How to get a personal loan?

Standing on your own in this expensive luxury market is challenging. Everyone requires some or the other assistance to fulfill their needs. The more different the people are, the more different are their needs. They vary terrifically from buying a new gold jewelry to funding their dream car.

Here at Loans Jagat we try to fulfill almost all your needs. The most common and simple type of loan is a personal loan. And the profile it has, is also varied. Personal loans can be used for the following reasons:

  • Home improvements or repairs

A personal loan is the best thing or option to fund your home renovation or repairs. Let it be Diwali, Christmas, ID or Navratri you can always apply for some loan to your house repairs.

  • Consolidate other debts

The most common reason to apply for a personal loan is to consolidate all other debts. It is nightmare to remember all various types of loan, their interest rates, their due balances and their due dates.

  • Fund your dream car

Who doesn’t like a brand-new car of their choice? When you get the adequate funds, you can buy the car of your dream through personal loan.

  • Pay off wedding expenses

Wedding expenses are the most costly ones and may need some assistance to ease up the pressure. This may tick off the main expenses like the venue of the wedding.

  • Any other large purchase

Buying a new boat, funding your dream vacation, paying medical bills, etc. can be funded through the way of personal loan with cheaper interest rates.

Benefits to apply for personal loan

  • Improve your credit score
  • Increase your credit history
  • Exchange high interest debts with a lower one
  • Consolidate all debts to minimize missing of due dates
  • No need for any collateral asset
  • Easy documentation
  • Flexible repayments

Once you device to avail a personal loan, you should be a smart borrower and research all the available options that you have. There are various banks, financial institutions, NBFCs and online digital lenders are must be looked upon.

  1. Verify your eligibility by filling up the basic details asked by any bank or NBFCs. This will help the financial institution check how eligible are you to apply for the loan and also go through your credibility at the same time.
  2. Get your eligibility criteria results which will ensure that you can apply for any personal loan. At LoansJagat you need not visit any bank to know your eligibility. You can just fill up the few questions asked by us on the site and you’ll receive an email regarding the same soon.
  3. Submit the required documents to the institution which will verify your address proof, your identity and your credibility. When you visit a bank, you have to fill up an application to apply for the loan then later on the bank considers your application and gets in touch with you for further discussion, which is actually a lengthy procedure.
  4. After these documentation process, one must also go through physical verification of the applicant. And also discuss any queries if any, regarding the loan or repayment.
  5. And once your loan is sanctioned, the loan will be disbursed and will be credited in your account.

Documents required for the same are less than compared to other banks.

  • KYC Documents
    • Passport Size Photograph
    • Identity Proof – (Aadhar, PAN, Passport, DL or Voter ID)
    • Residence Proof – (Electricity Bill, Mobile Bill, Water Bill)
  • Financial Documents
    • Latest 3 months bank statement of your salary account
    • Last 3 months salary slips

These documentations vary if the person is a salaried employee or a self employed person.

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