Personal loan Addanki
Loan granted for personal use such as medical emergency, for family, etc. Such loans are called Personal Loans. They come under the category of unsecured loans. These loans are advanced based on the borrower’s credit history and ability to repay the loan from personal income. It is also called a consumer loan.
Personal loan Addanki eligibility criteria
There are two categories of applicants. Both categories have different eligibility criteria
Salaried applicants:
Firstly, age of the applicant should be between 21-60 years.
Minimum income is INR 18,000.
Applicant must be resident of India.
Work experience of at least three months is required. In addition to this, salary should come in bank account only.
Moreover, the CIBIL score (credit history) should be good.
Self-employed applicants:
In this category, age should be between 25-65 years.
Should have ITR of at least three years.
Furthermore, minimum ITR should be of 2.5 lacs per annum.
Applicant must be resident of India.
Again, good CIBIL score (credit history) is required.
The Business should be running from past three years.
Documents required for Personal Loan
Though Personal Loan is a highly unsecured loan so, the bank needs to be guaranteed by checking the following documents of the applicant. The documentation process is hassle-free in a Personal Loan.
First of all, one Identity proof is required. It can be Aadhar Card/Voter ID Card/ PAN Card/ Passport/ Driving License.
After that, two colored passport sized photographs are required.
Furthermore, one residence proof is required. It can be Aadhar Card/Voter ID Card/ PAN Card/ Passport/ Driving License/ Ration Card/ Rental Agreement/ Utility bills of last three months by the name of the applicant.
One proof of income is must in a Personal Loan. For a salaried person, it can be salary slips for the last three months. Also, the bank statement of last 6 months is also required to get a Personal Loan.
For a self-employed applicant, the income proof is ITR of last three years and it should be of at least 2.5 Lacs.
Interest rates personal loan Addanki
The interest rate of the Personal Loan depends on the income of the applicant, the amount of loan required, the category of the company etc.
Generally, the basic rate of interest in the personal loan is 10.75% per annum. However, it can vary from time to time.
Pre-closure Charges
If someone wants to close the loan before the completion of the tenure of the loan, then it is known as pre-closure. The Personal Loan offers pre-closure. But, there are some nominal penalty charges, They generally range from 0-2%.
Tenure of Personal Loan Addanki
The applicants are free to choose the tenure of the loan according to their convenience and requirement. It can range from six months to five years.
Methods of Repayment
There are various ways of repayment of the Personal Loan
Flat interest rates
Reducing interest rates
EMI
Overdraft
How to apply?
Visit www.loannow.in.
Fill the online application form with the required fields.
You will get a call from the loan experts within 5 minutes.
The process is very easy, simple and hassle-free.
About Addanki
Addanki is a town in Prakasam district in Andhra Pradesh. It is located at the banks of Gundlakamma river. The nearest railway station is Ongole Railway Station which is at 38.6 km distance. To apply for a Personal Loan online in Addanki, visit www.loannow.in.