Loaning is the act of borrowing a certain amount of money that needs to be repaid at particular intervals. It depends on the bank if the intervals are uniform or not. Usually, they are paid weekly or monthly. The bank gives its customers a certain amount of time to repay the loan. The bank makes a profit out of this too, in exchange for the money, an interest rate or fee is added that needs to be paid along with the original amount. Some loans come as lump sums and they are huge. During these situations, the bank provides installments through which the loan can be repaid. A personal loan company in Jaipur does the same thing.
What is a personal loan?
A personal loan is when a person needs to take a loan for their personal reasons, it could be to fix a repair or for any other reason. The average interest rate is about 9% on these loans. They are the cheapest and the best option. To take out a loan from a personal loan company in Jaipur, the candidate needs to have a good CIBIL rating. Based on the credit score, the personal loan is given out. Credit score says if the candidate returns the loan within the deadline or not.
What is the process?
- This process can be done both online and offline in most cases. Before this, there is a certain eligibility criterion.
- The minimum age should be 18 years and with a good CIBIL score. This loan is given to people who have a working job with an income of a minimum of ₹15,000 or more.
- EMI/NMI ratio should be less than 50%.
- Minimal documentation is required.
- There are two loans provided by the personal loan company in Jaipur. Term loans and overdraft loans. Based on the needs the customer can select the one that suits them.
- If one is applying offline, they can go directly to the bank with the required documents and apply. If they are applying it online, they can go to the website and look for the options. Later they need to fill in some personal details and follow the steps.
- After registration, they verify the eligibility of the candidate and ask for the required documents. After this, the bank calls the customer and the loan amount will be transferred to their account.
- There are a few extra charges here. While repaying back the loan, a certain interest rate is added. The bank has the options that allow the customers to pay on EMIs and has easy payment options to repay the loan amount.
Oftentimes, most people are in a situation where they need a certain amount of money for an emergency or any other issue. The personal loan company in Jaipur helps their customers with the required loans and provides easy options to repay. For this, the customer needs to pass a certain eligibility criterion provided by the bank. The CIBIL score here is the most important criteria for any candidate to be approved for a personal loan.