{"id":81,"date":"2018-07-18T03:56:00","date_gmt":"2018-07-18T03:56:00","guid":{"rendered":"http:\/\/biatconsultant.com\/blog\/?p=81"},"modified":"2018-07-18T03:56:00","modified_gmt":"2018-07-18T03:56:00","slug":"things-to-know-about-personal-loan","status":"publish","type":"post","link":"https:\/\/www.biatconsultant.com\/blog\/things-to-know-about-personal-loan\/","title":{"rendered":"THINGS TO KNOW ABOUT PERSONAL LOAN"},"content":{"rendered":"

What are personal loans?<\/strong>
\nLoans which are used for personal use like for medical, education, vacations or
\nfor the purchase of household items are known as personal loans. These are
\ndifferent from the business or commercial loans. These can be unsecured or
\nsecured by putting up the assets by co-signing the loan. The unsecured loans
\nare also called signature loans. When you apply for the loan, all your
\ninformation like the past credit history and credit score is checked. Personal
\nloans are brilliant when you need quick cash. Here are the things that you need
\nto know about the personal loan.<\/p>\n

Purpose and eligibility of the personal loan<\/strong>
\nThe main purpose of the personal loans is the expenses like loans for wedding,
\nhome renovation, children higher education, other personal financial needs
\netc. There are lots of eligibility criterions for the personal loan and each bank
\nhas its own set of rules like minimum age, credit score, income, occupation,
\nassets, place where are you resigning etc.
\nMaximum possible loan tenure and disbursal of loan amount
\nA loan can be given maximum for five years. It is not possible to have a loan for
\nmore than 5 years. When the loan is approved, it gets disbursed in 7 days of
\nwork. As soon as the loan is approved, either you will get a cheque or
\nequivalent amount of money will be transferred into your bank account.
\nMaximum amount you can borrow from bank regarding personal
\nloan
\nThe maximum amount which one can borrow depends upon on the past loan
\nwhich one has taken. If the person is already having a huge loan then it is very
\ndifficult to get your loan approved. Make sure that the loan which you are
\napplying for has an EMI 50% less than after paying the current EMI. Then only
\nyou can have your loan approved.
\nWhat is the minimum loan amount?<\/p>\n

It all depends upon the institutions and banks. Some banks have the minimum
\namount of 30000 while some has no minimum amount.
\nIt is always great to compare different loan schemes. These can be compared
\nusing loan tenure, processing fees and other factors. Choosing the right bank is\u00a0essential and it must be selected according to your requirements.<\/p>\n

Maximum loan amount which you can get<\/strong>
\nThere are many factors affecting the maximum loan amount you can get from
\nthe bank. These factors include credit score and salary. If you have good credit
\nscore, close to 900, then you are more likely to get your loan approved.
\nIf you do not have a good salary, it may happen that your loan will not get
\napproved. So it is crucial to have a decent salary before applying for a loan.
\nThere is no maximum limit as such.
\nThe necessary documents
\nSome of the common documents that are required for applying for the loan
\nare as follows:
\n\uf0b7 Income confirmation documents
\n\uf0b7 Address proof documents
\n\uf0b7 ID proof
\n\uf0b7 Copies of degree<\/p>\n

Loan repaying process<\/strong>
\nThere are various options that are involved in the loan repaying process. It
\ndepends on bank to bank. It can either be completed through post-dated
\ncheques or through the Electronic clearance system (ECS). You have the
\nprovision to pay the loan before the end date of loan tenure.
\nThe loan is generally approved by the loan sanctioning officer. First of all, you
\nwill have to submit all the documents, and then the verification of the details is
\ndone. If the officer finds all the information appropriate, then only he\/she
\nsanctions the loan. Once your loan is approved, you will get your loan within
\nthe seven days.<\/p>\n

Loan interests<\/strong>
\nAs the personal loans are unsecured, banks generally charge you a higher rate
\nof interest. These interests rate varies from bank to bank.
\nYou can even get you loan with a co-applicant. As the salary bracket rises, the
\nchance of the larger loan also increases. Make sure that none of you have a
\npoor credit score or you will have difficulty is getting large loans. Good credit
\nscore is also essential because if you have a good credit score around 900, then\u00a0you have more chances of reducing the interest rate of the loan.<\/p>\n

 <\/p>\n

BIATConsultant<\/a> is leading business loan provider . Contact us now to avail our service of Financial Advisory<\/a> .<\/p>\n","protected":false},"excerpt":{"rendered":"

What are personal loans? Loans which are used for personal use like for medical, education, vacations or for the purchase of household items are known as personal loans. These are different from the business or commercial loans. These can be unsecured or secured by putting up the assets by co-signing the loan. The unsecured loans … <\/p>\n

Continue reading “THINGS TO KNOW ABOUT PERSONAL LOAN”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":82,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[29,25,41,42],"class_list":["post-81","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-business-loan","tag-business-loan-provider","tag-financial-loan-for-business","tag-loan-for-business"],"yoast_head":"\nTHINGS TO KNOW ABOUT PERSONAL LOAN - Business , Financial & Legal Consultant In India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.biatconsultant.com\/blog\/things-to-know-about-personal-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THINGS TO KNOW ABOUT PERSONAL LOAN - Business , Financial & Legal Consultant In India\" \/>\n<meta property=\"og:description\" content=\"What are personal loans? 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