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December 12, 2016

Desire of human beings never stops; it is like flowing river unstoppable.  The amount granted by an institute for personal, medical, family and the repairs of the house, purchasing electronic items like computer, air-conditioner, fridge, for business and household use is known as the Personal loans. 

Personal Loans-Grabbing the Eyeballs

Various kinds of loans are offered by institutes in India; however the Personal Loans is having an increase in the demand. Personal loans are not easy to obtain and comes with various restrictions.

Many companies are setting up base in India, targeting people from middle class, upper middle class to take up personal loans. Personal loans are ideal for weddings, higher education, expensive holiday, foreign tours/travels, medical emergency, and renovation of house, vacation tour, religious tours and others.

Document Needed For Personal Loans For Employed Professionals:

Nobody gives money without any pre-conditions. Personal loan is no different. Document required in order to take up the personal loans are given below as follows:

  • One has to be citizen of India
  • Must be employed and should have regular source of Income
  • Xerox of Aadhar Card, Pan Card, Passports
  • Xerox of front copy of the bank passbook
  • Minimum age should be 21 years
  • Maximum age must be 60 years
  • 2 Years in a Job
  • Staying in current residence for last 1 year
  • Salary slip of the last three months
  • Xerox of the employees ID Card
  • 4 passport size photographs
  • Residence Proof

Major Document Required For Personal Loans For Self-Employed Professionals:

The major document required for the self-employed professionals are as under:

  • Minimum age should be 21 years
  • Maximum age must be 60 years
  • Address proof of your company
  • Residential Proof
  • Last three months, salary slips
  • Birth Certificate
  • Residential Proof
  • Copy of your electricity bills, water bills

Advantages of the Personal Loans:

Some of the advantages of the personal loans are given below as follows:

Benefits From Taxes: A good personal loan will play vital role in giving you major benefits from taxes. You can avail tax deduction up-till INR 2.5 Lakhs.

Rate Of Interest: Rate of interest for taking up the persona loan is very fixed. Hence the monthly instalment, paid is also very fixed.

Flexibility To Choose Tenure: Great flexibility in choosing your tenure, suiting the customer. So, once a loan is offered to you, you can select the loan suiting you the best.

No limitations: Personal loan is like the home loans and can be used for any purposes. No limits are there, for the use of personal loans.

No Securities Required: Personal loans does not require any kind of securities. Since it is an unsecured loan, it is very easily obtainable and people like to go in for them.

Fast Processing: If you have a good credit history and satisfy all the eligibility criterions, then one can get the personal loans within 72 hours.

Good Schemes: Most of the banks/financial institutions announce special schemes for Doctors, Chartered Accountants.

Unsecured Loans: Most of the personal loans are said to be unsecured and depends on ability to pay money. After knowing, one’s financial ability to pay, they process your loan.

Disadvantages of Personal Loans:

Some of the disadvantages of the personal loans are given below as follows:

Not Good Credit History: Many people in India do not have good credit history. This affects your claim towards getting personal loan.

Bank Account: A bank account is vital to get a good personal loan. Otherwise it gets cancelled.

Difference In Eligibility: Eligibility criterion changes from one bank to another. Hence one gets confused regarding eligibility criterions.

So please do a bit of research in order to get good personal loans. Go for the loan, with reasonable interest rates to strike a good balance.

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Your may have a good house, a good family, and self employed. However, if you do not have a good education can be very disgusting. Loans taken up to finance your children’s education in schools/college is known as the Education loan.

Means To Get Educational Loan In India:

Various methods are prevalent in order to obtain the education loan in India. 80% of people living in India belong to the middle class, and working in level one positions. At this juncture, educational loan is the only gateway for their kids to attain higher education. Many best institutions offering educational loans are set up in India.  

Eligibility Criteria For Obtaining Educational Loans In India:

The criterions for obtaining the educational loans in India are:

  • Must be an Indian Citizen
  • Aged between 16—37 years
  • Good Guaranteed Asset for Security Purpose Required for amount more than 8 lakhs
  • Admission to technical and professional courses through the entrance test

Document For Educational Loans For Salaried Individuals:

Various documents need to be provided for obtaining the educational loans for salaried professionals. Some of them are as follows:

  • Pan Card Xerox
  • Driving License Xerox
  • ID Card Xerox
  • Passport Xerox
  • Last 3 Months Salary Slips
  • Recent Salary Certificate
  • Bank Account Statement Xerox
  • House Lease Agreement Xerox
  • Latest Mobile/Telephone Bills
  • Electricity Bills
  • Bank Passbook Front Page Xerox
  • Bank Statement Xerox

Furthermore, the Students, will need to submit the Xerox of last qualifying examination, proof of admissions, guardians income and expenditure details to the bank.

Documents Required For Educational Loans For The Higher Studies In Foreign Nations:

 Various documents are required to study abroad and they are given below as follows:

  • Letter from head of concerned department of college/University
  • Travel Documents
  • Visa Approved Papers
  • Marks Sheets from reputed institute
  • Letter from the Institute

Tenure To Complete Educational Loans:

Maximum tenure to complete educational loans is given below:

Loans up to 8 Lakhs—–Repayment Till 10 Years

Loans above 8 Lakhs—-Repayment till 15 years

Advantages Of Educational Loans:

Some of the advantages of the educational loans are as under:

Independent: Play a vital role in funding education of your kids In India.      

Easy To Apply: Without any cost, one can apply for the educational loans in a logical fashion.

Connected With Experts:   Educational Loan experts offers valuable guidance in understanding your complex requirements.

Very Flexible: Most of the educational loans are very flexible and stress on good security. Good and flexible repayment options are available.

Tax Benefits: Like other kinds of insurance, the educational loans offer tremendous tax benefits, under the Section 80E of the Income Tax Act.

Be Responsible: A good educational loan will make one responsible financially. The parents can keep family savings for other things.

Disadvantages of Educational Loans:

Some of the disadvantages of the educational loans are:

Lack of Knowledge: Lack of proper knowledge and understanding can affect interest to take up educational loans.

Complex Websites: Most of the websites are not user friendly, leading to lot of problem for students/parents applying for educational loans.

Stringent Conditions: If a student is not able to clear the loan, bank imposes fine and other conditions leading to huge pressure on students.

 Students need to do a detailed research on the credibility of the institutions offering Educational loans in India.

For More Information

Give Us a Missed Call On 022 – 62116588

(Or)    Download Our Money Mindz -Expert Seller

(Or )  Visit :  http://www.moneymindz.com/

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