How to Get Personal loan in Hindi | By Ishan

How to Get Personal loan in Hindi | By Ishan

What is a personal loan? : Simply put, it is an unsecured loan taken by individuals from a bank or a non-banking financial company (NBFC) to meet their personal needs. It is provided on the basis of key criteria such as income level, credit and employment history, repayment capacity, etc.

Unlike a home or a car loan, a personal loan is not secured against any asset. As it is unsecured and the borrower does not put up collateral like gold or property to avail it, the lender, in case of a default, cannot auction anything you own. The interest rates on personal loans are higher than those on home, car or gold loans because of the greater perceived risk when sanctioning them.

However, like any other loan, defaulting on a personal loan is not good as it would reflect in your credit report and cause problems when you apply for credit cards or other loans in future.

Eligibility criteria: Although it varies from bank to bank, the general criteria include your age, occupation, income, capacity to repay the loan and place of residence. To avail of a personal loan, you must have a regular income source, whether you are a salaried individual, self-employed business person or a professional. An individual’s eligibility is also affected by the company he is employed with, his credit history, etc.

Maximum loan duration: It can be 1 to 5 years or 12 to 60 months. Shorter or longer tenures may be allowed on a case by case basis, but it is rare

Rates: Being unsecured loans, personal loans have a higher interest rate than those on secured ‘home and car’ loans. At present, many leading banks and NBFCs offer such loans at interest rates of as low as 11.49%. However, the rate applicable to a borrower is contingent on key factors, including credit score, income level, loan amount and tenure, previous relationship (savings account, loans or credit cards) with the lender, etc.

Interest Rate and Charges Applicable. Personal Loan Interest Rates. 10.99% to 22.00% per annum. Loan Processing Charges / Origination Charges (Non-Refundable) Upto 2.25% per annum of loan amount plus GST.

Key documents required when applying for a loan: Though the documentation requirements vary from one financial institution to another, some key documents you will have to provide with your personal loan application include:

1.*Income proof (salary slip for salaried/recent acknowledged ITR for self-employed)
2.*Address proof documents
3.*Identity proof documents
4.*Certified copies of degree/licence (in case of self-employed individuals)

Personal loan versus loan against credit card: Credit card loan is an offer that you may be able to avail on your card. Such a loan is only applicable to specific cards and you can only approach your card issuer for a loan on it. When it comes to a personal loan, on the other hand, you can approach any lender. Moreover, unlike a personal loan application, card loans don’t require any additional documentation.

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