|
Personal
Loans can be use for variety of reasons like debt consolidation, home improvement, home equity loans, or any purpose.
We are here to help you
find the right solution for your personal loan.
WHAT ARE PERSONAL
LOANS?
A loan meant for personal, family,
or household use as opposite to a long-term mortgage loan or a business-type
loan to finance real estate. This is a type of loan where interest rate and
repayment cost are normally rigid. It can either be secured or unsecured
depending upon a your circumstances.
TYPES OF PERSONAL
LOANS:
-
Secured Personal Loan
-
Unsecured Personal Loan
1. SECURED PERSONAL
LOANS:
Loans that are secured against property are called
secured personal loans. This loan is granted
when the bank or any institution secures collateral in the form of equipment,
real estate, marketable securities or Certificates of Deposit. Secured loans are
flexible & faster to process.
2. UNSECURED
PERSONAL LOANS:
Unsecured personal loans can be used for any type of purpose - paying
bills, school tuition, car repair, vacations, home renovation, etc. Unsecured
Personal loans require no property ownership & no collateral for approval but
approval is based on the credit history & employment status.
BENEFITS OF SECURED LOAN OVER UNSECURED LOAN:
- You have lower
monthly repayments than an unsecured personal loan.
- Repayments can be spread over a longer
period of time.
- You can borrow more money.
DOCUMENTS NEEDED:
Personal Loans are available to everyone
from richer to lower class. Certain verifications and documents are
required for the approval of a personal loan. some of the documents are as
follows:
- Application Form
- Proof of date of birth
- Proof of work experience
- Proof of Residence
- Form 16
- Photographs
|
Home 