How to take personal loan from bank

Sometimes there comes a time in our life when we need more money. In such a situation, we go to any of our friends, close relatives or our family members, who can help us in this time. In such critical situations, if none of these can help you, then that time becomes more difficult for you. In such a situation, you can take a personal loan from the bank, which is a good option to get money in case of an emergency.

However, in today’s modern era, you get to see many such advertisements, which provide personal ie personal loans at a very low-interest rate. Complete information is being provided related to how to take a personal loan from the bank, along with it, complete information is being given about the interest rate on taking a personal loan, eligibility and documents required to take the loan.

What is Personal Loan

Banks and various types of financial institutions give money in the form of loans to people for depositing money as well as for fulfilling many purposes. A personal or personal loan is also one of these. However, there is no specific reason to take a personal loan. You can take this personal loan to fulfil an essential requirement of your life.

The most important thing is that you can voluntarily use the amount received under this type for the fulfilment of any purpose. While this is not the case with any other loan except a personal loan, they have to essentially fulfil the purpose for which their loan is taken. You can use the money received under personal loan for your house construction, marriage, children’s education, purchase of home appliances and medical etc.

Why Choose Personal Loan Option

Various types of loans are provided by banks and financial institutions, but a personal loan is more beneficial than all other types of loans. The most important thing is that the approval for a personal loan is available in 2 to 3 days, along with this you can make the smallest instalment at your convenience. Apart from this other benefits are as follows –

For Personal Purposes

For what purpose you are taking the personal loan, it does not matter to the bank. Meant to say, you can use the amount you get through this loan for any of your work. The bank does not ask you for any information in this regard.

No Guarantor Required in Personal Loan

One or two guarantors are mandatorily required in case of a loan taken by the bank, which can be any property or person. It is confirmed by the bank through the guarantor, that if the person taking the loan is not able to return the loan, then the bank recovers that money from the guarantor. But while taking a personal loan, you do not need to have any kind of object or property as a guarantor or guarantee.

Instalment Facility with Low-Interest Rate

A personal loan is easily available as compared to any other type of loan, due to which many banks and financial institutions charge higher interest rates, but personal loans on Paysense have to pay very low-interest rates. The biggest feature of this loan is that you can repay it in as many instalments as you want.

Paperless Document

Apart from a personal loan, you have to submit many types of documents in taking all other types of loans. Whereas in the personal loan, you have to submit only limited documents, that is, paperwork does not have to be done much.

Documents Required for Personal Loan

To take a personal loan from the bank, you have to submit some documents, which are as follows-

  • Proof of Identity ( Aadhaar, Passport, Driving License, PAN Card )
  • Proof of residence (Aadhaar Card, Passport, Residential Certificate)
  • Proof of Income (Salary slip of last 3 months as well as bank statement of 3 months
  • passport size photo
  • mobile number

Personal Loan Terms & Eligibility

Certain terms and conditions have to be followed by banks on personal loans as well. First of all, the bank customer’s income, employment history and loan repayment ability are assessed by the bank manager. After reviewing all these aspects in various ways, the loan is approved. The eligibility for taking a personal or personal loan is as follows-

  • The applicant must be an Indian citizen.
  • The age of the person taking a personal loan should be between 21 years to 60 years.
  • If you work in a private organization, then your monthly salary should not be less than 15 thousand rupees.
  • If you are a businessman, then your monthly income should not be less than 18 thousand rupees per month.
  • Applicant must have at least 1 year of work experience.

Documents Required for Personal Loan

To take a personal loan from the bank, you are required to submit some important documents, which are as follows-

  • Photo Identity Card – Photocopy of Voter ID / Passport / Driving License / Aadhar Card.
  • Proof of Residence – Ration Card / Electricity Bill / Residence Certificate
  • Income Proof – Copy of your bank statement for the last 6 months
  • Employment Certificate – Certificate of continuous employment of one year

How to Take Personal Loan From Bank

You can apply for a personal loan both online or offline, its process is as follows-

Personal Loan Offline Application Process

If you want to apply for a personal loan through online mode, then the application process for this is as follows-

  • First of all, you have to visit the concerned branch and talk to the branch manager regarding taking the loan.
  • You will get your employment, residence, monthly income and various types of information from the branch manager.
  • With the consent of the branch manager, he will give you an application form to take the loan.
  • After filling out this loan application form, you will have to attach all the important documents and submit them to the bank.
  • After this, your residence, income and documents will be verified by the bank employees.
  • If the information and documents given by you during verification are found to be correct, then they will submit their report to the bank manager.
  • After this, the loan amount will be transferred to your bank account by the bank manager after approving your loan file for a loan.

Personal Loan Online Application Process

If you want to apply for a personal loan online, then first of all you have to know here whether an online loan facility is available in the said bank or not. You can apply for the loan online when the online facility is available. For example, here we are giving you information about the process of taking a personal loan from ICICI Bank, its application process is as follows-

How to take personal loan from bank
How to take personal loan from bank
  • Now the home page will open in front of you, here you will have to click on Personal Loan in the Apply Online section.

How to take personal loan from bank
How to take personal loan from bank
  • Now a new window will open in front of you, in which many options will be shown like Savings Accounts, Home Loans, Personal Loan, Car Loan etc. In these options, you have to click on Personal Loan.

How to take personal loan from bank
How to take personal loan from bank
  • Now a new page will open, if you are already a customer of the bank, then you can proceed by selecting any one option from Net Banking, Credit Card, Debit Card, Loan Account. If you are not a customer of the bank, then you have to click on Skip & Continue as Guest.

How to take personal loan from bank
How to take personal loan from bank
  • Now the application form will open in front of you, here you will have to upload the documents after entering the details related to the information asked.

How to take personal loan from bank
How to take personal loan from bank
  • Once the loan is approved, the loan amount will be credited to your bank account. In the case of a new customer, the loan amount will be transferred to the account whose details you have given in the application form.

Personal Loan Limit & Interest Rate

Banks and Non-Banking Financial Companies (NBFCs) provide personal loans to people to meet their essential needs. These include house construction, marriage – marriage, medical etc. The personal loan comes in the unsecured category and the interest rate in this compared to secured loans ranges from 9 per cent to 24 per cent. Under a personal loan, you can take a loan from Rs 50 thousand to Rs 25 lakh, although some financial companies claim to give personal loans up to 40 lakhs.

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