Personal Loan Bagpur
Personal Loan Bagpur is a kind of Loan taken by an individual from any Bank or NBFC to meet his any personal needs or emergency. It is an insecure loan, which means there is no collateral given to the bank.
Also, it is given on the personal guarantee of the individual which means it is based on the monthly source of income like Salary.
Eligibility criteria for Personal Loan Bagpur
The applicant is eligible to get the personal loan if he is a salaried employee or a Self Employed. Furthermore, he needs to fulfill the following requirements:
Firstly, the applicant needs to be 21 years for salaried person and for self-employed, then it is 25 years.
The maximum age for the salaried clients should be 60 years at the time of maturity and 65 years for the self-employed applicant.
Also, the applicant should be a citizen or permanent resident of India.
Moreover, the client needs to have a minimum Credit Score 700.
He should have a rigid income source.
Also, the salaried clients should be receiving his salary in his bank account.
The monthly income of the salaried applicant should be Rs. 18000 at least.
Lastly, the self-employed applicants should pay at least for the last three years an ITR of Rs. 2.5 Lacs
Personal Loan Bagpur Documentation
First of all, you will need 2 coloured passport size photographs.
Also, you must have some documents for identity proof, Residential proof and Income proof.
For Identity and Residential Proof- PAN card or Aadhar card or Voter Id card or Driving license or Passport are required. One of these documents is given as proof.
Further, income Proof is needed to provide like bank statement or your salary slips of the last 6 months. For a self-employed, you need to add your income tax return statement of the previous 3 years.
Personal Loan Bagpur Interest Rates
Basically, the interest rate of personal loan is 10.75% p.a. But it continues to change due to various factors like the amount of loan, bank, etc.
Pre-closure Charges
Personal Loans avails the applicant with Pre-closure facility, but it includes some penalty charges. Generally, these charges are 0-2%.
Tenure of Personal Loan Bagpur
The client can freely select the tenure of their loan from 1 year to 5 years. It depends upon the applicant’s convenience.
Methods of Repayment
Personal loan repayment is made in 3 ways:
Term Loan- The customer pays the bank per month interest rate, and in the end, also he will pay the principal amount.
Overdraft- Overdraft facility provides the customer to pay only the used amount for that particular time of the loan. No interest is charged.
EMI- EMI in which the bank makes the instalment of a part of interest rate and principal after which the customer need to pay it per month.
Features of the Personal Loan Bagpur
It is convenient and easy to Apply. The applicant can apply online in 2 minutes. Also, the Personal Loan is available offline as well, but applying through online mode is hassle-free.
Also, you can visit our website and apply, www.bookmyloans.in.
A personal loan doesn’t involve any asset. The borrower get the personal loan as per their income or salary.
Moreover, the applicant does not have to follow any rules regarding the end use of loan amount.
Also, tenure is flexible.
The approval of Personal Loan is done within 30 minutes if the applicant is eligible.
Where can the Personal Loan amount be used?
The personal Loan amount is for multiple uses. But still, the reasons are to be specified.
Wedding – a personal loan can be used for wedding purposes. It involves a significant amount of funds. For such purposes, a person can quickly get a Personal Loan.
Education –Personal Loan can be helpful in having quality education for yourself or your child.
Medical – You never know when you meet with an accident, and you get out of cash. A personal loan is the best option to get financial aid in such situations.
Vacations – Everyone wants to have fun in their lives and what can be better than going on Vacations. But this can cost heavier. So in this scenario, the personal loan provides you a boost up.
At last, it’s based on the client’s will.
About Bagpur
Bagpur is a village in Jalandhar district of Punjab State, India. As per the India Census 2011, the village has a population of 259 people.