We need money for almost everything in our life. To get medical treatment, to deal with emergencies, to go for a vacation, to fulfill your wishes, etc. All these things require funds. What if we are short of cash? Then we are here to help, with Personal Loan Memadpur. You can achieve your dreams in no time without having to think twice. A personal loan is a loan borrowed from an institution or a person to fulfill our requirements. The time period of such loans can be from 1 to 5 years as per the need of the consumer.
Personal Loan Memadpur Eligibility Criteria
- Firstly, the minimum age of the borrower applying for a loan must be more than 21 years for salaried, and the same is 25 years for self-employed.
- Afterwards, the maximum age is 60 years for the salaried person, and that for self-employed, the maximum age must be 65 years.
- Also, the applicant should have a proper source of income.
- Then, if the applicant is salaried, he/she must receive his/her salary in his/her bank account.
- Besides that, the monthly salary for a salaried person should be more than Rs.20,000.
- If the salary of a person is less than Rs. 20,000; then he or she is not applicable to avail this loan.
- Moreover, for the self-employed applier, ITR of Rs. 2.5 Lacs should have been paid for the last three years.
- Likewise, he/she must be a permanent citizen of India.
- Most importantly, to avail this loan, your minimum Credit Score has to be at least 700.
Personal Loan Memadpur Interest Rates
It depends on several things like income of the person, the amount of loan required, and the type of the firm where the person works, etc. Generally, the basic rate of interest in the personal loan is 10.75% per annum. However, it might change from time to time and in concern to different credit scores of the applicants.
- The applicant has an option to choose the time period of the loan.
- It can vary from 6 months to 5 years, according to the applicant’s convenience.
- If the person wants to close the loan before the completion of the tenure of his loan, then there is an option of pre-closure.
- For pre-closure, the charges are around 0-2% depending on bank to bank and region to region.
Documentation Required for Taking Personal Loan Memadpur
The documentation procedure for taking this loan is hassle-free and understandable. However, a personal loan is a very insecure loan; therefore, the bank or NBFC needs to assure by checking all the documents of the applicant of the loan.
- Firstly, two coloured passport size photographs are a must.
- Along with it, one proof of identity, which includes – Aadhar Card / Passport/ Voter Card / PAN Card/ Driving License.
- Meanwhile, one residence proof which includes – Aadhar Card / PAN Card/ Voter Card / Passport/ Driving License/ Utility bills of last three months in the name of the applicant / Rental Agreement/ Ration Card.
- Besides that, one income proof which includes – salary slips and bank statement of last 6 months for salaried person.
- Except that, for self-employed people, income proof is ITR of the last 3 years, and it should be of at least Rs.2.5 lacks.
Methods of Repayment of Loan amount
There are 3 methods of returning money:
- EMI (Equated Monthly Installments) – where you need to pay a fixed amount every month.
- OD (Over Draft) – here you pay interest only for the amount that you have credited, and once you debit that amount, then you do not have to pay any interest on it.
- Term Loan- This is suitable for small businesses. The loan is provided for a specified time period, usually at a fixed rate of interest.
How to apply Online?
- The first step is to visit our official website, www.lendingwale.com
- Fill the online application form with your necessary details in it.
- You will get a call from loan experts within 5-10 minutes of filling the form.
- The whole procedure is very easy, simple, hassle-free and understandable.
About Memadpur
Memadpur is a village in Banas Kantha District in the state of Gujarat, India. It is situated 19 KM away from District head quarters Palanpur, and 108 KM away from State capital Gandhinagar. Memadpur has its Pin code as 385421. The regional language used here is Gujarati. The population is 5923 and number of houses are 1267, as per the record of 2011 census. The overall literacy rate is 66.6%, and the female literacy rate is 27.3%.