You can avail a loan from a bank (bank lends you money), to meet any emergency requirements. Banks sanction you this loan without collateral. You can avail this loan without giving any reason to the bank.
If you are short of money for a medical emergency or your marriage, availing a personal loan is a must. Loans are available from INR 20000 to INR 20 Lakhs for any purpose depending on your need. You can repay the loan in EMI's ranging from 12 to 60 months. The process is simple with minimum documentation and quick approval.
You can use the loan money as you wish. You don't have to give the reason for availing the loan.
Your loan for an emergency. You can use this loan for a medical emergency or to fund the marriage of your child.
Banks do not ask for collateral while sanctioning the loan. There is no need for a Guarantor.
Your personal loan is sanctioned very fast. It may be as less as 24 hours. Minimal documentation means less processing time.
You need to earn a minimum salary in a range of INR15000 to INR 25000 a month.
You must be aged between 22-59 years and have a bank account.
Minimum CIBIL score of 700 is required for the final sanctioning of your loan.
You need to be in your current residence for at least a year. Certain banks specify a requirement of 2 years.
These loans are availed if you live in a tier 1 or 2 city or a metro. If you live in a city you generally avail a personal loan of INR 1-2 Lakhs to meet any emergencies. In a metro you need to avail a personal loan of INR 3-4 Lakhs as the living expenses are high.
A personal loan is generally availed by those who are young and just starting their careers. If you are 25-30 years of age you would avail a personal loan.
You then use this loan to buy goods of personal aspiration such as the latest mobile phone or a high end laptop even though interest rates on a personal loan are high.
You need to be responsible when availing a personal loan. The bank places the responsibility of repaying the loan without any hitches squarely on your shoulders. Avail a personal loan only in an emergency.
You need to fill and sign the loan application form and affix passport sized photographs.
You need to have filed ITR (Income Tax returns) for the last 2 years.
You need the latest 3 months salary slips.
You need the 6 months bank statements reflecting salary credits updated within the last 15 days.
You need an identity proof such as a Pan Card, Passport, Driving license or a Voter's ID card.
You need an address proof such as a Passport, driving license, ration card, voter's ID card, bank statement, rental agreement, telephone bill, electricity or water bill
If you are short of money for a medical emergency or a marriage, availing a personal loan is a must.
If you avail a personal loan to go on a foreign holiday, then you need to remember that repaying this loan may not be easy, as it charges an interest of 14-17%.
If you are unable to repay the personal loan and default on it then your Cibil score is affected. You will not be able to avail any other loans especially a home loan when you need it the most.
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