How My Perosnal Loan Journey Started. Personal Loan Helped me to Build A Home ! I Never Imagined. Know more about personal loans.
I will start this article with the old saying “Everything comes with a price”. Yes, it is exactly true. In this world, we won’t get anything for free. We should pay some price for everything. Likewise to start a business, to buy a house, to study in college, etc., need something. To do anything in this world, we need money.
In this article, I will share my first experience with Personal Loan. How did I apply for it. What makes me go for a personal loan. As everyone knows that Bank has a specific section for providing the loans. The banks have different panels like housing loans, education loans, etc., but the personal loan is useful for the needs like marriage, financial needs, home needs, paying Credit card bills, Credit Score Improvement & Medical Emergencies.
Lets Have a Glance on Personal Loan
A personal loan is an unsecured loan. To apply for personal loans. It doesn’t require so many documents. The minimal documents are more than enough to apply for a personal loan in the bank. The personal loan will have more Interest when compare to other loans like car loans, bike loans, education loans. As it includes more risk in personal loans from the bank’s perspective. If it is a kind of materialistic loan. Bank can recover it from the material(Bike, Car, House, etc.,). It doesn’t work with a personal loans. So it will have more rate of interest.
After applying for a personal loan in the bank. It takes near up to 48 hours to get the amount. Sometimes, customers may get loan amounts credited to the account on the same day only.
Personal can be applied by the all Sectors of peoples like Government employees, IT sector employees, Own Business peoples. But we should know the Cibil score before applying for the loan in the bank.
What is cibil Score?
Cibil Score is the Credit Information Bureau that creates the score. CIBIL score can range anywhere between 300 to 900. If the score is above 750 then you can apply happily for personal loans and credit cards.
To take the personal loan and credit cards the main thing is CIBIL Score. Each and everyone will have their own score. According to the score only the bank with providing the loan. So, every individual should maintain a good civil score.
How My Perosnal Loan Journey Started !
I have taken a personal loan for the home renovation. We have taken the villa in the Hi-tech and the interior was not so good. So, we were thinking about that and we were like “Why cannot we take a personal loan and do the home renovation” was the thought. A personal loan can be taken for the home renovation, home repairs, and changing the Architecture of the house.
We have visited the bank and meet the bank manager. And told him that we need to take a personal loan from your bank.
The Manager replied, ” Ok, I will process the loan for you.”
Again he after for the required documents. I have all the required documents with me and by the way my cibil score is also good. So, I got the personal loan without facing any problem.
This was the first thing I have applied for the Personal loan. So, I was having some doubts to fill the form. But the Banker has helped to fill the form and he explained to me all the doubts clearly and helped me a lot to fill the form. And I have given the documents and attached one photocopy on the form.
Required Documents for Salary based Employees:
As I am Software employee (IT Sector). So, the documents required are given below.
- KYC documents like PAN card, Voter Card, Aadhaar Card.
- Last 3 months salary slips.
- Last 6 months bank statements.
- Permanent and present Address proof.
- Passport size photography.
Required Documents for Self-Employees:
- KYC documents like PAN card, Voter card, Aadhaar Card.
- Last 1 year IT returns.
- Last 6 months Bank Statements.
- Proof for Bussiness.
- Permanent and present address proof.
- Office or company address.
- Passport size photography.
Conclusion
Personal loans are really boon to the people in need. Maintain a good CIBIL score to increase the possibility of getting the loan. It will also increase the principal amount of money with good score. Say no more for leg-pulling obstacles in your career. Keep moving forward !.