Personal Loans In India - Fulfill Your Dreams With Easier Finance By Meghna Arora
People require financial help for variety of purposes. Everyone can not meet expenses from their own pocket. Hence, loans have become part of modern day consumerism. In India, personal loans have gained popularity amongst the people as they can have easy access to much needed funds as per their circumstances and requirements.
The lenders approve these loans for any personal purpose like renovating your home, going to a dream vacation, helping your son get admission in a medical collage, meeting expenses towards your daughter's wedding and buying a car.
Under these loans, you can borrow Rs 25000 to Rs 1500000. Before approving the loan, the lenders take a good look at your loan repayment capability. So, the lenders thoroughly check your income, employment and bank statements or other documents which prove your financial position.
Almost all types of borrowers are eligible for personal loans in India. Salaried individuals can have easy access to these loans, just on proving their income and employment. Self employed professionals or individuals also are eligible for these loans.
As far as repayment of the borrowed amount is concerned, the borrower can choose to repay these loans in 12 to 48 months. One should keep individual circumstances in mind while borrowing money for certain repayment duration. In India, you can pick up a personal loan under its secured or unsecured options. You are required to pledge your home or any property as collateral for availing the secured loan. These loans are known for lower interest rates, though the rate depends on the borrowers' circumstances also. For instance, a borrower with a bad credit history tag will get the loan at bit higher rate than the borrower whose credit history is good.
Lenders do not take any security from the borrowers while offering unsecured loans for personal purposes. But interest rate on these loans goes a little higher. You can borrow smaller amount under these loans and the repayment must be made in shorter duration.
For taking personal loans in India, the borrower must furnish various documents including proof of identity, address proof, bank statements of at least last three months and latest salary slips. Lenders charge processing fees that may go up to 2% of the loan amount. Usually, lenders do not take many additional fees on these loans.
More details about personal loan in India