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Personal Loan
Personal Loan
Get personal loan in Mohali with less interest rates, flexible payment options and low EMI. Apply with our easy documentation process and get credit with loan amount up to 50 lakh.
Why Choose Us?
- Flexible Payment Options
- Transparent Documentation
- Best-in-class Services
Features and Benefits of our Personal Loan
An unsecured loan with no security or collateral is called a personal loan. Because of this, it is a flexible financing solution with no usage restrictions.
Benefits of personal loan:
- Debt consolidation: This method reduces interest costs and simplifies debt management by combining many loans into one with a reduced interest rate.
- Buying Home: Funding home improvement projects with a personal loan may raise the value of your house and enhance your living space.
- Medical Expenses: A personal loan can assist in defraying the cost of unforeseen medical charges, such as emergency surgery or hospital stays.
- Emergency costs: To prevent financial difficulties, a personal loan might assist in paying for unforeseen costs like auto repairs or medical crises.
Or for your any other wish, apply for personal loan with Mohali’s best loan provider company, Bharat Loans App.
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Personal Loan Eligibility and Documents
Call to know the criteria required to apply for our Personal Loan
Personal Loan Eligibility Criteria
To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.
- Age should fall under the age of 21 years to 60 years
- Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs
- Credit score must be above 650
- Debt-to-income ratio
- Employment stability
- Maintained a good credit score
- Clear repayment history
- Must be a Resident Citizen of India.
Documents required to apply for Personal Loan
Identity Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
Proof of Residence or Address Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card
Age Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
Income Proof – 1 year Bank statement, 3 months Salary Slips
Employment Proof – Employment Certificate, Office address proof
GST or VAT Registration for Self-employed
Photograph – Passport-size photographs
Business proof – Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.
Income tax returns – Documents of the past 2-3 years to verify income and tax payment history
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FAQ
A personal loan is an unsecured loan that you can use for various purposes, such as debt consolidation, home improvement, or medical expenses. You borrow a fixed amount and repay it in regular installments.
Personal loans can be used for almost anything, from paying for weddings, vacations, or medical bills to consolidating high-interest debt.
You can apply for a personal loan through our website by filling out an application form. Our team will guide you through the rest of the process.
Eligibility is based on factors like your credit score, income, employment history, and existing financial obligations.
Common documents include identification, proof of address, income statements, and bank statements. Specific requirements may vary.
The approval process varies, but it usually takes a few days to a couple of weeks.
Interest rates and terms depend on your creditworthiness and the lending institution. We will find the best options for you.
We believe in transparency and will explain all fees and charges, if any, during the application process.
Yes, you can prepay your loan. The terms for prepayment and any associated penalties depend on the lender.
Missing an EMI payment can lead to late fees and negatively impact your credit score. It's important to communicate with your lender in case of financial difficulties.
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