The personal loans are the loans provided to meet financial emergencies which may arise due to any contingent reasons such as medical emergency, school fees of children, renovation of house, purchasing of gadgets, etc..
This loan provided without any security pledge instantly to meet with your financial needs.
The most essential feature is of this loan that it provides freedom of use of funds or spend anywhere you want to spend.
Many benefits provided under personal loans such as no questioning on spending nature, no need for collateral, fewer documents needed, instant approval, etc.
Personal Loan Documents Required
ID Proof (Passport/Driving License/Voter ID Card)
Salary slip of last 3 months (salaried person)/ Income proof (self-employed person)
Proof of continuity of business (self-employed person)
Proof of Residence (Utility bills)
Passport-size photographs and many others
PAN Card
Address Proof
Benefits of Personal loan:
Many benefits provided under personal as some of are mentioned here:
Flexible Funding: The personal loan funds provided without any objection to use it for any particular objective. This means there is a flexible funding which can be used wherever you want to spend.
No need for Collateral: There is no need for any collateral or security to provide for approval of unsecured personal loans. A person who is not able to provide any collateral to the bank can easily access personal loans.
Less documentation: There is no need for any in-depth paperwork for loan approval.Only basic documents essential for KYC needed for identity verification.
Instant Approval: The loan amount instantly approved as fewer documents involved and there is no need for any long procedure for verification, which leads to provide you instant loan approval.
To avail the benefits of personal loans you must have good credit history and the CIBIL score must be 750 or above to get a personal loan instantly. Higher the score of CIBIL makes instant approval of Personal application and fast disbursal of loan.
Some of the main Benefits of Personal loan:
Easy Disbursal: There is an easy disbursal involved in the process of a personal loan. You can now get the loan disbursed in just one-two day and sometimes within one day only.
No need of any 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.
Hassle-Free Process: There is no need to get confused while the process is ongoing as the bank executives help you with all your queries in one go. Just sit back and relax while the bank is doing all the formalities.
Apply online in leading banks with fewer documents to get the best offers on personal loan and avail the best offers on Personal Loan
HDFC Personal Loan
SBI Personal Loan
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