Personal Loans – All You Wanted to Know

Personal Loans – All You Wanted to Know

The key features are:
It is an unsecured loan well suited for any purpose Like: Orlando Car Title Loans

– Education
– Marriage
РMedical goal 
– Order of Property or Resources
– Repay old lending options
– Investments
– Holiday seasons
– Gifts… and so forth

It is trouble free. No guarantors or security /collateral required. Lending options to salaried & a sole proprietor. Special offers for Experts like Doctors, Chartered accountancy firm, Engineers, Architects, Company assistants, MBA’s etc. Loans can be obtained from Rs. 50, 000/- to Rs. 20 lakh. Repayment options from doze to 60 months in easy EMI’s. Loans available against surrogate income of any auto, personal or home loan.

Minimum records & fast approval. What are the different types of personal loans available? Personal loans can be generally divided into income established and non income structured. Income based loans are given based on income every month/per year for salaried and independantly employed respectively. Not income based loans also know as surrogate lending options are given based upon repayment track records of existing personal loans, car lending options, home mortgages and Credit credit cards from approved banks. Minimum amount instalments paid/Months on literature required is 9-12 several weeks.

WHAT ARE THE MEMBERSHIP AND ENROLLMENT CRITERIAS?
The eligibility conditions for salaried and home employed are:

SALARIED:
Consumer should be Indian residents working and residing in Mumbai.
Minimum age required is 21 years and Maximum 58/60 years.
Least Work Experience-1 month in current company and 3 years overall.
Minimum Total Take Home – Rs. 20, 000/- monthly.
Residence-either Owned, rented or company provided.
Telephone/mobile mandatory at residence.
Currently almost all of the banks are providing unprotected personal loans only to employees of Private Limited, Limited and multinational companies.

SELF EMPLOYED:
Applicant should be Indian Citizens Functioning and residing in Mumbai.
Minimum age required is 23/25 years and Optimum 65 years.
Minimum 3 years experience in same business.
Minimum income Rs. installment payments on your 50 lakh per anum.
Residence/Office -either Owned, booked or company provided. Both residence or office should be self owned.
Telephone/mobile mandatory at residence and office.
Partnership organizations, Exclusive Ltd. companies and regarded Limited companies are qualified.

HOW IS ELIGIBILITY WORKED OUT?

Different banks have different ways of calculating the eligibility. In the circumstance of Salaried generally almost all of the banks would estimate eligibility to be 1/1. 5 times of twelve-monthly income. Factors such as existing loan liabilities, average bank balance, background on existing loans, company account & loan tenure also plays a part in deciding eligibility.
In the case of Self Employed’s the eligibility would rely upon the turnover, existing keep track of record, net profit, cash credit /overdraft limit appreciated, line of business, cashflow, bank statement, existing loan liability amidst other things. Usually the loan amount is limited at you. 25 to 4x of cash profit made less existing liabilities or a certain percentage of return less existing liabilities.

WHAT IS THE MONEY PERIOD?

Loan tenure is the period within which the applicant wants to pay back the loan. Loans can be repaid from one particular year to 5 years. The rule of the thumb being longer the tenure higher would be the loan eligibility and vice versa. Age the applicant along with period of service left also influences the loan period.


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