A Personal Loan Pulwama is a financial service which can be taken by any person from banks or NBFCs to meet personal needs or desires. It is provided by the lender keeping in mind the age of borrower, income level, repayment capacity, credit and employment history, etc. Unlike the other loans, a personal loan is not secured by any asset. It lays its back on the words of the borrower with a promise to repay it within the stipulated time.
Personal Loan Pulwama Eligibility Criteria
- First of all, minimum age of the borrower applying for a loan should be at least 21 years for salaried person, and the same is 25 years for self-employed.
- Secondly, the maximum age is 60 years for the salaried person, and for a self-employed person, the maximum age should be 65 years.
- Then, if the applicant is salaried, he/she must receive his/her salary in his/her bank account.
- Also, the applicant should have a proper source of income.
- In addition to it, the monthly salary for a salaried person should be more than Rs.20,000.
- If the salary of a person is not more 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 imPulwamatantly, to avail this loan your minimum Credit Score has to be at least 700.
Personal Loan Pulwama Interest Rates
It depends on various things like the income of the person, the amount of loan needed, and the category of the company, etc. Generally, the usual rate of interest in the personal loan is 10.75% per annum. Though, it can change from time to time and in concern with different credit scores of the applicants.
- The applicant has an option to choose the time period of the loan.
- It can be ranging from 6 months to 5 years, as per the applicant’s convenience.
- If the candidate wants to close the loan before the completion of the time period 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 Pulwama
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 other lender needs to assure themselves by checking all the documents of the applicant of the loan.
- First of all, two coloured passport size photographs are a must.
- Also, one income proof which includes – salary slips and bank statement of last 6 months for salaried person.
- Besides that, one proof of identity, which includes – Aadhar Card/ PassPulwamat/ Driving License/ Voter Card/PAN Card.
- Meantime, one residence proof which includes – Aadhar Card/ Voter Card/ PAN Card/ PassPulwamat/ Ration Card/ Utility bills of last three months in the name of the applicant / Rental Agreement.
- Most imPulwamatantly, for a self-employed person, income proof is ITR of the last 3 years, and it should be at least of 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.
- Term Loan- This is suitable for small businesses. Loan is provided for a specified time period, usually at a fixed rate of interest.
- 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.
How to apply Online?
- The very first step is to visit our website, www.lendingwale.com
- Fill the online application form with your basic details in it.
- You will get a call from our loan experts within 5 minutes of filling the form.
- The whole process is very genuine, simple, hassle-free and understandable.
Pulwama is a place in Pulwama District in the state of Jammu & Kashmir, India. It is located 32 KM away from State capital Srinagar, Jammu. Urdu is the native language which is used here. The total population of Pulwama city is 254,749 people who are living in 35,627 houses, covering a total of 46 villages and 46 panchayats. Out of the whole community, males are 131,912 and females are 122,837.