Finance Blog


A brief explanation about the concept of personal loan

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A personal loan is related to finance, where the lending of money to an individual, an organization or other entities by an organization most commonly private and government banks and other entities takes place. The concept of loan is that the recipient (who gets the loan from the bank) should pay interest to the amount received from the donor (who gives loan to an individual or an organization) every month until the borrowed amount is being paid. This is the basic concept of the loan in all the banks whereas the rate of interest changes from one bank to another.

Personal loan application:

The personal loan application procedure is very simple. You can get an easy personal loan to meet a range of expenses like paying for a medical emergency, higher education, vacation, wedding and more.

Personal loan eligibility criteria:

Salaried Professionals within the age of 25 to 58 years can apply for the personal loan. Meet the eligibility criteria and submit the required documents for a personal loan. Also, you can use Personal Loan Eligibility Calculator which is available online to check if you qualify for the loan.

The most important step in the personal loan application process is figuring out your exact requirement and the loan amount you need for it. This will allow you to receive the correct amount. Also, make sure you research your loan requirements as well.

How to apply for a personal loan online?

Many of the loan providers have made the loan application simple by providing an online loan application facility. The following are the steps involved in applying for a personal loan online:

Step-1: Provide your personal, financial and employment details.

Step-2: Select the loan amount and tenor that you require, to get instant online loan approval.

Step-3: Submit the required documents with the bank’s representative, who will get in touch with you.

Step-4: Receive the required money in your bank account within 24 hours.

Get a personal loan at a low-interest rate

The following are the tips to get a personal loan at a low-interest rate:

  • Maintain a good credit score:You can improve your credit score by gradually clearing your debt over some time. A score of 750 and above gives you a higher chance of getting a better personal loan deal.
  • Maintain a good repayment history:Try to pay your credit card bill in full and clear off your debts every month. You should also pay the equated monthly installments (EMIs) of other loans, if any taken earlier, on time. This will help you get a better deal whenever you take another loan in the future because if your EMI repayment history is good, you will have a better chance to negotiate on interest rates with the lender.
  • Credibility of employer: Employees working in reputed companies, multinational companies etc. may get favorable responses from the bank because their employers’ ability to provide a steady job is higher and therefore it is expected that the borrower would be more likely to have a steady income that would be helpful to repay the loan dues on time.

Thus, considering the above-mentioned points, you can get an easy Personal Loan in Gurgaon at low-interest rates.

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