What is Personal Loan?

While every household has certain milestones to achieve, financing such milestones without exhausting one’s savings can be quite the challenge. The solution to this is simple. Such financial needs are significant and can be met with the help of personal loans. Unsecured loans such as personal loans can be availed from lending institutions like banks or non-banking financial companies by individuals to fulfill such requirements.

A personal loan is not secured against any asset which makes it a popular choice preferred for prospective borrowers. On Finserv MARKETS, you can avail personal loans at interest rates starting from 12.99% with zero hidden charges.  

 Purpose of availing a personal loan

The biggest plus point of personal loans is the fact that you can use them for a multitude of purposes, as you please. A personal loan can be availed from a lending institution in the following scenarios:

  • Expenses towards renovating your residential property can be borne with the help of a personal loan.

  • One’s medical bills can be handled through a personal loan.

  • Personal loans help finance your higher education, be it in India or abroad.

  • Use a personal loan when planning a one-time, memorable event like your wedding.

  • Fret no more when deciding to take your family for a remarkable vacation, because a personal loan for travel can help you do that easily.

  • Use a personal loan to purchase a car or two-wheeler to simplify your daily commute

  • Finally, a personal loan can also be used in the case of the expansion of one’s business.

How do personal loans work?

The process to avail a personal loan is quite simple.

  • Apply for the loan.

  • Support your application with relevant documents to prove eligibility for a personal loan.

  • The lending institution reviews the application and runs a check on your creditworthiness.

  • Once reviewed and cleared, your requested loan amount is transferred to your bank account to be used for necessary purposes.

  • Repayment of loans is done in the form of equated monthly installments, i.e. EMIs, based on the aspects like the loan amount availed, repayment tenure, and the interest rate applicable.

Key documents required when applying for a loan

On Finserv MARKETS, the documentation process for availing of a personal loan is simple, speedy and completely straightforward. Here are the important documents you require when applying for a loan.

  • Proof of nationality and identity through Aadhar Card, or Passport, or a valid Driving License

  • Proof of employment through PAN Card

  • Proof of income through salary slips for salaried individuals

Eligibility criteria for availing personal loans

The common eligibility criteria to avail a personal loan from a lending institution like a bank takes into account your age, occupation, income, creditworthiness and residence.

  • You must be between 23 to 58 years of age

  • You must be the resident of India

  • You must be a salaried employee

  • YOu must have valid KYC documents

  • You must be able to present your bank account statements for the last three months

  • You must have a good CIBIL score to meet the creditworthiness requirements of the bank.

How quickly can I get a personal loan?

At Finserv MARKETS, you can secure approval for a personal loan online in 3 minutes! Once approved, the loan amount is disbursed into your savings account within 24 hours. The process is quick, hassle-free, and without any hidden charges whatsoever.

What is the application procedure for personal loans?

The application process for personal loans are designed to be non-intrusive and speedy. With the availability of online applications help you secure a loan from anywhere, at any time. You can even do so from the comfort of your own home. On Finserv MARKETS, the procedure to procure a personal loan looks like this:

  • Fill in the details, as specified in the online application

  • Key in the amount you wish to opt for and the repayment tenure most convenient to you

  • Submit your application!

What are the interest rate and tenure on a personal loan?

A personal loan can help you fund your dreams quickly. Availing a personal loan on Finserv MARKETS gives you the opportunity to avail of attractive interest rates starting from 12.99% per annum. Depending on your income and credit history, personal loan interest rates can vary. As for the tenure, you can avail of either Flexi personal loan or term loans at Finserv MARKETS to get access to repayment tenures ranging from 12 to 60 months.

Conclusion

At Finserv MARKETS, you get to choose from personal loans that provide you with competitive interest rates, flexible repayment tenures and zero collateral to fulfill your milestones.

Happy Customers of Finserv MARKETS

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