. Self-Employed professionals |
| Credit score | 750 or above with a good credit history |
| Minimum Net Income (Monthly) |
|
| Loan Amount | Up to ₹60 lacs depending on the credit profile |
| Work Experience | Salaried
Self-Employed
|
Documents Required for Personal Loan
- Passport size photo
- Pan card
- Office identity card
- Aadhaar card
- Latest three months payslips
- Bank statement 6months
- Date of joining proof
- 3 Year ITR With profit and loss account, balance sheet.
If you intend to apply for a personal loan
EMI plays the main role. Whether or not your EMI fits into your monthly budget will help you determine your personal loan. This is where you can use a personal EMI loan calculator.
- A credit calculator lets you get the following outcomes:
- monthly refunds-EMI payable per month
- Minimum interest payable-Total interest payable on your loan
- Minimum amount payable-Total amount payable
