Personal Loans – The Information And The Basics

Anyone can take personal loans for any reasons like marriage, purchase of property, education and any other purpose. Basically some special offers are given to special professionals like Engineers, Managers, Doctors, Chartered accountants and other Business men for personal loan. So many types of personal loans are there. It is purely depends on the basis of your monthly income, basically for salaried persons and self employed persons.

Some criteria’s are there to avail the loan for salaried persons

Applicant must be a citizen from a particular country, minimum 3 years of work experience required in overall, his or her income must be more than 20k on monthly basis, salary statement also required as a proof on the said subject matter. Nowadays maximum banks provide personal loans to private limited company’s employees and other multinational company’s employees according to their income. Accordingly the persons those are on self employed business or income, they also get loans according to their business and income.

Important points are eligibility to get the loan, it depends on banks calculation regarding applicants annual income. Existing bank transaction, tract record and bank balance of subject applicants. Another important factor is loan tenure. The applicants ready to repay the loan within a time frame ie 1 year to 5 years, which is set by the banks. Next some service charges is collected from the applicants, after that necessary processing is started to get the loan.

Some important documents are collected from the applicants like Pan card copy, Residence proof, Photocopy of subject applicant, suitable salary slips from last 3 months, Bank transaction statement from last 6 months and important appointment letter. After that loan amount is decided according to applicant’s requirement and same loan amount is paid to the concern bank on installment basis in a particular time period maximum 5 years. These are the some main factors by which an applicant can get easily personal loans, there is no doubt at all.