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Procedure: How to Apply for Personal Loan
February 06 , 2013
  1. Personal loans should be shunned as far as possible. If your need cannot be postponed until you accumulate enough money think about alternatives. If you own some sort of financial assets like shares, lic policies, bonds or gold you can pledge these for loan against securities and get lower interest rate.
  2. Borrowing from a good relative or friend may help you get better loan terms. Albeit it may hurt your self esteem but will keep your finances from harm.
  1. Personal loan is a very risky asset for banks. Banks decide lending terms based on factors such as age, income, type of employment, length of employment, even organization where employed, personal liabilities and even marital status. More the stable you come across to them- in terms of place of residence, employment- more likely the loan is.
  2. You may be able to borrow on better terms from the bank where you have salary account or even savings account.
  3. Most banks lend up to Rs 20 lacs on personal loan. Maximum tenure is usually 4-5 years. You would need a minimum monthly income of Rs 15,000.
  1. Standard documents for identity proof, address proof, income proof, signature proof and photographs will be required.
  2. Submit these along with filled application form. If the lender is satisfied about your repayment capacity and credit history, your loan will be sanctioned in 3-5 days time. 

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