Personal loan is one of the best loan options there is in the market. The reason for this is that one can get this loan with minimal documentation and without any collateral. These features have led to a number of people opting for personal loans for their varied uses such as for a wedding or a trip abroad.
There are 4 steps that will help you get your personal loan. These are:
1. Know your loan requirement: Based on what you want to do with your loan, you will need to apply for a loan amount. Your loan requirement can range from Rs 1 lakh to Rs 10 lakh.
2. Check eligibility: After you have figured out how much amount you need as a loan, you will have to check whether you are eligible for the same amount or not. Every bank has their eligibility calculators, so use it to know how much amount you are eligible for.
3. Calculate your EMI amount: Just like the eligibility calculator, banks offer EMI calculators as well. You can change the interest rate and the loan tenure to match it to your monthly income and decipher exactly how much amount you will repay as EMI.
4. Apply for the loan: You can either approach the bank or apply for a loan online. The documents you will have to furnish are:
- Income proof such as salary slips, IT returns, bank statements
- Address proof
- Identification proof
With everything in order, you should be able to get your personal loan in a matter of days.