There are times when a person might require to avail the loan facility to meet large scale consumption and yearly education expenses of their children studying in colleges abroad. During such junctures, personal loan plays the role of a perfect relief provider. Personal Loan facilities are taken from the banks to tide over the financial crisis faced by the people of our country. In a time when people have been distressed over the financial conditions prevailing in the country, the loan facility provided by the banks has helped people continue with their daily lifestyle and maintain a sustainable way of living since such economic distress has caused a great deal of financial damage.
In such times of financial crisis, people have felt the urgency to lean towards short term personal loans which grant monetary liquidity to the borrower so that they can regulate their flow of life and continue with their daily expenses and meet their daily requirements. Following is a complete guide of the personal loans-
The person who is availing of the personal loan facility must be able to meet the eligibility criteria mentioned in the banking regulation policies. For example, the person availing the loan should present adequate documentation showing age proof, income proof, income statement showing whether the person is capable of repaying the loan amount, etc. The person availing the loan should also be employed by a middle-income person who is employed in a private sector, public sector, or government sector undertaking. The eligible person upon presentation of the correct documents can get the loan amount easily transferred to his or her bank account which is provided to the bank while applying for the loan.
Tenure of the Loan
The tenure for availing a personal loan is for a term of 1 to 5 years. This means that the borrower of the loan must pay interest in 12 months to 60 months. The interest amount is fixed which the borrower has to pay to the lender bank. The rate of interest varies according to the policies mentioned in the guidelines of the bank. Next, the person has to have a minimum income of around 10,000 per month. Based on his or her monthly income, the loan would be granted which can be considered to be 25 % of the loan amount. Finally, the salary account of the borrower should not be a default when he or she is availing the personal loan facility at the Canara Bank.
Conclusion: Thus through years of dedicated service and maintenance of consumer integrity, PNB Personal Loan has emerged as one of the biggest government sector commercial lenders with Personal Loan facility in Canara Bank improving with leaps and bounds.
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