Personal Loan Alathur: Who Am I?
A personal loan is an unsecured loan that applicant can avail without depositing any security or collateral. The applicant can apply for a personal loan online, and the amount of loan depends upon your salary scale, credit score, repayment method. The most important part is that the applicant can use the loan amount for entirely personal use.
Do You Want To Know More About a Personal Loan Alathur?
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 at least three years 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 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 Alathur?
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.
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.
Alathur is a village in Palakkad district in the state of Kerala. It is a rural area and has an agricultural economy. People of this village predominantly depend upon agriculture for their financial needs. Residents of Alathur can easily apply for a personal loan in their area by visiting the site www.magicloans.in