123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

What Questions To Ask When Applying For Personal Loans?

Profile Picture
By Author: shashank bhaskar
Total Articles: 36
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Today, it has become increasingly easy to get Personal Loans. Apply online without even stepping into a bank. Moreover, use the amount for many reasons that you need not specify to the lender. If the bank is convinced that you demonstrate good credit repayment behaviour and can repay the Loan amount, it gets sanctioned instantly. But before that, ask some crucial questions:
Why apply for Personal Loans?
You apply for a Personal Loan for several reasons, be it for a financial emergency, medical urgency, or recreational purposes. Personal Loans also offer to fund lavish weddings, luxury vacations, home renovations, and debt consolidation. Take out a Loan to invest in your business or put a down payment on your new home.
Can I apply for Personal Loans online? How to do so?
Yes, you may apply for Loans online. Simply visit the lender's website, fill out the online application form, submit your credit scores, and attach scanned copies of the necessary documents. If the bank is convinced that you can repay the Loan, it gets sanctioned and disbursed quickly.
What ...
... documents to submit along with the application?

The Bank Personal Loan does not require detailed documentation. Give the primary, minimal documents such as ID, address, employment proofs, salary statements of three to six months, and bank statements and income tax returns filed copies. If you are self-employed or own a business, upload documents related to your business.
While online Loans require soft copies, those who approach the bank must submit photocopies. If the bank is satisfied with the documents, you can expect instant approvals.
What are Personal Loan eligibility criteria?
For Personal Loan eligibility, prove to the bank that you have a regular income source. You could be a salaried individual, a professional, or a self-employed entrepreneur owning a business. Banks also consider the company you are employed with besides your credit history, credit scores, and your residential location.  
What is the typical Personal Loan term?
Every lender offers different tenures to repay Loan. However, most banks typically provide terms of one to five years for repayment. Rarely are you allowed to take out a shorter or longer-tenured Loan, depending on the case you made.
Make sure you ask these questions to yourself and some pertinent ones to the lender before applying for the Loan.

Total Views: 222Word Count: 374See All articles From Author

Add Comment

Investing / Finance Articles

1. 5 Tips For Minimizing Payment Processing Fees
Author: Sahil Verma

2. What Is Contactless Payment And How Does It Benefit My Business?
Author: Sahil Verma

3. Saving For Your Child’s Higher Education Abroad ? Here Are 5 Key Factors To Consider
Author: avendusgroup

4. Features To Look For In A Flexible Payment Gateway Api
Author: Sahil Verma

5. Sub-brokers: Who Are They?
Author: Vinay Pale

6. Know Everything About Promoter’s Holdings
Author: Siddharth Patil

7. 10 Best Practices For Secure Online Payment Processing
Author: Sahil Verma

8. Tax Benefit On Top Up Loan
Author: Pooja Jain

9. Merchant Accounts Vs. Payment Gateways Explained In Simple
Author: Sahil Verma

10. Find The Best Mortgage Broker In Melbourne For A Home Loan
Author: Jayvir Singh

11. Must Read 5 Best Books For Technical Analysis!
Author: FinGrad

12. Home Loan Prepayment
Author: Pooja Jain

13. What Does A Payment Gateway Do With Your Data?
Author: Sahil Verma

14. Switching Your Payment Gateway
Author: Sahil Verma

15. Market Bulls Argue That 2022 Will End On A High Note
Author: Vinay Pale

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: