Documentation to Avail Personal Loan

Posted by Ananya Dhiman on July 15th, 2019

What is Personal Loan Vadodara?

A personal loan is the easiest way to overcome your financial crisis. It is a life saver. As the name suggests, a Personal Loan may be opted by an individual due to an urgent requirement of cash, for example, any medical issue, education purpose or wedding or to fulfil any of your other personal needs.

Personal Loan Vadodara is an unsecured loan that needs no documents of any collateral but all you need to do is just submit your personal documents to the bank.

Points to remember about Personal Loan:

A fixed amount will be paid to the bank by the applicant.

Quick and hassle-free loan disbursal is provided to the customers.

The banks always make sure about your account stability. Make sure you make all the payments timely.

 Do not opt for the loan amount more than your capacity of repaying it.

CIBIL Score plays an important role when it comes to a personal loan. By tracking your credit history, the bank decides whether you have financial stability or not.

Personal Loan Vadodara Eligibility

CIBIL Score: It reflects your credit history. The score is derived using a CIBIL report, which is also known as (CIR) Credit Information Report. All your payments are tracked through CIR.

Salary: The bank decides your loan amount approval based on your monthly income. This is just to make sure that the applicant is capable to pay the loan amount after loan disbursal.

Location: It is yet another primary concern while opting for a loan. Your loan will be sanctioned only from the bank branch that is nearby your current location.

Age: The age of the person applying for a loan must be 21-60 years.

Company’s Profile: The market value of your company in which you work (for salaried applicants) or your own (for self-employed applicants) matters a lot while the process of loan approval is going on.

Processing Fee: There is always some amount that is charged by the banks that is called as the loan processing fees.

Documentation to Avail Personal Loan Vadodara

Salaried Customers:

Identity proof (Aadhar card/driving license)

Salary slips of last three months

Bank statements that are six months old

PAN Card is a must

Residence Proof (Owned/Rented/Company provided)

Passport sized photographs (2)

*NOTE: In case of rented apartments, rent agreement will be attached.

Self-Employed Customers:

All financials are considered (company documents as well as ITR files)

PAN Card

Aadhar Card

Residence Proof

Two passports sized photographs

Personal Loan Vadodara Interest Rate

Personal Loans that are provided by different banks have their own interest rates. With a change of banks, there is a change in the rate of interest as well.

Click to know more about Personal Loan Vadodara Interest Rate

Benefits of Personal Loan

Easy Disbursal: There is an easy disbursal involved in the process of Personal Loan. You can now get the loan disbursed in just one-two days and sometimes within one day only.

No guarantor: The best thing about this type of loan is that you don’t have to show or keep any confidential papers.

Personal Documents: When you go for this loan, make sure that all your documents are genuine as your documents speak for yourself.

Simple Application Process: Your few documents, along with your passport-sized pictures, are required for filing your application form for a Personal Loan.

What is CIBIL Score?

CIBIL Score is the history of your payments that you have done in the past. The CIR (Credit Information Report) is the history of your credit score which checks your account’s history for different loans that you have taken (if any) and the credit card history (if you have).

What is an EMI?

Equated Monthly Installments also know as EMI is the monthly fixed amount that the customer or applicant has to pay to the bank as the loan amount. The applicant is the borrower in such cases and the bank is the lender.

Based on your work profile (net salary) and the amount of loan you have to take, the bank decides what your monthly EMI is going to be.

Basic FAQs about Personal Loan Vadodara Interest Rate

Who can apply for a Personal Loan?

People those who need an instant amount of money for any personal use may opt for this option.

What is the tenure of a personal loan?

A personal loan is given for a minimum time span of one year to a maximum time span of five years. There is no extension of a personal loan; you have to repay the amount to the bank within that time slot only.

Are there any other charges involved in a Personal Loan?

Yes, there are 2 charges that are included in the process of personal loan. They are mentioned below:

Pre-closure Charges: Whenever you want to close a running loan before its closing time period, then banks charge an extra % of interest rate known as pre-closure charges on your loan amount. Different banks have different pre-closure charges.

Processing Fee: For every bank that processes your personal loan, there is a little amount of money that they charge from you. This is known as Processing Fee.  

If my CIBIL score is not maintained then can I get a rejection for the loan?

Banks consider CIBIL Score the most when it comes to a personal loan. So, try not to skip any of your bank payments or any credit card payments as that will reflect in the decrease of your CIBIL. Most of the rejections that happen are based on your CIBIL Score.