Personal Loan Apply Online, Types & Documents 2023

Often we see around us that people are afraid of taking loan, even now if you go to the village, you will see that people hesitate even to go inside the bank.

When people are afraid of going to the bank, then you must have come to know that even if there is a need, people are afraid apply. Because of lack of information about the word ‘Loan’, eligibility criteria, documents etc.

So that they can work for their personal problems by taking some loan – such as children’s school fees, treatment of someone or if someone Whether to give very expensive gifts or to buy someone their dream home or to buy a property.

Now I want to tell you that banks mostly give loans to employed people only and therefore if you have a salary account in any bank then you can take this more easily.

In today’s post, we will learn about Personal Loan Apply Online in great detail. Which documents you may need to apply for this, you are going to get all the information in this post. So friends, read this post thoroughly so that you do not need to read any other post.

What is Personal Loan

Personal loan is such a loan given by a bank or any financial institution which is given to a person for personal purpose.

To take this, it is necessary to have a high credit score. If you do not know how to check credit score and how to increase credit score or cibil score, then you can see by clicking on the above link.

Two things are necessary in Personal Loan, the first is in your favor and the second is your anger. The first thing is that it is available on very little paper, for this you do not need property papers or other big papers.

Rather than normal, you can easily take it by giving paper and the second thing is that the interest rate of is very high.

To take it, you do not have to tell any specific reason to the bank official, you can apply this directly to fulfill any purpose of your personal life.

Ways to take a personal loan – How to take a personal loan?

Whenever you suddenly need money and you feel that you cannot take money from anyone else, then you have the option of personal loan for some personal purpose.

Suppose there is a marriage in your house or your new house is being built or some kind of medical emergency has happened, then it can prove to be a better and easier option for you, by choosing which you can get rid of your problems untimely.

What precautions should be taken while taking a personal loan:

  1. Determine your need: You should take a personal loan according to your need. For example, if your house is being built and you have an immediate need of Rs 2 lakhs for the construction of the house, then in this situation you can take a personal loan. On the other hand, if you are about to buy your first dream car for which you need up to Rs.3 lakhs and do not want to borrow from any of your relatives, you can avail a quick loan.
  2. Keep in mind that the rates of personal loan are a bit costlier than other loans, so you have to take it which you can repay easily because you have to pay interest on that principal amount.
  3. Plan to repay your personal loan: If you want to take it, then to repay that amount, you have to pay the EMI fixed per month according to the principal amount. While choosing EMI, you have to take special care that you have to fix the amount of payment so that both your pocket and health are not affected.
  4. No loan is beneficial, so we are of the opinion that you should always take a personal loan only when you have no other option left.

Documents Required for Personal Loan apply online

Most of the banks and NBFC companies ask for almost similar documents mentioned below as required documents for availing a personal loan which are as follows:

  • Identity Proof: PAN Card (How to apply pancard online)/ Voter ID/ Aadhaar Card/ Passport (How to apply passport online) or Driving License
  • Address Proof: Bank Account Statement/ Aadhaar Card/ Passport/ Driving License/ Property Purchase Agreement/ Utility Bill (not older than last 3 months)
  • Income Proof: Salary Slip or Form 16/ Bank Account Statement (For Employed) and Bank account statement/ Income tax return of last year/ Personal loan statement and balance sheet/ (For non-employed: )
  • Business Proof: Business Incorporation Certificate/ GST Registration & Filling Documents/ MOA & AOA/ Shop Act License/ Professional Degree/ Certificate of Practice/ Partnership Agreement/
  • Photographs

Personal Loan: Fees and Charges

The fees and charges applicable to personal loans may differ from bank to bank or lending institution – such as the applicable fees and charges are given below:

  • Processing Fee
  • Prepayment fee / part-payment (in case of deposits in between)
  • Foreclosure fee (at the time of closing the loan)
  • Verification Fee
  • Loan cancellation fee or re-booking fee
  • Documentation Fee
  • Stamp Duty Fee
  • Legal fees and penal charges

Why choose Personal Loan?

If you have all the documents available for taking a personal loan and if you need a quick purpose, then it is the right option for you, Because these are different from conventional loans in many ways.

And for this reason it proves to be helpful for you in times of need. Neither do you need any guarantor in this, nor do you face any kind of problem.

Due to quick approval and low EMI, personal loan is the best option for you.

So friends, now let us know about some of the benefits related to personal loan:

  • Use Anywhere : There can be any reason behind taking a personal loan. In taking this, you are not asked what you will do with this, or how you will use this. You can use as per your wish and this is what makes this very special. You can take this for any personal reason and it does not matter to the bank or the finance company that where you will spend that money.
  • Quick approval : If you applying, then you get this quickly. You can get this on the day of application or on the very next day of application.
  • No need for any Guarantees : Often, to take it, at least one guarantor is required and or some valuable thing is required which you deposit with the bank or any finance agency as a guarantee. Banks or finance companies make such deposits so that tomorrow if you are unable to repay the due to any reason, then they auction your item and recover the amount. But on the contrary, if you take a personal loan, then you do not need any guarantor or any collateral guarantee.

Conclusion

So friends, today we have learned about Personal Loan Apply Online in detail. If you need any more information related to this, then you can ask us in the comment box below.

And if you have to give some suggestions related to this, then your opinion will be very important for us. You are requested to share this post with your friends on social media network. Thank you!

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