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Personal Loan - How To Avail it !

Personal Loan everybody's prime requirement nowadays. Every persons are in need of some fund to fulfill their desire, enjoy their festivals, or special occasion. But sometimes earlier people thinks taking loan is almost a big sin. Daily you certainly get some calls from bank or financial institution asking you about your willingness to take personal loan. It seems Personal Loan is become your helping hand. Here we shall discuss about your financial companion i.e. Personal Loan. 
Unsecured Loan: Personal Loan comes under Unsecured Loan category. It is unsecured because you do not have to put any thing lien or give guaranty to get it. So, it becomes attractive.
Tenure: You can generally get personal loan for the period of 1-5 years. 
Documentation: First you should know the documents mandatory to apply for personal loan. The list of documents are as follows:
1) PAN Card
2) Aadhar Card (It is mandatory)
3) Passport or Driving License as Identity Proof
4) For Resident Proof you can submit Passport copy, Ration Card Copy, Electricity/Telephone bill, Gas Bill, Bank Statement copy etc.
5) If you are salaried then arrange Salary Slip (latest 3 Months), Form 16 and Six month Bank Statement. If you are self employed then you have to provide 2-3 years account statement and Income Tax Return copy as proof of Income.
Other Charges: Bank charge not only interest on the loan amount for the given tenure but also charges Service Tax / GST (now) on  interest amount and a processing fee with GST. 
  (a) Processing Fee is charged for complete the loan procedure. Sometimes this processing fee is non-refundable depending upon bank/financial institution' policy. It can be 0.5% to 3% of the loan amount or upto a maximum amount.
  (b) Pre-closure charges, is if you repay the entire loan amount before it's sanctioned tenure the bank levy a pre-closure/pre-repayment charges which is upto 2% - 5% with applicable taxes
   (c) Apart from this if you make late to pay EMI then an other charges levy that is Late Fee, Finance charges with applicable taxes.
Interest Rate: Personal Loan is totally unsecured loan so bank try to charges as maximum as possible interest rate. Normally this rate is discussed before the deal. Range of interest is between 12% to 30% per annum. Moreover interest rates are differ from bank to bank. For government employee interest rates may go down further. So, depending upon your repaying capacity and bank's policy to lend you can, negotiate for the better rates. 
You can even offer Mutual Fund, Insurance or Fixed Deposits as security to increase loan amount.
Requirement / Usage of Personal Loan, depends on your financial/social positions. You may require it if you have taken any borrowing at higher interest rate. In such cash take a personal loan and repay it. Personal loan for paying off Credit Card balance which is being rolled over for months and attracting charges. 
So you can take it to fulfill your requirements or pay off dues or liabilities but remember loan is always injurious to your financial health.
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12 comments:

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