Personal loans are the most versatile loan available to the public at large, in the Indian as well as other markets. The reason for this being that this loan can be considered for a variety of reasons: Namely education, if you have to complete your further education, or even if you need a loan that can be availed for your children’s education.
Wedding, this loan is availed if you don't have the necessary funds for your or one of your family member’s wedding. Then, if you have fallen in debt, you can apply for this loan. It can also be used to pay your credit card dues. It can also be used if you want to purchase any electronic or home appliance. As long as there is a valid reason the bank or non-financial institution will accept this reason for the loan.
Now that you know for which reasons can the personal loan be applied, let us go to the next step. Research, yes need to go online, check out the websites of every bank providing this loan. Once you have gathered this data, you can now compare.
Keep in mind your budget, if you have any pre-existing loans or credit cards... What is your monthly expenditure that is, your travel, grocery, bills etc? You can now calculate what your EMI will be as many banks on their website have a feature that will calculate your EMI based on income, the tenure of the loan.
Also, check for the Personal loan interest rate and other charges that the banks are applying on the loan. Once you have done all this you can now choose your bank for the loan.
Manappuram Personal loan offers at a lower rate of interest than other banks with a simple and easy documentation process. For documentation, most banks and financial institutions need your Identity, Address and Income proof.
Conclusion- You also need to be eligible by the bank and financial companies for them to grant you the loan. All Banks and lenders take your CIBIL credit score into deliberation before granting you the loan. Your CIBIL score should be 700 and above. To get a good credit score you should pay your bills on time.
You should not have defaulted on your previous or ongoing loans and credit cards. In other words, they should have been paid on time. Along with this you need to be 21 years and above and should have an income source so that you can pay off the loan within the given term. All this is taken into thought by the banks and lending companies to consider you fit enough to pay the loan and not cause any loss to the lender.
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