Personal Loan Barhi

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Personal Loan Barhi

A personal loan is a kind of loan (unsecured) used by the people for meeting the needs of the family members and also for their own needs. Example: To pay personal expenses, go on a vacation, purchase any asset, etc. Personal loans are specially designed for people who don’t want to go through the hassles of providing security or collateral. It is easy to get money for your needs by means of a personal loan.

Personal loan Barhi eligibility criteria

There are two categories of applicants. Both groups have different eligibility criteria

Salaried applicants:

Firstly, the minimum age for applying for a loan is 21 years, and the maximum age is 60 years.

Minimum income should be INR 18,000.

Above all, the applicant must be a resident of India.

Work experience of at least three months is required. In addition to this, the salary should come in a bank account only.

Moreover, it is essential that the CIBIL score (credit history) should be good.

Self-employed applicants:

In this category, the minimum age should be 25 years, and the maximum age is 65 years.

The applicant should have an ITR of at least three years.

Furthermore, minimum ITR should be of 2.5 lacs per annum.

In this also, the applicant must be a resident of India.

Again, a good CIBIL score (credit history) is required.

The business should be running from the past three years.

Documents required for Personal Loan Barhi

The documentation process is hassle-free in a 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 standard documents required by most banks and NBFCs for individuals requesting a personal loan include:

First of all, you need one Identity proof. It can be any of the mentioned Aadhar Card/Voter ID Card/ PAN Card/ Passport/ Driving License.

After that, two colored passport sized photographs are required.

Furthermore, you need one residence proof. It can be Aadhar Card/Voter ID Card/ PAN Card/ Passport/ Driving License/ Ration Card/ Rental Agreement/ Utility bills of the last three months by the name of the applicant.

One proof of income is required. For a salaried person, it can be salary slips for the last three months. Also, the bank statement of last six months is needed to get a Personal Loan.

For a self-employed applicant, the income proof is ITR of the last three years, and it should be of at least 2.5 Lacs.

Interest rates personal loan Barhi

The applicant needs to be aware of the general personal loan interest rates before he/she fill their application. 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

Pre-closure is closing the loan before the completion of the tenure of the loan. The Personal Loan offers the facility of pre-closure. But, there are some nominal penalty charges. They generally range from 0-2%.

Tenure of Personal Loan Barhi

The applicants can decide the tenure of the loan according to their convenience. It can range from six months to five years, depending on their requirement.

Methods of Repayment

There are various ways of repayment of the Personal Loan.

Flat interest rates

Reducing balance interest rates

EMI

Overdraft

How to apply?

Visit www.loannow.in.

Fill the online application form with the required fields.

Finally, you will get a call from the loan experts within 5 minutes.

The process is very easy, simple, and hassle-free.

About Barhi

Barhi is a town in Hazaribagh district in the state of Jharkhand. To apply for a Personal Loan online in Barhi, visit www.loannow.in. Anyone who matches the eligibility can easily get a personal loan.