Know About Criteria before Applying for a Personal Loan

1. What Is the Criteria You Must Have for A Personal Loan? Understanding Personal Loan: Personal loans are generally required by individuals to meet with their own expenses like a small scale business or certain another kind of start-up. The advantage of getting a personal loan over a business loan is that the interest rates are quite less, the tenure is longer. Also, you can loan small amounts for your personal needs instead of exorbitantly large amounts like in business loans. If you are looking to start a business on a limited budget or self-employment, it is best to stick to personal loans instead of unsecured business loans. What Are The Criteria For Getting A Personal Loan? Many individuals usually seek a personal loan in Ahmedabad for their limited budget business or to become self-employed. The factors which are considered while handing out personal loans are as follows: Annual steady income Profit and cash flow of the business The total turnover of the business What Can You Expect? Although getting a personal loan in Ahmedabad is usually a tough affair, getting a personal loan is quite simple. Also, you are given good interest rates so that you don’t end up spending a major chunk of your income on paying interest. If you are just looking to gain personal loan on the basis of your income, you can be given up to Rs. 3- 25 lakh.

2. But if you are intending to get a personal loan in Surat against a certain property, then you can easily land as much as 75% of the property value as loan.The tenure for the former type of loan is 5-15 years and the interest rate is usually 8.5-12.5%. as for the latter, interest rates are 11.5% onwards for a period of 1-3 years. What Are The Documents You Must Produce For A Personal Loan? Broadly speaking, people who are looking for personal loans fall under two categories. The ones who are salaried employees and generate a fixed annual income, and the ones who are self-employed or run a small business. For the first category, the documents needed are as follows: KYC documents like PAN card and Aadhaar card Bank account statements for the last 6 months Residential proof in the form of electricity bill or telephone bill Salary slip of last 3 months For the second self-employed category people, these documents are needed: KYC documents like PAN card and Aadhaar card P/L calculation and balance sheets for the last 3 years Registration proof with the company Partnership deed certificates and experience certificate Bank statements of last 6 month Summing It Up: Although it is true that there is much more work that goes into getting your hands on a personal loan in Surat, the above-mentioned steps sum it up pretty well. All you need to do is seek the guidance and services of a good company like Future Finance, the best industry to offer financial services in the market right now. Having said that, set your foot fine, and everything else will fall into the right places. To Know More Visit : https://futurecapital.in/ Follow Us On: