Say hello to your financial needs and unbox your loan with us in a matter-of-time. We have covered you for all your needs, be it paying off your wedding expenses, travel expenses, medical emergencies, or things you believe are good to have but beyond your control presently.
Neither do we believe in compromises, and nor shouldn't you! We bring the best-suited plan, tailor-made for you to shop, compare, and choose, which are quick and easy with a hassle-free disbursement process.
Benefits and Key Features of Unboxing personal loan with Us:
- Get a variety of loans to compare and choose from we offer. We guarantee you to crack the best possible deal at low-interest rates to fulfill your dreams.
- Grab your loan and rejoice to the fullest as we have a simple repayment process that won't bother you. Pay at your pace; choose from the offers repayment that best suits you and stay worry-free.
- There is no better sign-of-relief than to get your loan approved, almost instantly, with minimal documentation. We care for you and your dreams.
- Competitive Personal Loan Offers to choose
Eligibility and Documents Required for Personal loan Process:
- Age:18-65 Years
- Minimum net monthly income: Rs.15,000
- Work Experience: At least 6-12 months
Proof of both Identity and Residence (KYC):
- PAN card
- Voter ID
- Aadhaar Card
- Driver's License
Proof of income:
- Last three months' Salary Slips
- Previous six months' salary account Bank Statements
- Latest Form-16 and IT returns
- Offer Letter (If Customer Having Less Than a Year Experience in Current Company)
- Company ID Photo Copy
- Passport Size Photographs
How You will Unbox Your Personal loan
- Fill up an online application form with the necessary documentation
- Upon submission and once verified, we send an acknowledgment of the given contact details.
- Receive the loan amount in your bank account.
Recommendations for successful application of a personal loan
- Evaluate your loan needs
- Research to get the best rate offers
- Thoroughly review the terms and conditions on your loan document
- Choose your lending tenure by evaluating your ability to repay
- Pick an interest rate that is affordable to you
- Choose your loan amount according to your comfort
- Check your EMIs properly
- Compare the processing fee
How to avoid refusing an application for a personal loan?
- Approval of a request for a personal loan will depend on several factors. When applying for a loan, you should make sure that all the aspects meet adequately to ensure your loan application is approved.
- Personal loan eligibility requirements can vary from lender to lender. Several standard eligibilities include the applicant's age, income, credit score, employment status, and so forth. Before applying for a loan, ensure all eligibility criteria have met.
- Will help avoid your loan application refuse. Also, there are other options you can use in case your loan application reject; it recommends double-checking before applying to prevent the probability of the application rejected.
Reasons for Personal Loan needs!
A personal loan may use for any reason provided that it is morally acceptable. Specific lenders offer various loan products based on intention, which mention in the loan application by the borrower. Based on the reasons, these are some main reasons how personal loans can use:
- Personal Loan for Marriage: As the name suggests, a marriage loan is a loan that generally offers to fulfill the costs of a wedding.
- Personal Loan for Home Renovation: A loan for home renovation helps to cover the cost of repairing or renovating your home.
- Vacation Loan: This loan specifically for vacation. You can make use of a loan for your holiday and pay the expenses through easy installments at a later date.
- Personal Loan for Events: Some lenders exclusively offer a personal loan for events. You can apply for an event loan if you are looking for a loan to make plans for events/celebrations.
What to Dos Before applying for a Personal loan?
- Research offers before you apply for a loan.
- Do read the fine print carefully.
- Do save your monthly income for repaying.
- Pay installments of your loan timely.
- Apply for an affordable loan amount.
Pre-Payment and Part Payment in Personal Loan
A personal loan sanction for a stipulated time. This period is known as tenure for the repayment of loans. After you took a loan, you expected to pay off the debt through EMIs by the end of the term on loan repayment. Furthermore, if you plan to pay off your loan before the completion of the repayment period by making use of a loan, it is called pre-payment or foreclosure.
Full Pre-Payment in Personal Loan
If you pay the entire outstanding amount of the loan before the end of the loan repayment period.
Full Pre-payment advantages
- You can avoid excessive interest payments on your loan amount. Ultimately, if you have the money to pay off your loans, you could get rid of the credits too.
- You can also avoid paying interest in advance payment if you have borrowed from a lender who does not charge interest on the loan's pre-payment.
Full Pre-payment dis-advantages
- If your lender charges a penalty on the amount of the loan pre-payment, you may have to pay an additional amount of money to pre-pay your loan.
- Please review the other factors relating to it before you foreclose a loan. Foreclosing a personal loan means you would be paying out a large amount of money at once. Probably not always the best option.
Part Payment in Personal Loan
If you pay off a portion of the current loan amount before the end of the loan repayment tenure.
Part Payment advantages
- If you have some money available, you can choose to pay off a part of your current loan amount.
- The part that pays your loan will reduce the outstanding amount of the principal, which, in effect, will reduce the monthly installment.
- The overall interest you pay will also decrease considerably.
Part Payment dis-advantages
- You won't be able to maximize your savings if you don't make the part payment so soon enough.
- If your lender is charging a fee for part payment of personal loans, you may need to spend a more amount of money on the same loan.
Personal Loan Fees and charges:
- Processing fee.
- Services Tax or GST.
- Verification charges. (if applicable)
- Fees for issuing duplicate statements
- Penalty for default EMIs
- Penalty for pre-payment and part payment of the loan
- lenders might collect documentation charges. These rates differ from lender to lender.