What is Personal loan?
Personal loan is an unsecured loan which helps you to meet your immediate monetary desires. One does not typically have to be compelled to pledge any security or collateral while availing a personal loan and your investor provides you with the flexibility to use the funds as per your requirements. It will help managing your travel expense, wedding expenses, finance expenses of a medical emergency, home renovation, debt consolidation etc.
- The minimum age is between 21 to 23 depending upon the lending bank’s/finance company’s discretion and the maximum age is 58.
- Salary slips of last 2 months.
- KYC documents.
- Employee I.D card of the company.
- Address Proof (acceptable documents - Aadhaar, Driving License, Voter Id).
- Latest photographs.
- Pan Card
- Bank statements/ Access to bank details such as A/C number, IFSC, MICR.
How to apply for personal loan online
Step 1
Log on to CreditKaro.com and select the category of loan by clicking on the loan tab.
Step 2
Select the filter entries as per your desire and choose among the given options.
Step 3
Fill in your personal, financial, and employment details.
Step 4
Select the loan quantity and tenure that you simply need and evaluate the EMI with EMI calculator, to urge instant on-line approval.
Step 5
Submit the required documents with our website application form.
Step 6
Get the cash disbursal in your Saving account within the stipulated time mentioned by the lender under their terms and conditions.
- Loans starting from Rs. 50,000.
- Faster processing of amount disbursal in account.
- Simple and minimum documentation.
- Flexible reimbursement choices. The reimbursement tenure will vary from twelve to sixty months.
- Affordable Rates & Charges.
- To ease the burden of paying off the personal Loan forth with, you will be entitled to the EMI (Equated Monthly Installment) facility.
Factors Affecting Personal Loan
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If you would like to use a private loan to fulfill some of your imperative needs, then you should examine if you're eligible for the specified loan value or not.
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To do that, you'll be able to check your loan eligibility by entering your details in the personal loan eligibility checker. One will have the option to pick their town, age, financial gain and expenses and the tool can predict the eligible quantity.
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As per the qualifying amount, you'll be able to apply for identical loan and obtain instant personal loan approval.
Benefits Of Personal Loan
Don’t let cash be a constraint once it involves planning your dream wedding, travel destination, house renovation or even debt consolidation. Whatever is the current need, you can avail a loan that meets the exact requirement so that you can execute your plans without facing any monetary hassles.
Purposes of Personal Loan
AA personal loan can help you to manage your wedding expenses, finance your travel plans, fund the renovation of your home or help you manage unplanned medical emergencies.
If you are looking for money, without the hassle of availing multiple loans.
Flexibility of loan tenure
Banks/Financial institutions encourage customers to borrow as per their compensation capability, however they tend to perceive that there are also unforeseen things wherever you will not be able to pay back as per prescribed time of your loan.
In such cases, lenders tend to work with their loaning partners to facilitate extension/restructuring of your loan tenure in certain cases. This is often purely based on investor’s discretion.
Apply for loans even after business hours
One of the most convenient features is that you can apply for a personal loan online at any time of the day. However, we would still need to check if your application meets our partner’s responsible lending policy.
Avail Collateral-free/Unsecured loans
So essentially, a collateral free loan means you do not have to be compelled to show any assets or pledge collateral to borrow against these properties. The loan given to you is unsecured, and therefore the financial lender does not have any property or asset to fall back upon just in case of any default during repayment.
Personal loans for your
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Steps To Apply Personal Loan Online
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FAQ
1In what cases can i opt for a personal loan?
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You can opt for a personal loan for making big purchases, marriage , home renovation, medical bills, investments, down payments etc. basically any expense which comes with a short notice period in a lump sum amount.
2What is the tenure of a personal loan?
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Personal loans generally vary between 1 to 5 years.
3What are the key documents required when applying for a personal loan online?
- The key documents are as follows:
- Income Proof for Salaried
- Recent acknowledged ITR for self-employed
- Address proof
- Identity Proof
- License/Degree (in case of self-employed )
4Can I Preclose my loan?
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Yes. You have the option of prepaying the loan with various loan providers, standard pre-closure charges will be levied.
5Do I have to pay any additional charges for personal loan?
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Yes. A Processing fee will be levied on which differs from bank to bank.
6What is an EMI?
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EMI is Equated monthly Installments which is a partial amount that you pay on a monthly basis in lieu of the loan amount availed from the bank or any financial lender. EMI comprises of the principal amount and the interest levied.
7What is the benefit of applying for an instant personal loan online with Credit Karo?
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Applying for a personal loan online with CreditKaro is very convenient because you can apply from anywhere anytime. We remove the hassle of a branch visit for you. You also get instant approval on personal loan online.
8I am a salaried person, how can i apply for a personal loan with CreditKaro?
- - It is very easy to apply for a personal loan with credit Karo, all you need to do is:
- Visit our website
- Select personal loan from the home page
- Choose the plan of your choice
- Click on Apply
- While selecting the filters click on salaried
- you will have all suitable plans on your screen.
9Is there an option of adding a co-applicant?
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Yes, in various cases a co-applicant can be added in order to get a better credit score for a larger loan amount. If a lender is offering this facility it will be mentioned in the application form.
10Can I use the personal loan for commercial usage?
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Yes. You may use it for commercial purpose, but the loan cap and tenure will remain the same.
11What is the maximum loan amount that I can avail?
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Most banks and NBFCs limit a personal loan at 25 lacs for an individual but the lender usually evaluates the financial position of the applicant before granting a loan.
12How will I know If I am eligible for a personal loan?
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You must have a regular source of income to avail a personal loan. The categories of income are salaried, self-employed professional, or a businessperson. Your eligibility is also affected by your income, the company you are employed with, your credit history, your residential location among other factors depending on the lender's criteria.
13How can I compare among various personal loans?
- This is very simple, just follow these steps given below:
- Log on to CreditKaro.com
- Select the personal loan option from the home page
- Choose up to 3 personal loans from all the plans
- click on the compare tab to add your products
- Compare the products on the basis of given criteria
- choose the one that suits you
14Is having a higher credit score useful in case of personal loan?
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Having a higher credit score shows that you have a good repayment record and that you have paid your installments timely. Higher credit score increases your chances of getting approved for a loan, moreover you can negotiate other perks like higher loan amount, lower interest rate, waiver on additional charges, instant approval etc.
15How is personal loan different from loan against property?
- The basic difference between personal loan and loan against property is :
- PERSONAL LOAN:
- Personal loan is an unsecured loan which can be availed from the bank for personal use. You generally use the loan amount for personal expenses like, construction of your house, raw materials, machinery, marriage, a business set-up etc.
- " LOAN AGAINST PROPERTY(LAP"
- Loan against property is a secured loan that can be availed against mortgage of the borrower’s property. It can be a residential property which is either self-occupied or rented, commercial property or a piece of land. You can use this loan amount to meet any personal expenses just like a personal loan.
