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Personal Loan Starting

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Personal Loan

Personal Loan in India

There are times that you would need a short term loan to take care of sudden expenses. When that happens, there are many choices of loan that you can choose from. The best choice would be to go for personal loan. Why?

It is because personal loan is a short term loan that required no collateral i.e. any security from your end.

The “no security” nature of such loans makes this type of finance as the most lucrative one.   To that end, if you come across any sudden or planner expenses such as vacations, medical expenses, restructuring debts, etc. this type of finance is the best one to go for.

However, you have to take into account the short-term nature of this loan. Whereas mortgage loans give you about 15 to 30 years of payback time, the personal loan only gives you 1 to 5 years.

Benefits of personal Loan

This type of finance comes with an added benefit that you can use it for virtually any purpose (if the purpose is legal that is). Some of the reasons for opting for this type of finance are as follows:

  • If you want to renovate your house.  
  • If there is a sudden wedding expense or any other extravagant party.
  • If you want to buy a new and expensive electronic gadget, say like an iPhones.
  • If you want to go on a vacation with your loved ones.
  • If you have to balance your previous debts.
  •  If you want to finance some marketing endeavours.

Furthermore, personal loans are preferred because:

  • They are easy to get access to
  • The documents required are minimal.

These factors have contributed to make this loan the most popular one in India. Therefore, most popular banks and NBFC in India avail this type of loan to the masses

Required Documents for Personal Loan in India

When it comes to documents required to initiate the entire process, most of the banks and he Non-Banking –Financial-Institutes have the same needs.

If you are a self-employed person:

  1. A duly filled and signed application form.
  2. An identity Proof that can include anything from the following:
    1. Passport
    2. Aadhar card
    3. Voter ID
    4. Driver’s license
  3. PAN card of the applicant.
  4. Proof of age that can now include the Aadhar card or the 10th class CBSE certificate.
  5. Bank statement of the last 6 months.
  6. Proof of address:
    1. Telephone bill
    2. Electricity bill
    3. Or any other utilities bill
  7. Proof of continuation of the enterprise.
  8. Latest ITR that will include the computation of income, recent balance sheet and profit and loss a/c for the last two months before applying for loan.
  9. Furthermore, you will also be required to present any of the following:
    1. Sole proprietorship declaration
    2. Partnership Deed
    3. Original copies of MOA and AOA