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We ensure your loans are personal.
Apply Now1. Age Limit: 21-68.
2. Employment type: Salaried, Business owner, Self-employed professional, Retired, Student & Home maker
3. Monthly Net Income: Rs 15000/- and Above.
4. Work/Business experience: Many banks state that salaried people need to have a minimum total work experience of 2 years with minimum 6 months in theexisting organization in order to be eligible for a personal loan. In case of self- employed individuals and professionals they usually need to be in the current business for minimum 2 years in order to be entitled for an unsecured personal loan.
*Notice: The eligibility criteria will differ for various lenders.
i. Absolute flexibility of end-use: There are no limitations on how you should use up the loan amount. This is in contrast to a home loan or Motor Loan where the loan amount can only be used to buy a property or a vehicle correspondingly. A personal loan offers you the freedom to use the money in any way you want.
ii. Lack of collateral: A personal loan is an ‘unsecured loan’, meaning you are not obligated to give any security to the lender in the form of cash, shares or any other assets. This might make it more attractive to some clients who may not beable to raise the cash required as collateral.
1. Rather quicker (do not require as much documentation as a home or auto loan).
2. Very low or minimal restriction on how to spend the money.
3. Does not require any collateral. So if you do not have any assets like a home, or shares or gold to offer as security, and are in need of money urgently, this is possibly the handiest option.
4. Flexible Repayment term: An additional trait of a personal loan is that its refund term is flexible to suit your convenience. You can decide the payback period based on your needs and budget.