Your official Email ID or the Email ID of the HR.If you are an NRI looking to borrow a personal loan, these are the documents that you will need to submit to the lender:
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Passport, Voter’s ID, Driving License or PAN Cardīank statement of salary account for the past two yearsĪudited financial statement of the past two years Here are the details for the documents needed for a personal loan. You must submit a set of documents that lenders require when approving a personal loan application. Documents Required to apply Personal Loan The result is followed by an amortisation table, which will give you a detailed break-up of your repayment schedule. The lowest applicable EMI per lakh for a tenure of 7 years at minimum applicable interest rate is Rs.1,599. Personal Loan calculator lets you check your loan eligibility and helps you compare loans offered by different banks.Īll you need to do is enter the loan details, including your preferred loan amount, interest rate, tenure, and processing fee. Use BankBazaar Personal loan EMI calculator to calculate your EMI beforehand to plan and manage your finances in a better way. If you meet these criteria, you are eligible for a personal loan: The following factors are taken into consideration when a lender goes through your loan application. Thus, a personal loan has a wide variety of uses and can come in handy for meeting either planned or emergency expenditure. It can also be used for buying a vehicle if the rate of interest on the personal loan is lower than that of a vehicle loan. Some of the common reasons that people take out personal loans for includes meeting sudden business or educational expenses, paying for a vacation, buying high-end electronic gadgets or household appliances, wedding expenses, emergency medical expenses, home renovations, etc. It cannot be used for speculative purposes or for making investments in the stock market. It can broadly be used for consolidating your debt (from other loans or credit cards), making high-value purchases for which you do not have cash in hand, or for emergency situations.
What can you use a personal loan for? Since it is an unsecured loan without the need for any collateral, there are very few limitations on how you can use a personal loan. If you maintain a high credit score and have a good relationship with the bank, then the interest rate on your personal loan can be lowered. Depending on the loan amount availed by you, your credit score, and repayment tenure, the interest rate charged on your loan is decided. The personal loan interest rates vary between 8.30% p.a. Loan amount at the discretion of the bank.
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