Well, today is all about some of the commonly asked doubts or questions regarding the personal loans which we are going to discuss with you and eventually, you can have your answers to all those questions asked, answered by us especially for you! So without any delay let’s get to know all about personal loans.
First people show their curiosity regarding if they are eligible enough to get themselves with a loan or not, so they often tend to ask questions like,
“How to know if I am eligible for a personal loan?”
To make this easier for the lending institution, often display their banks and the loan eligibility criteria one has to meet on their website page, so you can refer to that and cross verify. Also, there happens to be the personal loan eligibility tool, easily available for everyone to check and verify if they are meeting the eligibility requirements or not and they too are made accessible on the websites of the lending institutions. If the internet is not accessible, a phone to the banks or visit to the banks can also be made for the working bank employees to give a certain clarity on the eligibility terms and consideration to apply for the personal loans.
The next question asked is regarding the amount of money to be withdrawn and it is asked like “How much total money can I borrow from the banks?”
Firstly, to make it clear, as we know that there are hundreds and more banks, organizations, third party companies that come forward to offer personal loans, so it is important for an individual to know and remember that there are various factors that vary among these institutions. Therefore, the total sum of the money that can be borrowed also differs from one bank to another and it also depends to do with your profession since a salaried employee, for instance, should make sure and see that their EMI’s should not go above a certain percentage that is above 30% on the monthly basis. And not only these but whoever agrees to lend you money, will undoubtedly cross-verify your past loan details and see if there are any pending payments or not from your end. So it doesn’t mean everyone should borrow the same amount of money from the banks.
Next and the most commonly asked question is what kind of documentation will they be asked to submit, that is, “What all documents should I have to apply for a personal loan?”
The banks or the lenders may ask for certain additional documentation accordingly to their will and wish but listed below are a few of the mandatory documentation that is required to be submitted at the times of applying for the personal loans,
Income proof
Address proof
Identity proof, that is, Aadhar card or PAN Card, Driving license, etc
Make sure to have all these listed documents without fail.
Next asked questions are regarding the basic factors that are in every type of loans such as personal loan interest rates, tenure periods, repayment methods, etc. and as we mentioned regarding the variation of these, let us give you an example of certain banks and what are the above-mentioned factors have to do with it. Let us take TATA Capital Personal loan,
This bank offers the maximum loan amount that a borrower or a customer can avail is of ₹25 lakh.
The loan tenure period or the duration of the personal loan this bank offers is at a few various options such as starting from 12 months and can go up to a period of 60months, which can also include 24,36, and 48 months if wished for.
It also makes sure to specify that there would be any additional processing fee at the period of applying for the gold loan and this fee would be deducted from the payable disbursal amount.
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