Personal Loan Akluj: Who Am I?

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. a personal loan is the only kind of loan that does not ask for gold, lend or any other asset it will be yours just on the basis of your income level, credit score, employment history, or repayment capacity.

Do You Want To Know More About a Personal Loan Akluj?

You will meet several financial and non- financial companies in the market for a personal loan. But remember; banks are the most secure and reliable source for the loan. Banks provide loans on lower interest rates with easy payment mode as compared to other companies.

Are You Eligible for a Personal Loan?

First of all, your age should be in between 21-60 years if you are salaried and 25 -65 years if you are self-employed to apply for your personal loan.
After that, you should be an Indian citizen or permanent resident of India.
Your minimum CIBIL score should be 720.
Your income source should be rigid, either you are salaried or self-employed.
You should get your salary in the bank account if you are salaried.
After that, your monthly income should be 18000, if you are salaried and you should have paid 2.5 Lacs ITR for three years at least if you are self-employed.

Documents for Personal Loan

As this is the only loan you can get without any security so, your documents are required for the assurance.

First of all, your two colored passport size photographs are required.
After that, your identity proof is essential, and it can be aadhar card, voter card, pan card, or driving license.
For a personal loan, you must have an income proof. Either it is a salary slip of three months or bank statement of 6 months.
If you are self-employed, your income proof is ITR of 3 years and should be of 2.5 Lacs at least.

Know About Interest Rates of Personal Loan

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 about the Repayment of a Personal Loan Akluj?

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.

Pre-closure Changes

It may be possible that you want to close your loan before the completion of the tenure of the loan and for those lenders provide a feature called pre-closure. In pre-closure, there are some nominal penalty charges. Generally 0-2% that applicant have to pay.

Tenure of Personal Loan

There is no boundation, and you can choose the tenure of the loan from 6 months to 2 years according to your convenience.

How to Apply for a Personal Loan

Now, you have all the information related to personal loan and want to apply for the loan then visit www.magicloans.in

First of all, fill the online application form with the required fields.
After that, you will get a call from loan experts within 5 minutes.
The expert will explain to you the procedure, which is very simple and easy.

About Akluj

Akluj is a town in Solapur district in the state Maharashtra. Akluj was popular for its large trade in cotton,which has almost disappeared at present. The main source of income in this town and nearby area is agriculture. The residents of this town can easily avail for the personal loan by visiting the site www.magicloans.in