A personal loan is a loan that requires no collateral or security and requires minimum documentation. This loan’s amount can be used for any reasonable financial need. However, you must repay it in accordance with the bank’s agreed-upon terms, just like any other loan.
Here are some of the essential advantages and benefits of personal loans that you everyone must know. These features will help you while you apply for a Personal Loan at Insta Loan Service.
The hassle of visiting a bank and the documentation procedure consumes a significant amount of time. Furthermore, applicants are often confused about what to affix while applying. Therefore, at Insta Loan Services, you have to fill out a simple application form and submit the documents mentioned below.
The duration of the personal loan repayment will be based on the amount of loan you’re taking, the interest rate, and loan eligibility. Furthermore, personal loans at Insta Loan Services have flexible duration where you can pay without getting into any debt trap.
With Insta Loan Services, you get dedicated professionals and their entire time. Furthermore, you can put across any question or query until you get complete satisfaction. Also, you can have free advice from our professionals on processes like repayment, interest rate, and others.
If you are a working individual or self-employed, you can acquire a personal loan with a low annual interest rate. Furthermore, we guarantee tailored personal loan arrangements with no hidden fees and low-interest loan consolidation.
When you apply for personal loans, ensure you meet all of the essential criteria. This will help you get your loan application and verification process through. Furthermore, the eligibility for salaried and self-employed people to apply for personal loans is mentioned below.
Age: The age of the person applying for a personal loan must be at least 21 years old. Also, if you are a government employee with a pension, you can apply for a Personal Loan. However, the age bar is up to 70 years. If you work for a private company, then you can only use it until you reach the age of 60.
Employment: You can only apply for personal loans if you work for a public sector undertaking company, government institution, or public company such as private limited companies or limited companies when it comes to your employment. Furthermore, you can apply if you work for a proprietorship firm such as an individual proprietorship or a HUF, a partnership firm such as an LLC, a multinational corporation, or an institution administered by a proprietorship firm.
Documents: You’ll need to provide identity proof(copy of passport/ voter ID card/ driving license/ Aadhaar card). The secondary document is address proof. In addition, you have to provide the bank statement for the past 3 months, plus the two latest salary slips.
Credit score: 750 and above to raise the chances of availing a personal loan.
Self-employed professionals, salaried employees, business owners, and self-employed non-professionals.
At the time of loan application, you must be at least 21 years old, and you must be 65 years old when the loan matures.
2 years in the same profession or 3 years in the same business.
IT returns for the last two years.
700 & above
Income Documents- Salaried
Income Documents- Self-employed
The bank has the final decision on whether or not to approve a loan. Personal Loans are rejected for a number of reasons.
You can get loans of up to Rs.50 lakh. However, the maximum loan amount is determined by the lender and the borrower’s eligibility.
Pre-approved personal loans are short-term loans provided by banks to a chosen group of customers. These loans have minimal documentation requirements and do not require any collateral or security.