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About Personal Loan

Personal loan is very common nowadays. It is an amount of money which is fixed as well as repaid within a stipulated time duration. A personal loan can be taken from banks, online money lenders as well as credit unions. A personal loan is of two types. A secured as well as an unsecured loan. A secured loan involves a type of collateral. One example of which is an auto title loan which has been secured by the title. Best personal loans are unsecured loans and these are quite popular as well. This does not involve any collateral. In this situation lenders usually focus on your credit history, income, credit score and much more. Sometimes they check your employment status as well. Unsecured loans are taken for extensive purposes such as wedding, improvements, debt consolidation as well as payment of medical bills.

Documents Required

The documents which are required are as follows :

  • One should be salaried. Proofs related to continuity of the job is a must.
  • The appointment letter is considered as a major proof itself.
  • KYC including PAN as well as aadhar of the applicant as well as co-applicant should be there.
  • One passport size photographs of each person including the applicant and the co-applicant.
  • Salary slips of the last three months of the applicant as well as the co-applicant.
  • Form 16, if only it is available.
  • Identity proof of office.
  • Bank statements for the last six months.
  • Statement of any account which is related to other running loans.

The advantages :

There are a lot of advantages related to the personal loan. Some are as follows :

  • It helps in enabling the required support to your credit score. It builds the credit score up.
  • Payment of immediate or urgent expenses would be done with the help of personal loan besides the interest rate being low.
  • Consolidation of different / various debts
  • Exact time/ exact date of the payment of the loan is reflected.
  • Without risking the assets, borrowing of money can lead to the eradication of any kind of financial difficulties related to a person or rather faced by a person.

Get a Quote

Now apply for a Equipment Loan online, All you need to do is provide your details below application form.