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Personal Loan









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BASIC ELIGIBILITY CRITERIA

01

Good Credit Score

02

Valid Bank Account

03

Over 23 Years Old

04

Resident of India

05

Self-Employed or Salaried Professional

06

An Aadhar card, a voter ID or driver's licence, and a PAN card

07

Bank records from the last three months

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Salary Slips for The Last Three Months
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Understanding Personal Loans

A Personal Loan, often regarded as a financial lifeline, is an unsecured loan that caters to a wide range of short to medium-term monetary needs. Whether you’re dealing with debt repayments, planning a dream holiday, facing unexpected medical expenses, making down payments, funding wedding ceremonies, or pursuing any other personal goal, a Personal Loan can come to your rescue.
To avail of a Personal Loan, there are certain eligibility criteria to meet, including income details, employment information, credit history, and your Credit Information Bureau India Limited (CIBIL) score. Financial institutions, including banks and Non-Banking Financial Companies (NBFCs), are the primary providers of Personal
Loans. To make borrowing easier, tools such as the Personal Loan EMI Calculator are available, allowing borrowers to estimate the interest they’ll incur and choose the most suitable loan option.

Reasons to Opt for a Personal Loan

The flexibility of Personal Loans makes them a versatile financial tool. Here are some common reasons people avail of Personal Loans:

Emergency Medical Expenses

Health issues can arise unexpectedly, and a Personal Loan can provide the necessary funds for medical treatment.

Family Holidays

Creating cherished memories with loved ones often requires extra financial support, and Personal Loans can make those vacations possible.

Education Expenses

From school admissions to college tuition fees, a Personal Loan can ease the financial burden of education.

Debt Consolidation

Combining multiple high-interest debts into a single Personal Loan can simplify repayment and potentially reduce interest costs.

Business Ventures

Entrepreneurs and small business owners often turn to Personal Loans for initial capital or to expand their enterprises.

Home Renovations

Personal Loans can fund home improvements, turning your living space into your dream home.

Gadget Upgrades

Staying up-to-date with the latest technology is a breeze with a Personal Loan for gadget purchases.

Benefits of Personal Loans

Personal Loans offer several advantages:

Minimal Documentation:

Compared to secured loans, Personal Loans require relatively less paperwork since they do not involve collateral.

Ease of Availability

Personal Loans are readily available from banks and financial companies for both salaried and self-employed individuals.

Quick Approval and Disbursal

With online application processes, Personal Loans can receive instant approval, and the funds are usually disbursed within a few working days.

Applying for a Personal Loan with Buildmyfinance

At Buildmyfinance, we simplify the Personal Loan application process, making it a one-stop solution for your borrowing needs. Here’s why you should consider us:

Quick Eligibility Check

We provide a fast and straightforward eligibility check process, offering customized quotes based on your credit requirements.

Loan Comparison

Our platform allows you to compare Personal Loan options from various financial institutions and banks.

Immediate Approval

Once your Personal Loan application is submitted successfully, expect swift approval.

Required Documents for Personal Loan Application

The documents needed for a Personal Loan application vary depending on whether you are a salaried individual or self-employed:

For Salaried Individuals:

  • Identity Proof (AADHAAR, Driving License, Voter ID, PAN Card, Passport)
  • Residential Proof (Electricity Bill, Telephone Bill, or any authorized residence proof)
  • At least three months' salary bank account statements
  • At least three months' salary slips

For Self-Employed Individuals:

  • Identity Proof (AADHAAR, Driving License, Voter ID, PAN Card, Passport)
  • Residential Proof (Electricity Bill, Telephone Bill, or any authorized residence proof)
  • Proof of Income: Audited proof of the last two years' income
  • Bank account statements of at least six months
  • Official address proof

Securing the Best Interest Rate

Getting the best and lowest interest rate on your Personal Loan is possible through these strategies:

Seasonal Offers

Take advantage of seasonal and festive offers from banks and financial institutions to secure lower interest rates.

Maintain a Good Credit Score

A strong credit score increases your chances of obtaining attractive interest rates on your Personal Loan.

Timely Repayments

Consistently paying your loan EMIs on time not only prevents extra charges but also enhances your credit history.

Prepayment Penalties

It’s important to note that many banks and NBFCs charge a prepayment penalty on Personal Loans, usually ranging from 1% to 3% of the outstanding loan amount. Consider this when planning to pay off your loan early.

Minimum Interest Rate on Personal Loans

The interest rate on Personal Loans varies depending on factors like the loan amount, repayment tenure, income, and credit score. In India, Personal Loan interest rates typically start at 10.75%, but borrowers may negotiate for better rates based on their financial profile.
In a world where financial uncertainties can arise unexpectedly, Personal Loans provide a flexible and accessible solution to meet your diverse financial needs. With the right information and tools at your disposal, you can make informed decisions and secure the financial support you require.
Founded in 2017, We, BuildMyFinance, are dedicated to empowering individuals and families to achieve their financial goals.
Contact

Email Id

buildmyfinance@gmail.com

Address

3rd Floor, 675 Udyog Vihar, Phase V, Gurugram

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