How to Apply for Personal Loan 2024
How to Apply for Personal Loan 2024, is an unsecured loan, meaning applicants are not required to submit any guarantee/security or pledge any collateral to avail this loan. Banks and NBFCs usually offer this loan for a tenure of 1 to 5 years. A personal loan is a loan that can be availed for any personal purpose such as home renovation, wedding, medical emergency, travel, loan repayment, bill payment and many such expenses. Unlike other loans, a personal loan does not require any collateral and can be easily availed with minimal paperwork. Remember that many banks have their own personal loan charges that you have to pay when you apply for a personal loan.
Document required for personal loan
If you also need money for any work, then you will have to submit the following documents given below: Only then you will be given a personal loan from the bank
- Photo identity proof (any one):
- Passport
- PAN card
- Voter ID card
- Aadhaar card
- Driving license
How to Apply for Personal Loan 2024
Below is a guide on the How to Apply for Personal Loan 2024 application process:
Step 1: First open the personal loan application.
Step 2: Then submit the required documents.
Step 3: Then follow the verification process.
Step 4: Then verify the credit score.
Step 5: Then verify the address.
Step 6: After that pay the processing fee.
Step 7: ABFL will provide the personal loan amount, interest rate and tenure.
Personal Loan Eligibility Criteria
To avail a personal loan, you must fulfil the following key criteria:
Age: The minimum age of the applicant for a personal loan should be 18 years and the maximum age should be 60 years.
Credit Score: The credit score for a personal loan should be 700 or above as it increases the chances of getting the loan approved.
Salary: The minimum salary for salaried people to avail a personal loan should be Rs. 15,000 per month.
Income: The minimum income for non-salaried people to avail a personal loan should be Rs. 5 lakh per annum.
Work Experience: The total work experience of salaried people should be up to 1 year to avail a personal loan, although some loan institutions ask for more work experience than this.
What is the interest rate of personal loan?
If you are thinking of taking a How to Apply for Personal Loan 2024, then first of all your credit score should be good only then you will get a personal loan. If your credit score is not good then you will not get any kind of loan from the bank. The interest rate on personal loan can vary depending on the credit score of all borrowers. Borrowers with high credit score get loans with low interest rates and borrowers with minimum credit score get higher interest rates. Personal loan interest rates range from 6% to about 36% per annum depending on the loan amount you take, your credit score, repayment period and the interest rate on your loan.
How to Apply for Personal Loan 2024: benefits of a personal loan?
- How to Apply for Personal Loan 2024 are unsecured, short-term loans with lower interest rates than credit cards and other alternative forms of borrowing.
- Personal loan terms can be flexible and tailored to the borrower’s background.
- Personal loan interest rates can be high or low depending on the borrower’s credit score and other factors.
- Personal loans can be used for a variety of purposes, including debt consolidation and medical bills, home improvement projects, etc.
- Personal loans are helpful in covering emergency expenses or unexpected costs.
- Taking a personal loan can improve your credit score over time.
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Importance of credit score for loan
The CIBIL score for a personal loan should be at least 700+. The CIBIL score shows the past data of the loan applicant. It is a three-digit number, which ranges from 300 to 900. However, with a CIBIL score of 600, you can easily apply for a personal loan and get the loan. How to Apply for Personal Loan 2024.
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