we are Back with out new blog on how to choose the best loan for you. there are several reasons for which you need to take loans from bank weather it is personal loan. home loan or business loan or any other type of loan, you can take loan for Medical emergency, Wedding purposes, Abroad travel, Holidays, Child education and for buying consumer durable things. Means if you have a requirement of money so loan is the best choice. obviously if you don’t have money you will look for someone who can help you getting money or lend you money here are few points which needs to keep in mind while taking the loan form any bank or private financier
1. WHO CAN TAKE LOAN
Any person who have a valid ID proof is eligible to get a loan, there are different criteria for different banks who lend you money, a person can avail loan for any purpose
2. ELIGIBILITY CHECK
Eligibility check in 1 minute, All you need to do is quickly answer 3 simple questions and see that given your monthly income and commitments, how much loan you can get. you should check eligibility before applying for any loan , checking eligibility before applying for any loan will give you an idea if you are eligible for loan or not, Remember Every banking/institution have its own eligibility criteria, so you better check with other banks/financial institutions as well
3. APPROVAL TIME
Online approval in 5 minutes Auto-fill your form and skip KYC document submission using your Aadhar number or manually fill the form. We will instantly churn numbers to give you e-Approval. now a Days all leading banks/financial institution works online or on web space. this cuts the time consumed by the traditional ways to approve the loan, now a days bank check your details & credit profile online and approves your loan within minutes. so always check in your case weather your bank/financial institution give you online approval,
4. RATE OF INTEREST
ALL Loan offers attractive interest rates that ensure that your EMIs are affordable throughout the loan tenure. a normal range of loan interest is 10.99% to 33.00% you should choose the loan provider wisely as the interest on loan is a big burden, and you don’t want to pay higher rates for the same amount. EX, if you take loan from Xbank at 10.99% and the Same amount you can have from Y bank at 8% interest rate what will you choose.?
5. Interest Rates FLAT RATE VS REDUCING BALANCE RATE.
To your shock Flat rate of interest at 10% per annum will cost you more as compared to same 10% interest on REDUCING BALANCE RATE , if you take loan for Rs.100000 for 4 years in flat rate you will be paying Rs. 10,000 every year for 4 years that means you will need to pay 40,000 as interest, while IN reducing balance Rate you will pay 10000 in first year. and 10% on the rest amount for the next year , so the interest in reducing balance rate is also lower as compared to FLat rate loans
6. Documents Required for loan ,
The documentation is simple in the case of personal loans. In case of a salaried applicant the income proof and regular KYC (photo id and address proof) documents are required to be furnished.
In case of a self-employed applicant, income tax returns, balance sheets, profit and loss accounts apart from the regular KYC (photo id and address proof) documents need to be submitted for evaluation.
HOW TO GET A PERSONAL LOAN
Click on the apply now button below.
A new page will open with a form.
Fill all the required details in the form.
You will get an confirmation message.
YOU will get a call to assist you further.