The personal loan is a type of the unsecured loan and it helps to meet your immediate financial requirements. The bank provides the personal loan to existing customer and employees for Personal Finance needs such as wedding, travel, home renovation, medical expenses, higher studies, vacation, and others. The interest of the personal loan is less when compared to the other types of loan. The personal loan application process is very simple and hassle free. Some of the banks and the financial institution offering the online application process and the borrower can easily apply for the personal loan in online without any hassle. Applying for a personal loan in online is an entirely suitable for the emergency because getting loan approval within a few hours or within one to two days. If you get Loan Approval. You may check the loan application status online.
Steps to apply for the personal loan
First, decide the reason for taking personal loan
The peoples need the Personal Finance for different purposes and the personal loan amount is providing minimum fifty thousand to a maximum five lakh. The lenders ask the reason for taking the personal loan.
Choose the types of the loan
The borrower may decide the loan based on their Personal Finance requirement. The personal loan is available on a secured and unsecured loan. In the secured loan the borrower needs to provide some collateral to get the loan. In the unsecured loan, the borrower need not provide any collateral to get the loan.
Choose the bank or financial institution
The bank and the financial institution provide the personal loan. The bank has the lower interest rate but the loan application process is lengthy. The financial institution has the higher interest rate and the application process is easy when compared to the banks. The financial institution has the less collateral requirement.
Check the loan process fee
The borrower has to pay the loan process fees and the processing fee is the small percent of the personal loan amount. The applicant must check the loan process fees with the different bank and then you make the decision where are you going to get the personal loan.
Check the tenure of personal loan
The borrower can choose the personal loan tenure from the twelve months to sixty months. Some of the banks and the financial institution provide the prepayment facility and few banks provide the personal loan without the repayment facility.
The banks and financial institution have different eligibility criteria. The applicant should have the minimum age twenty-one and maximum age sixty years, the applicant salary should be fifteen thousand per month, the applicant should stay in the city at least one year, and the applicant should have the experience at least two to three years.
The lender asks some documents such as last six months of bank passbook, job continuity proof, financial document, age proof, identity proof, address proof, last three-month salary proof, and others.
Apply for the personal loan in online or manually at the bank by providing the scanned copy of the documents.