Generally for those who are in need of emergency cash people opt for Personal Loans as they are offered without any collateral security. Generally all financial institutions and Banks offers personal loans subject to terms and conditions of the firm.
Even though they are offered without any collateral security, pledge of asset these loans are relatively costly when compared to any other loans. If Loan borrowers are ready to bear these high interest rates, they can opt for personal loans or else they should think twice
Eligibity Criteria For Personal Loan–
Salaried-They have to submit
- Previous year’s income tax return
- Form 16
- Last 3 Months salary Pay-slips
- They should have good credit history of more than 750
- Last 2 Years Audited Income Tax Returns(ITR)
- They should be in that profession for more than 3 Years with clear financial records
Generally Banks offer personal loans for customers having CIBIL score of more than 750+. They would be rewarded with lower interest rates if they have credit history
In any cases, if the ccustomers credit score falls below 750, some banks refuses to offer personal loans while some banks charge higher interest rates.
You should verify all the above terms and conditions and after fulfilling certain requirements, you should prefer Personal Loan. Please Consider this!