What is a Personal Loan?
Before the financial institutions came into the picture, people took money from their friends and family or the local money lenders. Taking money from friends and family often spoils relationships as any delay causes tension and rifts. The local money lenders charge an astronomical interest rate and use coercive collection practices.
Financial institutions help individuals by providing them with the amount they need. The creditworthiness of an applicant is evaluated based upon their credit profile. Such a loan is called a personal loan, usually repaid in equal monthly instalments, commonly known as EMIs.
What are the Personal loan amounts available?
Every financial institution has its benchmarks for the personal loan amount they sanction. Usually, the top lenders provide personal loans starting a few thousand rupees up to INR 50 Lakhs. One can check the personal loans from top lenders and their sanction amounts on the LoansJagat portal.
How to get the best Personal Loan?
Individuals can apply for personal loans directly with the top lenders using their website or visiting their branches. However, to get the best personal loan in Delhi or other top cities in India, LoansJagat provides the best technology platform. Applicants can compare the loan offers from top Banks and NBFCs and choose the best personal loan as per their requirements.
What is the Personal Loan Eligibility Criteria?
Lenders evaluate the creditworthiness of an individual based upon their credit profile. Here are some essential details.
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- Financial institutions look for stable income sources that assure them of consistent loan repayment.
- An applicant working with a large corporation has higher chances of getting better terms of personal loans. Large corporations have better business continuity.
2. Loan History
- . Applicants with a clean history of loan repayments get a preference from the lenders.
3. Credit Score
- . The credit bureaus issue a credit score based upon past and current loans, repayments and financial behaviour. A higher credit score is more assuring for lenders to sanction personal loans.
- . Applicants generally get a higher loan amount in metro cities vis-a-vis the smaller towns.
LoansJagat allows applicants to know the complete loan eligibility and other terms before choosing the best personal loan.
Do Personal Loans allow Debt Consolidation?
Debt Consolidation is the practice of combining two or more personal loans into one loan. We often end up using several credit cards and personal loans to overcome financial requirements. Each of these loans has its minimum repayment amounts, payment dates and payment procedures. We often miss out on managing multiple loans. Debt consolidation helps individuals by combining the loans into one loan, thereby reducing the total EMI and making the loan more manageable financially and rationally.
LoansJagat allows individuals to apply for debt consolidation and get the best offer by checking their loan eligibility criteria.
How to apply for Personal Loans on LoansJagat?
LoansJagat makes it simple for applicants to apply for a personal loan. The six easy steps for applying for a personal loan on LoansJagat are:
1. Fill Basic Loan Details
Applicants need to provide the basic requirements for a personal loan. LoansJagat also helps them with the personal loan eligibility criteria and tools like a loan calculator.
2. Checking Eligibility and Loan Type
Applicants can then check their loan eligibility. LoansJagat also provides offers from top Banks and NBFCs.
3. Submit Documents
Applicants select the best personal loan as per their requirements and submit the documents as desired by the respective lender. LoansJagat provides complete guidance at each step.
The lender does the physical verification to ensure the creditworthiness and authenticity of the applicant.
5. Loan Sanction
LoansJagat notifies the applicant when their loan gets sanctioned by the financial institution.
6. Loan Disbursal
Applicants can complete the agreement. The loan amount gets directly credited to the applicant’s bank account.
Does LoansJagat provide any assistance?
LoansJagat assigns a dedicated relationship manager to every loan applicant. The relationship manager guides the loan applicant at every step of the loan process.
Are there any charges of taking a loan from LoansJagat?
LoansJagat has a direct partnership with more than 40 leading Banks and NBFCs. It does not charge any amount from the applicants. All the services on LoansJagat are free of cost for the loan seekers.
Is my data secure?
Yes, LoansJagat has a comprehensive policy for complete data protection. It does not sell any user data to any third party.
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