According to www.apnapaisa.com, whenever a person considers taking a loan, the first question that comes to mind is about the type of loan that he/she can get. No clarification is needed while applying for a personal loan. Neither do you require a guarantor or security. You can obtain a personal loan primarily on the basis of your income.
Personal loan features:
Loans for salaried and self-employed individuals.
Special loans for doctors, chartered accountants, engineers, architects, company secretaries etc.
Flexible repayment options ranging from 12 to 60 months.
Hassle-free loans. No security/guarantor/collateral required.
Balance transfer facility to retire any higher cost debt
Loans available against repayment track record of any existing auto, personal or home loan
Loans available against proof of life insurance policy premium receipts
Simple procedure, minimal documentation and quick approval
Requirements for a personal loan
Banks require various documents before advancing personal loans. Below are some of the basic documents often required by banks:
Functional salary account, which is often expected to be domiciled with the bank
Completed retail lending application form
Letter from employer or employment letter
Confirmation letter and/or last promotion letter
Staff identity card
Valid means of identification (travel passport, driver’s licence or national ID card)
Proof of address
Other Know-your-customer documents depending on the banks
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