What is Personal Loan

Personal loan is a small, in short term unsecured loan. “Regardless of whether repayment of loans is link to a borrower’s payday. The cash loans are also sometimes referred to as “cash advances.” Though that term can also refer to cash provided against prearranged line of credit Such as credit card. Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different countries. And in federal systems, For the most part between different states or provinces Loan.

Cash Loans is a choice, when you are left with not other option however to take an advance. Why is it so? Since these sort of advances are costly. And incorporates a charge and higher financing costs.

Types of Instant “Personal Loan”-

However its features and facilities match with the instant money loan, on our website.

  • Short term loans carry tenure of 1 month to 3 months.
  • Payday loans India is a cash advance provided to salaried individuals. Wherein in the due date EMI is when the person receives his/her monthly salary.
  • Instant personal loans are small cash loans.

Complete Checklist to Apply for “Personal Loan” Online-

The motto of short-term loan is to fulfil instant cash demands. The easily repaid as loan at suitable interest rates, without burning a hole in your pocket.

  • Submit salary slip, details about employer, your name, age etc.
  • Penalty charge applies if you default at loan repayment. Penalty charge begins from Rs. 100 per day.
  • No added fee than those mentioned in loan agreement is charged. Do read the loan agreement properly.
  • Keep documents such as income proof, address proof, identity proof, bank statement etc prepared to be submitted online with loan application.

Checklist of Documents Required for Personal Loan

  1. Photo Identity Proof
  2. Residence Address Proof
  3. Residence Ownership Proof
  4. Income Proof
  5. Job Continuity Proof
  6. Bank Statement
  7. Investment Proof
  8. 1 passport size color photograph

List of Common Documents Required for Personal Loan

You are applying and where you are located.

  1. Complete loan application form with one passport size photograph.
  2. Valid Proof of Applicant’s Identity: Voter ID Card/Passport/PAN Card/Driving License
  3. Proof of Residence: Ration Card/Passport/Utility Bill
  4. Proof of Age: Voter ID Card/Passport/PAN Card/Driving License
  5. Financial Documents:

    a. Salaried Individuals: Latest 3 month’s Salary Slips and Form 16, Bank Statements of 6 months

    b. Self Employed Individuals: Latest 1 year bank statement for both savings and current account

Documents Required for Salaried Individuals

  1. Valid Proof of Applicant’s Identity (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
  2. Proof of Residence (any one of the following): Ration Card/Passport/Utility Bill
  3. Proof of Age (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
  4. Income Proof: Latest 3 month’s Salary Slips and Form 16.
  5. Job Continuity Proof: Current Employment Certificate or Current Job Appointment letter and Experience Certificate
  6. Bank Statement: Latest 6 month’s statement from bank
  7. 1 Passport size color Photograph
  8. If there are existing loans submit Payment Track Record and sanction letter

Documents Required for Self Employed Professionals

  1. Valid Proof of Applicant’s Identity (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
  2. Proof of Residence (any one of the following): Ration Card/Passport/Utility Bill
  3. Proof of Age (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
  4. Office Address Proof: Property Document/Maintenance Bills/Utility Bill
  5. Office Ownership Proof: Property Documents/Maintenance Bill/Electricity Bill
  6. Business Existence Proof: 3 years old Salary Statement/Shop Establishment
  7. Income Proof: Latest 2 years Income Tax Returns including Computation of Income/P&L Account/Balance Sheet

Personal Loan Application Form

Personal Loan(Cash Loan) also Application Form is the used by applicant to request banks to consider their. Requirement of personal loan, post validation of all details in the application form the bank with process the loan. And will let you know the next steps to get the However required money.

The Loan Process

The loan process Generally involves a lender providing a short-term unsecured loan to be repaid at the borrower’s next payday. Typically, some verification of employment or income is involved although according to one source.

In the traditional retail model, borrowers visit a payday lending store and secure a small cash loan, with payment If the account is short on funds to cover the check, the borrower may now face a bounced check fee from their bank in addition to the costs of the loan, and the loan may incur additional fees or an increased interest rate. In the more recent innovation of online payday loans, consumers complete the loan application online.

4 thoughts on “What is Personal Loan”

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