What is Personal Loan Aizwal?
You must be thinking that there are several kinds of loans available in the market then why you should go for the personal loan. Because a personal loan is the only kind of loan that does not ask for gold, land or any other asset it will be yours just on the basis of your income level, credit score, employment history, or repayment capacity.
Eligibility Criteria for a Personal Loan Aizwal
Age: First of all, the minimum and maximum age required for personal loan is 21 years and 60 years respectively for salaried applicants & 25 years and 65 years respectively for self-employed applicants.
Citizenship: After that, only Indian citizens or residents of India can apply for the loan.
CIBIL Score: It is the summary of your credit history. The CIBIL score should be more than 720.
Income Source: Either applicant is salaried or self employed can apply for the loan but the income source should be rigid.
Salary: The minimum salary should be 18000 if the applicant is salaried or 2.5 Lacs ITR should be paid for three years if the applicant is self employed. The amount of loan depends on the salary of the applicant.
Documents for personal loan
Photographs: First of all, two colored passport size photographs are required.
Identity Proof: After that, the applicant should have valid identity card such as aadhar card, voter card, driving licence, pan card.
Residence proof: The applicant should have his/her residential proof. It could be aadhar card, ration card or rent agreement.
Income proof:The applicant must have an income proof, it could be salary slip of three months or bank statement of 6 months.
If the applicant is self-employed, income proof is ITR of 3 years and should be of 2.5 Lacs at least.
Interest Rate Aizwal
Generally, the basic interest rate of personal loan is 10.75% per annum. But it varies and depends on many factors like the income of the applicant,the amount of loan required and the category of the company.
What is CIBIL Score?
CIBIL is a 3 digit number represents your credit history. It is the history of your payments that you have done to the bank. Depending on your bank statements and payments, the bank decides how your CIBIL Score level is. The range of CIBIL score is from 300 to 900.
For getting loan one should have CIBIL score more than 720. If the CIBIL score of the applicant would be less, his loan application could be rejected.
MODE OF REPAYMENT
If you are taking a loan, then you also have to repay it to the lender.
The methods of repaying are:
Term Loan – A term loan is a loan of a specific amount given by a bank and it has a particular repayment schedule with a fixed or floating interest rate.
EMI – EMI or Equated monthly installment is a fixed payment amount that borrower has to pay to the lender. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years the loan is paid off in full. The EMI is calculated based on your work profile (net salary) and the amount of loan you have to take from the bank.
OD – An Overdraft is a financial arrangement under which an account holder is permitted to draw an amount previously agreed upon or up to a specified limit. a banker is allowed to charge interest only on the amount actually withdrawn by the customer and not on the entire loan amount sanctioned.
HOW TO APPLY FOR PERSONAL LOAN
The journey always begins with one step,
your first step is to visit the site www.magicloans.in
- First of all, fill in online your personal, financial and economical details.
- After that, you will get a call from loan experts within 5 minutes.
- The expert will explain you the procedure, which is very simple and easy.
About Aizwal
Aizwal is a city in the state Mizoram. It is the largest city in the state with a population of 293,416. If you are the resident of Aizwal. You can avail a Personal Loan in Aizwal. All you have to do is visit www.magicloans.in
The Loan gets approved very easily and quickly.