If you have something in mind that you want to buy but don’t have the financial backing for it, then a personal loan could be your solution. Today, a lot of people are opting for personal loans, which is why you might want to know what the checklist for a personal loan consists of. Be it personal loan documents or personal loan interest rates, there are a number of factors you need to look into before you apply for a loan.
Personal Loan Application Checklist
Before the wheels of the process begin turning, you need to determine whether you are indeed eligible for a personal loan. The factors that contribute to eligibility are stated upfront, both for salaried professionals and self-employed individuals, but different companies have different criteria to meet. In the case of Bajaj Finserv, salaried professionals have their odds calculated based on the salary they get and the city they live in.
You need to get a list of Personal Loan documents before applying for a loan. The list varies for salaried professionals and business owners.
- Salaried Professional: If you come under this category, you will need to produce documents like – photo ID proof, residence proof, details of your income, employment information, and bank statements.
- Entrepreneurs: In case of self-employed individuals, the documents needed are photo ID proof, address proof, proof of business, details of income, and bank statements.
Depending on the financier you choose, the documents may vary. Institutions like Bajaj Finserv require bank statements and financial proof for three months prior to the application, while other companies may ask for 6 months proof.
Fees and Interest Rates
When you apply for a personal loan , keep in mind you will be paying interest for it. One factor to look at is the interest rate you will be charged. Various companies offer competitive rates and they can usually be found online. Bajaj Finserv is one such financial service provider that offers online services and information about the fees and rates it charges for a loan. This will help you understand your personal loan better.
Calculate Your EMI
When you apply for a loan, you will hear about EMI quite a lot. This is the monthly payment you make for the loan. With the EMI calculator, you get a fair idea of how much you will be paying out before your loan is sanctioned, which makes preparing for it easier.
Once you get the financier sorted, the interest rates fixed, and your papers organised, applying for a personal loan becomes a walk in the park. Some places even have the option of applying online, like Bajaj Finserv, which could make things easier for you.