Are you in sudden
need of funds? A best personal loan
is the best way to fulfill all your financial goals. It can be used to
accomplish wedding expenses, medical treatments, travel expenses, home
renovation, educational expenses, and many more. Having a good credit score and
meeting all the loan eligibility criteria can help you to avail a
personal loan quickly with lower interest rates. It’s always recommended to
check and do proper research before you apply for a loan. Check out the below
FAQs that will help you with all your queries and doubts regarding loans.
What is a Personal Loan?
A personal loan
is an unsecured loan provided by banks, non-banking financing companies, or
lending platforms without any collateral or guarantor. Generally, it is used
for debt consolidation, meeting medical emergencies, home renovation, business
needs, buying certain assets, and many more.
How to Check the Eligibility Criteria for Getting a Loan?
Most lenders update
the personal loan eligibility criteria on their respective websites. Go
through the information and know whether you can avail a loan or not.
What is the Maximum Loan Amount that Can be Borrowed?
The maximum loan
amount that you can acquire depends on whether you are a salaried person or
self-employed. And depending on the lender and your monthly income, the amount
may vary. Well, a instant
personal loan through Buddy Loan
is always easy, instant, and hassle-free. On this platform, you can apply for a
loan amount of up to Rs 15 lakh or more depending on the needs.
What
are the Documents Required to Apply for a Loan?
●
Proof of identity - Voter/Aadhar/PAN
●
Address proof - PAN/Passport
●
Proof of income
●
Photographs
●
Proof of business (for self-employed individuals)
These are the general documents
that you need to submit. But check with the lenders if you need to provide any
other document.
What is the Repayment Tenure for Personal Loan?
The tenure can be between 1-5
years. Before you apply for a loan, check the details with your lender.
What are the Things You Need to Look for Before
Applying for a Loan?
Before applying for a personal
loan, you need to look at all the below key elements and compare them to
choose the best.
●
Interest rate is one of the most important factors to consider as
it makes a substantial difference. The ROI ranges between 10% p.a. To 24%.
Buddy Loan offers 11.99% p.a.
●
Check for repayment flexibility and also ensure is there any
penalty for making late payments.
●
Even if you are offered a low-interest rate, a high processing fee
can be heavy on your personal loan amount. So be careful about it.
●
Make sure you have a good credit score. Otherwise, improve the
score and then apply for a loan.
Why It is Necessary to Have a Good Credit Score?
Your credit score determines your
creditworthiness. Be sure the score is good enough to avail the best
personal loan at lower interest rates. If you are planning for a personal
loan, maintain it from now onwards.
Conclusion!!
It is vital to do your research
before you apply for the best personal loan. There are lots of factors to look
for and based on your convenience, make the decision accordingly. Talk to an
expert, compare the interest rates, tenure period, processing fee, loan amount,
everything to choose the best lender.
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