PERSONAL LOAN INFORMATION
What is a personal loan?
A personal loan is an unsecured loan, which means you don’t need to pledge any collateral to receive funds. Availing of one is easy – you can apply online and use the money to meet almost any expense.
Bajaj Finserv, one of the most diversified NBFCs in India, offers instant personal loans with paperless approval and quick disbursal.
What is personal loan full details?
A personal loan is a loan that does not require collateral or security and is offered with minimal documentation. You can use the funds from this loan for any legitimate financial need. Like any other loan, you must repay it accordance to the agreed terms with the bank.
How long does it take to get approved for a personal loan?
With Bajaj Finserv, you can expect approval on your loan application in less than 5 minutes.
What are the documents required to apply for personal loan?
As it offers a collateral free advance, application for a personal loan generally involves ascertaining the applicant’s need/eligibility of funds and their repayment capacity. As such to be eligible for a Personal Loan applicants must generally be salaried individuals and share documents confirming their personal and professional details. Including but not restricted to:
KYC Documents (proof of the applicant’s age, nationality, etc.)
Documents declaring the continued employment for the applicant
A duly filled loan application form.
When should one take a personal loan?
A personal loan is the best option if you need funds for an urgent need or a short period. It can be availed for any purpose. Since it is an unsecured loan, the lender approves the loan basis the applicant’s details such as age, income, existing liabilities, and credit score, among others. No time is spent in the assessment of the collateral unlike in case of a secured loan such as gold loan or loan against securities or loan against property. There could be different types or kinds of personal loans depending on the end-use. But usually, a personal loan is of only one type and it can be availed of for any kind of requirement.
What are the 4 types of loans?
The lender decides a fixed rate of interest that you must pay on the money you borrow, along with the principal amount borrowed.
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Types of secured loans
Home loan. …
Loan against property (LAP) …
Loans against insurance policies. …
Gold loans. …
Loans against mutual funds and shares. …
Loans against fixed deposits.
How can I get loan immediately?
The best way to get a loan immediately is to apply online for a personal loan from a lender known for quick approval and funding. The best lender for fast personal loans is LightStream because it funds loans as soon as the same day and has low APRs, large loan amounts, long payoff periods and no origination fee.
What is personal loan interest rate?
Most banks charge personal loan interest rates between 10.50% to 24% p.a. The interest rate that you are charged will vary based on a number of factors such as your credit score, your income, the company that you are employed with, your age at the time of applying for the loan, etc.
What types of loans should you avoid?
Here are a few examples of high-risk loans to avoid at all costs:
Pawnshop loans. …
Payday loans. …
Car title loans. …
Tax refund anticipation loans. …
401(k) loans. …
Credit card cash advances. …
When are risky loans worth the risk?
Can I get 1 day loan?
Most lenders offer Same Day Loans within a few hours after an application has been successfully submitted. Some lenders also disburse the loan amount within just a few seconds. In the case of certain lenders, the personal loans are pre-approved and thus, the verification process is skipped.
What is personal loan full details?
A personal loan is a loan that does not require collateral or security and is offered with minimal documentation. You can use the funds from this loan for any legitimate financial need. Like any other loan, you must repay it accordance to the agreed terms with the bank.
How can I get a instant loan in 5 minutes?
Specta is an online lending platform that gives you loans of up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork and no visit to any office. With Specta, you can take care of urgent personal and business needs anywhere, anytime.
Who is eligible for personal loan?
You need to be a residing citizen of India. You should be aged between 21 years and 67 years* You need to be employed with a private, public limited company, or an MNC. You should have a minimum CIBIL score of 750.
How can we use personal loan?
Situations in which a personal loan can be your saviour
Medical emergency. Medical emergencies can take a serious toll on your finances. …
Wedding. Weddings are usually a grand affair in a country like India. …
Relocation. …
Unplanned vacation. …
Home renovation. …
Kids’ education. …
Buying gadgets.
What are the loan requirements?
Here are five common requirements that financial institutions look at when evaluating loan applications.
Credit Score and History. An applicant’s credit score is one of the most important factors a lender considers when evaluating a loan application. …
Income. …
Debt-to-income Ratio. …
Collateral. …
Origination Fee.
What do banks look for when applying for a loan?
Lenders need to determine whether you can comfortably afford your payments. Your income and employment history are good indicators of your ability to repay outstanding debt. Income amount, stability, and type of income may all be considered
What happens if I get approved for a loan but don’t use it?
Not only will your credit score sink, but your cosigner will be legally responsible for taking over the debt. Unless they pay the loan, their credit score will also drop, making future loans more difficult for them to land.
When should one take a personal loan?
A personal loan is the best option if you need funds for an urgent need or a short period. It can be availed for any purpose. Since it is an unsecured loan, the lender approves the loan basis the applicant’s details such as age, income, existing liabilities, and credit score, among others. No time is spent in the assessment of the collateral unlike in case of a secured loan such as gold loan or loan against securities or loan against property. There could be different types or kinds of personal loans depending on the end-use. But usually, a personal loan is of only one type and it can be availed of for any kind of requirement.
Is it better to get a loan through a credit union?
Credit unions typically offer lower fees, higher savings rates, and a more hands-and personalized approach to customer service to their members. In addition, credit unions may offer lower interest rates on loans. And, it may be easier to obtain a loan with a credit union than a larger impersonal bank.
How is personal loan interest rate calculated?
The personal loan interest rate is decided by your lender basis your loan amount, tenor and credit profile. Once you know the interest rate on the desired loan amount and tenor, you may use the Personal Loan EMI Calculator to determine monthly instalments.
To know the exact interest payable, feed all the three values in the calculator, namely loan amount, tenor and interest rate.
You can also use the Bajaj Finserv Personal Loan EMI Calculator to know the EMI payable before applying for a loan in India. It will help you make prior arrangements for ensuring timely repayments
How to calculate personal loan EMIs?
It is great to calculate your EMIs before applying for a personal loan. While you can do so manually, using a Personal Loan EMI Calculator can help you determine the more accurate value. You just need to select the loan amount, tenor and rate of interest to get the exact payable EMI with an interactive chart.
Read specially if you have taken personal loan
Know these things about loan transfer
There will be no difficulties in paying installments
Taking personal loans to meet household needs has become common these days. It often happens that the bank from which we take a personal loan starts charging more interest after some time.
So we don’t know what to do. But now this problem has been solved. You can transfer accounts between your personal loans if you want.
Personal loan can be transferred to another bank
Detailed information about this has been given on the website of HDFC Bank. If a financial institution or bank is offering a loan switch or loan transfer at a rate lower than the interest rate applicable on your account, you can avail it, according to the bank.
These formalities have to be completed
According to the bank, you have to go through some formalities to transfer your personal loan. You have to pay processing fee, foreclosure fee and stamp duty on foreclosure fee (if applicable). After this your loan is transferred to another bank and the remaining installments of your loan have to be deposited in the other bank itself.
Know the benefits of loan transfer
Now let’s talk about the benefits of personal loan balance transfer to another bank, by transferring the balance of the loan to another bank, you can get an increase or decrease in the repayment time. The longer the period, the lower the EMI but the higher the interest. On the other hand if the duration is reduced. So you have to pay more EMI and less interest.