Get DO Help

How to Get Personal Loan from Bank or Non Banking Financial Company


How to Get Personal Loan from Bank or Non Banking Financial Company

Personal Loan as its name itself telling that a loan which is availed by an individual from a Bank or Non-Banking Financial Company (NBFC). This loan can be used for personal purpose. It can be anything like, wedding expenses, travel expenses, medical expenses, repayment someone, purchasing gadgets or furniture, children’s higher education, etc, etc. You can use finance as per your requirement. Bank or Financial Institute will not monitor and will never ask for these expenses. You are free to use. You are not supposed to tell anyone for these expenses. And the best part is you do not have to disclose the reason for availing this loan.

Personal Loan is unsecure consumer loan. It means there is no need of any security against the loan. In other way, there is no requirement of collateral while availing a personal loan. Interest rate is always high for unsecure loan. Personal Loan is totally opposed with Car Loan or Home Loan.  This type of loan is smaller than mortgage loan and term is also short as compared than Mortgage Loan.

Eligibility for Personal Loan :

Personal Loan provides by Bank and NBFC. It’s a very common loan which can be avail very easily but every bank and NBFC’s have some criteria. You must be eligible for that as personal loan is unsecured loan so this type of loan is  very risky for bank or NBFC’s. So till the time bank’s or NBFC not satisfied with an individual’s profile, they are not disbursing the loan.

Here are some eligibility criteria which is very common in all Bank and NBFC.

Monthly Income : Personal Loan can be availed by all whether borrower is Salaried, Self Employed or a Professional. For salaried person, the role of employer is very important. If a person works in Central, State or Local Government Department than it is very easy for him to avail this loan. And if borrower is working in a private company and that company is well known with sound track record then also it is easy to avail this loan. Employee should be working there atleast since past 12 months.

And if borrower is a business man or self employed, then your business should be one year old and thatbusiness should be in profit in past one year.

 Age : Age is also one of the criteria. Minimum age limit is 21 and maximum age limit is 60. Generally this is followed by all the banks and NBFC.  The age is considered just to make sure that you are at the age to repay the loan.

Documents required : Documentation is very simple and easy for Personal Loan. You need to submit below said papers to banks or NBFC than they check your eligibility. If any paper miss or incomplete, banks calls to borrower for complete the document so that they can proceed further.

Here are some documents for Salaried to support your eligibility and check your credit score

  • Filled application form
  • Passport size photo
  • Age proof (Birth Certificate from Government/ Passport / PAN Card/ Driving License)
  • ID proof (Passport / Voter ID / PAN Card / Driving License)
  • Address proof (Passport / Water or Electricity Bill / Ration Card)
  • Offer letter of current employer
  • Salary Slip of last 3 months
  • Bank statement  of last 6 months
  • Income Tax Return or Form 16 of current year

For Self Employed :

  • Filled application form
  • Passport size photo
  • Age proof(Birth Certificate from Government/ Passport / PAN Card/ Driving License)
  • ID proof(Passport / Voter ID / PAN Card / Driving License)
  • Address proof(Passport / Water or Electricity Bill / Ration Card)
  • Proof of continuity of business
  • Profit & Loss Account of last 2 years
  • Balance Sheet of last 2 years
  • Income Tax return of last 2 years
  • Bank Statement of last 6 months

Loan Duration :It’s depends on mutual agreement between the borrower and the Banks or NBFC. Mostly Banks provides personal loan for minimum 1 year to maximum 5 years (12 Months to 60 Months). You must repay the loan in Equated Monthly Installment (EMI) every month and EMI depends on the loan amount, tenure and interest rate.

Disbursal of Loan : After submission of all the documents, normally banks take 5-7 days for disbursal. They check all the documents physically and if any document is incomplete then they call to borrower to submit that papers. Once all the papers submitted then they check Credit Score of the borrower. If all the eligibility meets its criteria then bank either transfer that loan amount to borrower’s bank account through NEFT or RTGS or Bank providesa banker cheque. There are some banks who approved and disburse loan amount is few hours under the terms and condition.

Loan Amount depends on : Usually Loan amount depends on borrower’s income. Banks calculate borrower’s income and paying capacity. The EMI of loan must not be more than 30-40% of borrower’s income. If there is any existing loan, that loan also considered when calculating the loan. For Self Employed, the loan value is determined on the basis of his business’s Profit & Loss account and his bank statement.

 

Interest Rates : Personal Loan have higher interest rates as it is unsecured consumer loan. Every Bank and NBFC have different rate of interest. And rate of interest also depends on borrower’s key factors including credit score, income level, loan amount, tenure and previous relationship with bank.

Foreclosure of Loan :When tenure is not completed and borrower wants to pay his outstanding, it’s called foreclosure of loan. Some of the lenders are charging 1-2% foreclosure charges on principal outstanding.

Benefit of Personal Loan

  • Less Documentation
  • Quick Disbursal
  • No Security or no Collateral required
  • No Monitoring by Lenders
  • Flexible Tenure
  • Fixed Rate of Interest
  • EMI Facility
  • Pre Closure facility
  • Tax Benefit

 

Notes :

Sometimes if a borrower fit in all the eligibility criteria still bank does not grant a personal loan. This will be happening because banks does not allow personal loan to the personal living in the area which has higher rate of non-payment.

If borrower is unable to pay his EMI than its effects borrower’s credit rating.

Credit Bureau (India) Ltd (CIBIL) is India’s first credit information company and TransUnion, is a globally recognizedcredit reporting agency. 

You should read also Getting A Business Loan Should Be Easy Now

About Get Do Help Portal and Help Request

Follow on Linkedin https://www.linkedin.com/company/getdohelp/ Like Facebook Pagehttps://www.facebook.com/getdohelp/

Help us to explore more and improve our Get Do Help Portal specially for social works by give us small amount of money. You can pay us as much as you can through InstaMojo or Paypal. InstaMojo : https://www.instamojo.com/@rsseosolution/ you can pay by debit card, credit card, net banking and many more ways. PayPal :  https://paypal.me/rsseosolution International payment gateway with multiple currencies facility. All payment will be in favor of "Harendra Kumar Choudhary" or "RS Seo Solution" because currently we are managing get do help portal and we are planning to register NGO with name of Get Do Help. So please help us to do it ASAP. We are not forcing for help us by money only its completely depend on you that how can you help, we just requesting to help us. Thanks.

Humble Request : If you want to help needy people worldwide then you can choose below ways to help them.

  1. Register with us as volunteer and register needy people nearby you at Get Do Help portal. You will get credit points for each verified needy people registration at our portal. So you can earn with social work at get do help portal.
  2. Donate things or products like marriage cloths, shoes, book, vehicle, land etc. and we will list those items after received successfully to our portal and needy poeple can apply to get those products here.
  3. Donate Money means you can donate directly to any needy people registered here or can donate directly to us. We will use all donation to help needy people offline and online. All details will be available at our portal that what amount we use where.
  4. Buy Credits, If you don't want to donate but want to help then you can choose our "Money Back Offer", with this package you will buy credits for at least 6 months or 12 months and after this duration you can apply for your money from your My Account Section and we will pay you with applicable interest (about 1%). By this way you help us to grow our services more and your money is completely safe with us. 
  5. If you are not able to help by money or donate products then share our blog, website, needy people profile to social platform like on Facebook, Twitter, Linkedin etc. and you will get credits for share also. So you are helping us and needy people to explore more and more worldwide to find donators and you will earn also.

So share your hand with us. And do some social work to help needy people worldwide from one and only one portal Get Do Help.

Related Keywords : how to get Personal Loan from bank, how to get personal loan from Non Banking Financial Company, personal loan eligibility, apply for personal loan, personal loan from government bank, personal loan from private bank, personal loan for self employed, personal loan from axis bank, personal loan from sbi, personal loan from hdfc, personal loan from icici, get do help personal loan, brief details about personal loan, essay on personal loan, personal loan blog, suraj anjaana, lokesh sharma

Recent Comments

Leave Comments

Top