The entire information about personal loans types, eligibility, and the required documentation
Synopsis:If you’re in an urgent financial situation, taking personal loans is a great solution. Learn all you can about the different types of personal loans as well as eligibility and more. Click here!
Personal loans are flexible and provide ease of use. You can pick the amount of your personal loan and duration by taking out the help of a individual loan at IDFC FIRST Bank.
A large number of people use the personal loan to handle their money. It’s popular due to its combination of flexibility and ease. This article will discuss the various types of personal loans that are offered from banks across India and their eligibility requirements. We will also examine the significance of loans EMI calculators which are a modern tool for the loan application process.
What are the kinds of loans that banks offer?
Before we examine the various kinds of personal loans provided by banks, let’s take a look at the broad categories of loans that banks provide.
Consumer Durable Credit
A borrower can benefit from flexible credits when choosing a consumer durable loan. It is a way to with the purchase of appliances for your home.
Home Loan
A home loan can help a borrower to finance an investment in a brand new home or property. Prior to applying for a home loan it is essential to check the homeowner loan calculator for EMI.
Loan Against Property
The term “loan against property” (LAP) is one kind security loan is sanctioned by a bank against a pledged asset as collateral.
Car Loan
The public can also avail of a loan in order to purchase the latest car. A internet-based calculator for EMIs on car loans will assist you in deciding which automobile you are able to afford.
Two-wheeler Loan
A two-wheeler loan functions like the car loan, however it can help you pay for the purchase of a bicycle instead of a vehicle.
Personal Credit
They are very popular due to the fact that they can be used for whatever purpose. When you’re planning a vacation wedding, a home renovation or addressing an urgent financial requirement one can find a personal loan always useful. The greatest thing is that you can utilize the personal loan EMI Calculator, readily available on the internet, to help you budget your money and determine the EMI.
What are the purpose of Personal Loans? serve?
The term “personal loan” refers to a unsecured loan granted by a financial institution or other institution of financial service to those who have a financial need that is urgent. People can use personal loans to consolidate debt, buy large purchases like appliances for the home or finance a car or pay for the costs of a wedding or vacation or for emergencies.
How many Indians make use of personal Loans each year?
Who can be eligible for a personal loan?
Certain essential eligibility criteria have to be met in order to qualify for personal loans. Although these requirements are generally the same for all banks there are a few additional requirements set by banks that differ to make a borrower suitable to receive personal loans. There are distinct requirements for self-employed and salaried people to be eligible in obtaining a personal loan through IDFC FIRST Bank.
For salaried people
- The age of the person’s minimum must be 23 years old.
- The age limit for an individual during the period of maturation must be 60 or the age at which they retire or retirement, whichever is first.
For self-employed people
- The company must have been operating for at least three years.
- The age of the person’s minimum must be at least 25 years old.
- The age limit for an individual during the period of maturation must be at least 65 years old or the age at which they retire which ever comes first.
What are the various kinds of personal loans?
The main kinds of personal loans that are offered from banks across India are.
Personal Loans to pay for weddings
As a wedding is an important event in India families are able to take advantage of personal loans that range from the amount of Rs 1000 to Rs 25 lakh.
Personal Travel loans to fund travel
People who travel frequently take personal loans to pay for their domestic and international travel.
Personal loan for home improvement
Since remodeling a home can be costly, a lot of families in India opt for personal loans.
Pension Loans
Retired people can get personal loans, also known as pensioners. They are also known as pension loans. This loan is offered by defence, government, or family pensioners, up to the age of 76.
Education Credit
The loans for education are used by thousands of students across India to help fund their studies in India as well as abroad.
What documents must be submitted to avail yourself of a personal loan?
Generally speaking, when you apply an individual loan through the bank or NBFC You will have to submit the required documents.
- KYC (Know You Customer) documents like documents like a PAN (Permanent Account Number), Aadhaar card driver’s permit, voter’s identification or passport.
- Details of the bank account of the client.
- Employee ID card for the customer.
If you want to take advantage of the many options offered in IDFC the personal loan program of FIRST Bank you will need to submit the following documents as well as the other documents listed above:
- The last three months’ bank statements
- Net Banking as well as debit card information to create the e-Mandate
- eSign/eStamp for faster disbursal
In addition to the kinds of loans outlined above in the list, there are lots of different loans banks provide. Look over IDFC FIRST Bank’s loan calculators prior to submitting an application.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The content is generic in nature and are intended for solely informational purposes. This information is not intended to substitute for advice specific to your specific situation. Information is subject to revision, updating or completion, as well as revision as well as verification and modification, and may be changed substantially. It isn’t intended to be distributed or use by anyone in any state or country where use or distribution is against the legislation or regulations or expose IDFC FIRST Bank and its affiliated companies to registration or licensing obligations. IDFC FIRST Bank cannot be held accountable for any direct or indirect damage or loss that the user may incur by making financial decisions in reliance on the information and the information contained. Consult your financial advisor prior to taking any decision regarding your finances.
The advantages, features, and promotions discussed in the post are valid as of the date of publication on this blog and are subject to change without prior notice. The content herein is subject to additional product-specific terms and conditions as well as any terms and conditions as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
