Personal Loan Barfung
Personal Loan Barfung is a well-arranged method of financing. You borrow the amount and pay a fixed monthly amount during a fixed period of time to the bank.
It can be used to multiple needs such as weddings, higher education, home renovation, medical emergencies, vacations, and so on. There are no restrictions imposed on using the amount of loan borrowed.
Eligibility criteria for Personal Loan Barfung
You are eligible for the personal loan if you are a salaried applicant or a Self Employed. Further, you need to meet the following criteria:
Firstly, one needs to be 21 years for salaried person and for self-employed, then it is 25 years.
Also, he/she should be a citizen or permanent resident of India.
The maximum age for all the salaried applicants should be 60 years at the time of maturity and 65 years for the self-employed applicant.
Moreover, he/she needs to have a minimum CIBIL Score 700.
Client should have a rigid source of income.
Also, the salaried clients should receive a salary in his bank account.
Moreover, he should be earning a monthly income of Rs.18000 at least.
Lastly, the self-employed people should pay at least for the last three years an ITR of Rs. 2.5 Lacs
Personal Loan Barfung Documentation
First of all, you need 2 colored passport size photographs.
Also, you must have some documents for identity proof, Residential proof, and Income proof.
You need to submit PAN card/Aadhar card/Voter Id card/Driving license/Passport for Identity and Residential proof.
Also, you need your bank statement or your salary slips of the last 6 months for income Proof. For a self-employed, you should add your income tax return statement of the previous 3 years.
Personal Loan Barfung Interest Rates
Usually, the interest rate of personal loan is 10.75% p.a. But it varies time to time due to various factors like the amount of loan, bank, etc.
Personal Loans provides the client with Pre-closure facility, but it includes some penalty charges. Generally, these charges are 0-2%.
Tenure of Personal Loan Barfung
The applicants are free to select the tenure of their loan from 1 year to 5 years. It depends upon the applicant’s convenience.
Methods of Repayment
Personal loan is repaid 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 installment of a part of interest rate and principal after which the customer need to pay it per month.
Features of the Personal Loan Barfung
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 online is hassle-free.
You can visit our website www.bookmyloans.in.
A personal loan is that which doesn’t involve any asset. Applicants get the personal loan as per their income or salary.
The applicant does not have any rules and restrictions on the end use of loan amount.
Also, tenure is flexible.
It takes merely 30 minutes for the approval of Personal Loan only 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 applicant’s will entirely.
Barfung is a village in Ravong Tehsil, South, Sikkim.