Mumbai: Considered to be India’s one of the most populated cities, is the place of Bollywood industry, billionaires and lots of other things in our country. Apart from being one of the financially stable cities of India, some people do face a lot of hardships in satisfying their financial needs. Many of them are the ones living just side by side by the billionaire Industrialists in the urban Mumbai that it is known for. Mumbai can be overwhelming quite a few times, especially if you are a student. And if you are living in this massive city on your own. In this case, it is ubiquitous to confront monetary needs sometimes. To your rescue, we are providing a guide on how you can apply for a personal loan and what is the criteria to be eligible to get an instant loan in Mumbai.
For students, it is essential to know that an educational loan and a personal loan is different from each other. A personal loan can be used for a variety of purposes apart from your studies, for instance, you can pay your tuition bills, your house rent, the requirement of funds for marriage, etc. as well.
Things to remember before applying for a personal loan
- A personal loan is an unsecured loan where you don’t need to to keep anything as a security, and you can get it based upon your credit score.
- Due to any circumstances, if the bank is unable to recover the amount of the loan, your credit score will get hampered severely.
- Various banks offer personal loan from 50,000 to 20,00000, and the amount can vary from bank to bank.
- You have to repay the amount within a span of 1 to 5 years.
- A personal loan has a lock-in period means you cannot stop the loan within 3 to 12 months after taking it.
- You can take a personal loan for purposes such as vacation, residence renovation, tuition fees etc.
- The interest rate of personal loan is usually more than 3-10 percent extra than the home loans.
Eligibility criteria for a personal loan
- If you are looking for a personal loan then, first of all, the bank will check your repayment capacity, for instance, if you have taken any other loan before or your annual income and if you are a student then the yearly revenue of your parents will be kept in consideration before your loan approval.
- Minimum income must be within 15000 to 20000 per month
- Your age must be within twenty-one to sixty years, and if you are a salaried person or running your own business, then your age criteria must be within twenty-five to sixty-five years.
- Next thing the bank will keep into consideration is the stability of your income
- A credit score is one of the essential things on which your loan approval is dependent, and you must try to keep your credit score at more than 750 as it is regarded as a good credit score.
Lastly, it can be said that taking a personal loan is a crucial decision to fulfill the liabilities or any other requirements. But one must consider many other things which are included in this particular loan for instances there can be some extra service charges or hidden associated fees and even foil charges as well. So firstly, an individual must do proper research about the schemes available for getting the full benefit out of a personal loan scheme.