Are you worried about a sudden medical emergency at home? It is not the time to worry but to find an effective solution for the same. However, you might think that what can be an easy and hassle-free way to obtain a large sum of money within short notice? Money View Personal Loan has the perfect solution for you.
Some Facts About a Personal Loan
A personal loan is an amount that you can borrow from a lender within a short tenure. The lender can be in the form of any financial institution or organization. They may work under specific government-sponsored schemes also.
A personal loan is usually given or availed by a consumer for catering to his/her interest. It can be a sum of a mere ten thousand rupees to an enormous sum of more than a lakh. The amount of money a person can avail depends on many factors.
Factors on which the Personal Loan Depends
- Your Income Figure– An individual’s monthly income plays an integral role while availing of house, car, and gold loans. The lender or the financial organization demands an assurance about an adequate monthly income of the concerned borrower. It will somewhat act as a driving force for you to repay the loan on time. The location also occupies an integral position while availing of a personal loan. The amount and the repayment interest vary from metropolitan cities to interiors.
- The Credit Score is Necessary– Your credit score acts like your history with loans. A credit score is generally a three-digit code that is specific to an individual. It gives information about your records of diligence when it comes to your loans and credit cards. In India, most of the personal loan giving institutions rely on the overall CIBIL score. The scoring is from two hundred to more than eight hundred. If the CIBIL scores are more, you will have more chances of getting approval on your loan. However, if your credit score remains below the desired level, you may have to increase your score to avail of the personal loan.
- Age is a Factor- Most of the personal loan lending organizations rely on the fixed salaried individuals. It is because the salaried individual has more chance of repaying the loan amount on time. Salaried individuals between the age group of thirty to fifty-nine years are usually the preferred ones for availing of personal loans. However, we also have a self-employed class of people who run their businesses. They are also eligible for availing of personal loans when their age is between twenty-seven to more than sixty years.
- The Employment Experience Matters- People working for a long duration tend to possess more work experience than others. Although the work experience while availing of a personal loan varies with different institutions, lenders usually prefer people with more work experience.
|Categories of People||Work Experience Preference|
|Employed and Salaried Individual||Overall, 2 years with a year in the current organization.|
|Self-Employed||Running the current business for 5 years|
|Other Professionals||Maximum 3 years in the current work field.|
- Your Liabilities Will Speak for You– Another essential factor to keep in mind while applying for a personal loan is your present liabilities. It might be a situation when you are already paying the EMI for a house loan that you took over a year ago. You need to give such intricate details to the lender while applying for a personal loan. It is because the lender requires the assurance of the fact that you possess enough finance to manage both.
How to Take 1 Lakh Rupees Loan in 3 Easy Steps?
The process of availing a personal loan of 1 lakh rupees comes in easy steps:
Presentation of essential official KYC documents like PAN, AADHAR, or any other valid address proof.
You need to produce the salary slip for the last 3 months in your current organization.
The bank account details or statements for the last 6 months.
A personal loan comes with several advantages like a reduced interest rate and flexible tenure of loan repayment. It allows the borrower to manage many of his overhead expenses with minimum documentation procedure. One can avail a considerable amount of loans in a hassle-free manner. Money View takes care of all the details of a personal loan.