What is Personal Loan Akbarpur?

A personal loan is a type of unsecured loan and helps you meet your current financial requirements. It can serve as your solution for managing your expenses. Because it is an unsecured loan, the borrower does not put up any security to avail it and the lender, in case of a default, cannot auction anything you own. You can use it for any personal financial need, and the bank will not monitor its use.

Eligibility Criteria for a Personal Loan Akbarpur

Age: First of all, the minimum age required for personal loan is 21 years for salaried applicants & 25 years for self-employed applicants.The required maximum age is 60 years for salaried applicants and 65 years for self-employed applicants.

Citizenship:  After that, The applicant should be Indian citizen or resident of India.

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 Akbarpur

Generally, the basic interest rate of personal loan is 10.75% per annum. But it varies and depends on many factors. The factors would be 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. In short, the CIBIL score is the important factor for the approval of the loan application.

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

1. First of all, fill in online your personal, financial and economical details.
2. After that, you will get a call from loan experts within 5 minutes.
3. Further, the expert will explain you the procedure.
4. The procedure is very simple and easy.

About Akbarpur

Akbarpur is a city in the state of Uttar pradesh. It is situated on the bank of Tamsa river. The population of Akbarpur city is 111,447. Personal loan facility is available in the city for the people of the Akbarpur. Therefore, they can apply and get loan quickly by visiting the site www.magicloans.in