WHAT IS A PERSONAL LOAN?

Personal Loan is a kind of unsecured loan that can range from short term to medium term. You can fulfil your monetary needs like debt repayments, holiday planning, emergency medical expenditure, down payments, wedding expenses etc. There are certain criteria like income details, employment details, credit history and CIBIL etc. This loan amount is disbursed by a bank or any NBFC i.e. Non-Banking Financial Company. For the ease of borrowers, there are few tools such as Personal Loan EMI Calculator through which they can derive the interest to be levied upon them. This helps them to compare and choose the desired personal loan from the best source.

WHY TO AVAIL PERSONAL LOAN?

There are so many options for personal loan usage. But, one should always decide wisely in terms of spending the amount. The reasons for availing a personal loan are diversified, for example:

  • Emergency medical expenditure
  • Holidays with family
  • Admission of children to school and college
  • Repayment of Credit Card outstanding
  • Business prospects
  • Relocating to a place or renovating the house
  • Buying new gadget

WHAT ARE THE BENEFITS OF A PERSONAL LOAN?

You never know when a temporary and unpredictable financial difficulty comes across in life. For that, personal loan is one of the most fast and easy form of loan available for you. Due to our quick approval system, personal loan gets cleared within a quick duration and as soon as all the documents are verified.

  • Less Documentation: As there is nothing like asset verification or guarantee, a personal loan requires very less documentation. As soon as the documents are verified, your loan is approved.
  • Easily Available: A personal loan is so easily available that it becomes its biggest advantage. All the banks and other financial companies offer personal loans for salaried or self-employed individuals.
  • Fast Loan Approval & Disbursal: Personal loans get instant approval on online loan requests. If you are looking for a personal loan online, it will take only 2-3 working days to get the whole loan process completed.

CAN I APPLY FOR PERSONAL LOAN ON BANKINGONTIPS?

Yes. Bankingontips is a one stop solution for all your loan needs. You can choose and apply for personal loan on www.bankingontips.com easily.

Quick Eligibility Check: Bankingontips get you through an easy and fast eligibility check process. We also provide customized quotes depending on your credit needs.

Loan Comparison: Bankingontips offers hassle-free online personal loan application where you can also choose from a range of options available from various financial institutions and banks.

Immediate Approval: Once you have successfully submitted your personal loan application, you get instant approval on it.

WHAT ARE THE DOCUMENTS REQUIRED FOR AVAILING PERSONAL LOAN?

The personal loan documentation differs from salaried individuals to self-employed ones. Below are the lists of required documents:

For Salaried Individuals:

  • Identity Proof- AADHAAR, Driving License, Voter Id, PAN Card, Passport.
  • Residential Proof- Electricity Bill, Telephone Bill or any authorized residence proof.
  • At least three months’ salary bank account statement.
  • At least three months’ salary slips.

For Self-Employed Individuals:

  • Identity Proof- AADHAAR, Driving License, Voter Id, PAN Card, Passport.
  • Residential Proof- Electricity Bill, Telephone Bill or any authorized residence proof.
  • Proof of Income: Audited proof of last two years’ income.
  • Bank account statement of at least six months.
  • Official address proof.

HOW CAN I CALCULATE PERSONAL LOAN EMI ONLINE?

If you are going to apply for personal loan, first it is necessary to calculate the total EMI to be levied upon you. Through the ease of Personal Loan EMI Calculator tool available on bankingontips, you can easily calculate your total loan amount, interest rate and the tenure of your personal loan.

HOW CAN I GET BETTER RATE OF INTEREST FOR PERSONAL LOAN?

There are few ways you can get best and lowest interest rate for the personal loan you borrow.

  • In this phase of high competition, almost all the banks and financial institutions give seasonal and festive offers. It is best to quote at this time and do a smart choice by fetching lowest interest rate deals on the amount of your personal loan.
  • Always maintain a good credit score as not having it can end in loan application rejection. If you have a good CIBIL, your chances of getting attractive interest deals on a specific personal loan amount gets higher.
  • If you ever take any loan, try repaying the interest within due time to avoid hassles and extra charges. It also adds to your credit track record.
  • DO I HAVE TO PAY PENALTY FOR PREPAYMENT?

    Yes, maximum banks and other non-banking financial company charge penalty in case of prepayment on the personal loan which is 1-3% of the total outstanding personal loan amount.

    WHAT IS A PERSONAL LOAN EMI CALCULATOR?

    A Personal Loan EMI Calculator is a helpful tool to derive the accurate amount of personal loan you wish to borrow. It calculates the correct interest payable for the amount with appropriate tenure of personal loan. Therefore, it helps you in borrowing the correct choice of personal loan from different financial sources.

    WHAT IS THE MINIMUM INTEREST RATE ON PERSONAL LOAN?

    The interest rates vary from bank to bank depending on the amount you wish to borrow, repayment tenure, income and credit score etc. In India, the interest rate on personal loan starting from 10.75% presently. Though you can still bargain on it!