Personal Loans To Match Your Expectations

Life has numerous ups and downs. One can fall short on cash to cover personal expenses such as medical bills, education, marriage, home renovation, etc. However, the nature of the expenditure may differ. A personal loan can match your expectations of having adequate funds for every expense.

What Is A Personal Loan?

Personal loans allow individuals to raise immediate capital via banks or NBFCs to fulfill their expenses. The main idea behind taking a personal loan is to maintain savings useful for future costs.

In most cases, borrowers use the personal loan to fulfill certain expenses like marriage, education, vacation, home renovation, etc., or combat emergencies. Like other types of loans, lenders offer the amount with an interest rate which they must repay within the loan tenure.

Benefits Of Personal Loans

Personal loans have become one of the most widely utilised loan products as they allow individuals to find adequate liquidity and cover expenses related to any financial emergency. When you apply for a personal loan, you get the following personal loan benefits:

• Immediate Capital:

Through a personal loan, Individuals can raise capital within minutes as quality lenders approve and disburse the loan swiftly after the loan application submission.

• No End-Use Restrictions:

A personal loan does not restrict the borrowers on the end use of the loan amount. The borrower can utilise the amount to cover any personal legal expenses.

• No Collateral:

Personal loan eligibility does not require the borrower to pledge collateral. This way, they can obtain a personal loan without needing a valuable asset.

• Quick Approval and Disbursal:

Reputed lenders approve the personal loan amount within five minutes of application. Once approved, they disburse the loan amount within 24 hours into the borrower's bank account.

• Personal Loan Interest Rate:

Personal loans come with attractive and affordable interest rates, which are lower than other high-capital loans. A lower personal loan interest rate ensures that the borrowers can repay without default.

Types Of Personal Loans To Meet Your Expectation

Every individual's capital needs may differ and require a specialised personal loan product to cater to their specific capital needs. For example, you may have savings to cover your child's education expenses but may need funds to cover the marriage expenses.

Hence, you must choose a personal loan that meets your expectations and offers an adequate capital amount. Here are some of the most common types of personal loans in India.

• Higher Education Loans:

Lenders offer higher education loans to borrowers to pay their tuition fees for college in India or abroad. The loan also covers various aspects of education, such as travel, accommodation, and more.

• Medical Personal Loans:

Medical loans cover medical and hospital bills to ensure timely treatment.

• Debt Consolidation Loan:

You can apply for a personal loan to consolidate your numerous existing debts into a single loan. By clubbing all the financial obligations, you can repay your financial liabilities through consolidated monthly EMIs.

• Marriage Personal Loan:

Wedding festivities include numerous high expenses the borrower must cover within a set period. A marriage loan allows borrowers to raise immediate capital to cover marriage expenses.

Personal Loan Eligibility

Here are the eligibility criteria to take personal loans from lenders in India:

• Age:

The age of the applicant should be between 21 years-65 years.

• Employment:

The applicant should be a salaried employee or a self-employed individual with a regular source of income.

• CIBIL Score:

The applicant should have a CIBIL or credit score of 750 or higher.

• Monthly Salary:

The monthly salary or income of the applicant must start from Rs 22,000, depending on the city of residence.

What Are The Documents Required For A Personal Loan For Government Employees?

Lenders have designed personal loans to require minimal documentation. However, you must submit some documents to prove your identity and address to complete the KYC. Here are the documents needed to avail of a personal loan:

• Selfie:

The selfie of the applicant as photo proof.

• PAN Card:

The valid PAN Card of the applicant as ID proof.

• Aadhar Card:

Aadhar card or the applicant's driving license for address proof.

• Employment Proof:

Employment proof for salaried employees/ Proof of business existence for self-employed individuals.

• Bank Statements:

Bank statements of the applicant for the last 6-12 months for creditworthiness.

• E-Sign:

e-Sign or e-Stamp for quick personal loan disbursal.

Avail Of An Ideal Personal Loan With IIFL Finance

IIFL Finance provides comprehensive and customised personal loans to fulfill your capital requirement. The personal loan offers instant funds up to Rs 5 lakh with a quick disbursal process and attractive personal loan interest rates. You can apply for the loan online or offline by visiting IIFL Finance nearest branch and verifying your KYC details.

FAQs:

Q.1: What is the interest rate on IIFL Finance personal loans?
Ans: The interest rate on IIFL Finance loan starts at 11.75%.

Q.2: Do I need collateral for a personal loan from IIFL Finance?
Ans: No, you do not need to pledge any asset as collateral to take a personal loan from IIFL Finance.

Q.3: What is the minimum and maximum loan tenure for IIFL Finance personal loan?
Ans: The minimum loan tenure is 03 months, and the maximum term is 42 months for IIFL Finance personal loan.