Most of us have been there, the need for quick cash is a common problem. Whether it’s a medical emergency or an unplanned marriage, a personal loan is a perfect way to deal with the important financial measures in your life. While this traditional option is often overlooked, it does have some unparalleled features & benefits, which we will discuss in this article.
But before we begin, what is a personal loan?
It is a type of unsecured loan, a personal loan is provided by a person by a bank or non-bank finance company (NBFC) to meet various personal needs.
Here are some basic benefits of choosing a loan-
The flexibility of use: The great advantage of a person's loan with its flexible nature. Unlike a car or home loan, this financial resource can be used for any need, without restrictions. In other words, the amount you borrow can be used to pay for marriage, travel, education, medical expenses; buy jewelry, electrical gadgets, etc. Simply put, it is an easy way out of your current financial situation.
Few Documents: To obtain a personal loan permit, only a limited number of documents are required. This speeds up the process. For online access, you will need to upload scanned documents for verification, after which you will be given a loan within minutes. This makes it a really smooth process and you can get out of the financial crisis you are in much faster than you think.
No Security Requirement: If you are eligible and eligible for a personal loan, you do not need to bring any collateral. So your belongings are always safe. If you do not have the goods, this is a certain advantage. As insecure, personal loans are considered the best way to get emergency financial assistance. Prepare the first steps and get ready to go!
Pocket Payment: To pay off your loan, you can choose EMI, installments, timely checks, online payments, etc. Generally, flexible locations are available and you can choose the one that best suits you. In the long run, EMI time is low, and vice versa.
Attractive Interest Rates: Personal loans come with attractive interest rates, making them affordable for all. This ensures that your EMI stays up to date throughout your loan period. So there is no need to worry about rising interest rates, which include other types of loans.
Online EMI Calculator: IDFC First Bank personal loan calculator to determine which payment period works best for you. Yes, with three easy steps, you can get the amount of EMI you need to pay each month! The complicated process is now made extremely easy and you have everything black and white in front of you so that you can borrow with confidence.
Documents and eligibility for Personal Loan-
IDFC First Bank personal loan for Self-Employed People:
The business must have existed for a minimum of 3 years
The company's post-tax profits (PAT) for the past two years should be positive
Minimum Age: 28 years; Older age: 68 years, at the time of loan maturity
IDFC First Bank personal loan for Paid People::
Minimum Age: 23 years; Older age: 58 years, at the time of loan maturity
Photo Identity Proof: Identity card, etc.
Proof of Address: Balance Card, Passport, etc.
Deeds Purchase Agreement
Proof of income: Bank statement for the last 3/6 months (depending on the plan) shows salary arrears, the latest Slip Salary Slip.
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