If you also want to take a loan from any government or private bank but you do not know how and from where to get the loan? So you have come to the right place. In this article you will be told how to take a personal loan ? You will be given complete information about how to get a personal loan and what is its complete process.
The needs of life never end and to fulfill these needs, sometimes we suddenly need money. In such a situation, if we take money from a person giving money on interest or from a private finance company, then it becomes very expensive for us.
Because one, their interest is very high, which can be repaid by anyone. From above, every third day these people stand at your house. In view of all these things, a person finds a way to take a loan from the bank so that he does not have to be ashamed in front of anyone.
Everyone needs money, and the possibility of taking a loan also comes in front of everyone. Sometimes you have to build a house, get married, study abroad, buy something, do some business or get someone treated. For all these things, we suddenly need more money.
Most of the people are not able to arrange such a huge amount at once. Then the thought of taking a loan from the bank comes in their mind. They want that they take a loan from the bank so that no one knows and can easily repay it with low interest.
But most of the people get caught in the trap of small private finance companies because they do not know how to take a personal loan from the bank. They find the whole process very difficult, which is not. Let us first know what is a Personal Loan after all?
What is a personal loan and where can I get it
By the way, there are many types of loans and you must have heard the name of all of them. But as you understand from its name, it is (personal means personal) loan. Meaning it is not taken for any particular meaning.
You can use the money received as a personal loan in any way. Many government and non-government banks give you this loan. Well there are many types of loans like –
(1) Home Loan (loan taken to build or buy a house)
(2) Education Loan (loan taken to get higher education)
(3) Gold Loan
(4) Business Loan (for starting any kind of business)
(5) Personal Loan (loan taken to meet any personal need)
Apart from these, there are many other types of loans. But to meet the immediate need, attention is given to Personal Loan only. The reason for this is that very little paperwork is required to take this type of loan.
Many private banks put the amount of your personal loan in your account in just 1 hour. If you are wondering from where we will get a personal loan or how to take a personal loan, then you can contact the following banks –
(1) Punjab National Bank
(2) State Bank Of India
(3) HDFC Bank
(4) Axis Bank
(5) ICICI Bank
(6) Kotak Mahindra Bank
These are those 5-6 big banks in which most of the people have an account. Because it is necessary to have an account in the bank from which you have to take a personal loan. Only then you will be able to get loan from him. If you have several years old account in any bank then it becomes easy for you to get loan.
Provided that your record should be quite clean. Because banks check your credit score before giving you a loan. If your credit score is between 800 to 900, then you are given a loan immediately.
Let us tell you that what is your credit score, it depends on many things. Like how long have you been keeping money in your account. The EMI etc. you have been paying from your account are going on time or not? Apart from this, how many check bounces have happened in your account? etcetera etcetera.
Meaning before giving you a loan, any bank confirms with all these things whether you are an honest person or not? Should you give loan or not? And if you want to give loan then how much to give? There are 3 types of people who take loan from the bank.
- Those people who are in government jobs and whose salary comes in their account of the same bank from which they want to take loan.
- Those people who work in a private company, means they are also Salaried.
- People who have their own work or business .
So out of these, a person with a government job gets a loan very quickly and easily. Because the bank knows that the salary of this person has to come in this account every month. Due to which the bank keeps deducting its money every month comfortably.
For a person working in a private company or doing any work of his own, the method of taking a personal loan becomes a little different and difficult. Because they have to assure the bank that money comes to them every month and they will repay their money on time.
Because Personal Loan is a bit expensive as compared to other loans, the interest charged in it is higher than Gold Loan or Home Loan. The reason for this is that we do not mortgage any kind of thing like gold or house to take this kind of loan.
If you want to take a personal loan, then first think about it with a calm mind. Prepare your complete plan according to your budget, how much money do you have to take? In how much time to pay and how to pay, etc. Apply for Personal Loan only after all this.
How to get a loan – How to take a personal loan
By the way, you can apply for loan both online and offline. If you do Netbanking etc., then the option of loan remains available on the website of the bank itself. From where you can easily find out whether you are eligible for the loan or not?
Especially private banks like HDFC, ICICI and Axis Bank keep the information related to their loans in very detail on their website. On the other hand, Government Banks have also improved a lot and now they are also doing many types of work online.
So it is a simple matter that you first go to the official website of your bank in which you have an account. Now login by entering your Netbanking ID and Password. On the homepage of the website, you see the option of loans .
First of all, you have to confirm there whether you are eligible to take the loan or not? Means whether the bank will give you a loan or not. To see this, there is also a Loan Eligibility Checker Tool on the website of every bank, in which you can enter your Account No. You can check by filling.
If you are eligible to take a loan, then there you will get an option to apply the loan. You click on it and in the form that opens, fill your complete information properly. After submitting the form, you are asked to upload some of your documents.
In which your aadhar card, pan card and income certificate etc. You upload and submit these documents in a safe way, your work is done. Now you get a reply mail from the bank in which you are told that your payment will come to your account in such an hour.
So how to take a personal loan online means you must have come to know how to apply for the loan. But the matter does not end there, because only 25% of bank customers in India do online transactions with Netbanking or Bank.
The remaining 75% people do not know much about Internet Banking. So for them, we have to say that first of all, you should call your bank branch and find out whether you can get a personal loan? We are asking to call so that your time and money is not wasted.
Suppose you reached the bank without talking on the phone and they refused to give you the loan, then your time will be wasted. Or you took the documents according to you, but if the bankers asked for some more documents there.
Then you have to go to the bank again the next day. To avoid all these things, first of all, you should call the bank. You get the phone numbers of your bank branch in your passbook. Or you can also search from Google, from there you will get it.
Banks check your personal details like name, village and account number by asking you whether you are eligible for the loan or not? Is your record correct or not? If you are eligible, then you are told that you can take a personal loan of up to Rs.
After that the banks tell you about the documents with which you have to reach the bank. Prepare your documents and go to the branch of the bank. Generally, to take a personal loan, you have to submit the following documents to the bank.
(1) Residence Proof
- To take a personal loan, you can give your ration card, passport or electricity bill as a proof of residence.
(2) Identity Proof
- You can give Aadhar Card, Driving License or Voter Card as your identity card .
(3) Income Proof
- For income proof, you can submit your last 6 months bank statement, your salary slip or ITR.
After submitting all these documents, the bank completes the process of giving its loan, which may take some half to 1 hour. As soon as this process is completed, the bank tells you that in this time the amount of your loan will come in your account.
So this was the way to take a personal loan from the bank or from any financial institution, which is not very difficult. But here we would like to give you some advice. For example, one should never be in a hurry while taking a loan.
Decide in advance how much amount you need and in how much time you will be able to repay it. Accordingly, the bank will give you information about your Monthly Installment.
One more thing, if you have taken a loan, then pay every installment on time. Do not spoil your record at all, it reduces your credit score instantly. Due to which no bank will be ready to give you a loan in future.
Needs will continue to arise in life. So repay your loan in such a way that next time the bank will give you loan in just 30 minutes. So this was the complete information about taking a personal loan.
Your Cibil Score plays a very important role in taking a loan. The Cibil Score increases only when you repay the entire loan taken from the bank on time. If your Cibil Score is good then any bank is ready to give you loan easily.