How to apply for personal loan Upto 2 Lakh.
Personal Loan of Rs. 2 Lakh
publish By- md rihan.
A personal loan is a great way to meet your immediate financial requirement. The introduction of digitization in the Banking and Finance sector has further eased the loan process. With online lenders, you can now avail a personal loan within a short span and take care of your financial needs in a hassle-free way. Moreover, another major advantage of personal loan is that it is an unsecured loan which means you do not have to pledge any collateral. You can utilize the loan amount for various purposes, since personal loans are multipurpose loans. If you are looking to apply for a personal loan of Rs 2 lakhs, you can use it for managing medical expenses, travel expenses, debt consolidation, purchasing a bike, paying for some educational course, etc.
You can consider opting for a personal loan at Finserv MARKETS. Simple eligibility criteria, collateral-free financing, affordable personal loan EMI and flexible repayment tenure, are some of the major advantages of availing a personal loan at Finserv MARKETS. The application process for the same is mentioned below:
Personal loan application process
Step 1:
Visit the official Finserv MARKETS website.
Step 2:
Fill the online application form by providing your accurate personal, financial, and employment details.
Step 3:
Mention the loan amount and repayment tenure you wish to settle for.
Step 4:
Once you’ve filled in the necessary details a representative will get in touch with you to collect the documents.
Step 5:
The lender will review the application and verify your documents. Once everything is found to be satisfactory, you will receive the money in your bank account within 24 hours of loan approval.
Documents required for personal loan
Let us have a look at the documents required to avail a personal loan at Finserv MARKETS:
- Address proof such as Passport, PAN card, Aadhar card, Voter’s ID card, and Driving License.
- Identity proof like PAN Card
- Bank Statement for the last 3 months
Make sure that you have all these documents readily available with you before you begin the personal loan application process. This will help you avoid any inconvenience in the later stage. Also, make sure that you calculate your personal loan eligibility beforehand. This will reduce the chances of your loan rejection. Also, calculating the loan eligibility will help you have a better understanding regarding the loan amount you can avail.
Personal Loan Eligibility Criteria
The basic eligibility criteria required to avail a personal loan at Finserv MARKETS are mentioned below:
- You must be an Indian Citizen.
- You must be a salaried individual employed with a private, public limited company or an MNC
- You must be between 23 – 58 years of age
It is to be noted that lenders usually check your credit score before approving the loan application. Therefore, you must make efforts to improve your credit score before applying for a personal loan. Having a credit score of 750 or above can help you avail the loan amount at a highly competitive interest rate. Moreover, if you have a credit score of 750 or above, you can also negotiate with the lender to avail favourable terms on your personal loan. You can improve your credit score gradually by making timely repayment of existing loans, clearing outstanding dues, minimizing credit utilization ratio, etc.
Also know about Bajaj Finserv Personal loan Eligibility Criteria
Personal loan EMI calculator
Another important factor is that you must calculate your 2 lakh personal loan EMI beforehand. This will help you make timely repayment of the loan amount. Timely repayment is essential to keep your credit score intact. You can use an online personal loan EMI calculator to get an estimate of your personal loan EMI.
The formula used by personal loan EMI Calculator is:
E = P x r x (1+r)^n/ ((1+r)^n-1),
Where,
- E stands for monthly instalments
- P is the amount that you want to borrow.
- R is the rate of interest
- N is the loan tenure in months.
You can calculate the combinations of the amount, interest rate and loan tenure as per your requirement to have a fair understanding of the EMI amount. Having an estimate of your personal loan EMI amount will help you repay the loan amount without straining your finances.
Availing a Bajaj Finserv Personal Loan at Finserv MARKETS is one of the finest ways to meet your financial needs. Apart from instant approval and quick disbursal, some of the other benefits of personal loan at Finserv MARKETS include minimal documentation, online account access, low processing charges, prepayment facility and zero hidden charges. You also get the option to customize your personal loan as per your requirements. So why wait? Avail a personal loan and meet your monetary requirements with ease, today.
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