subject: Are You Interested For A Personal Loan? [print this page] Personal loans are of interest for most people today, because of the ease of obtaining one and they are also not limited to not just one or two uses but they can be used for a variety of purposes. These can include personal needs, ambitions and every whim and fantasy that one has.
A Personal loan is provided by banks, private financial concerns and money lenders. As people know, that it is very risky to take personal loans from any source other than banks due to simple reasons of their intentions behind giving out loans, the personal loan rates of interest they charge and the illegal methods they adopt to recover the loan amounts. This has forced many people to look for banks to apply for a personal loan.
Personal loans applied in banks can be lot safer than when are applied in financial concerns and money lenders. This is because of the rules and regulations of RBI that banks have to adhere to when forwarding loans, personal loan rates of interest and also the recovery methods adopted by the banks.
But, who can apply for a personal loan?
Personal loans can be applied for by any one provided they fulfill the following eligibility criteria.
The person must be at least 21 years of age.
The person must be employed for at least two years in corporate sector or government sector. For business people the business must be a registered business which must be running for at least 3 years of age.
The income of the employee must be at least Rs.200,000 per annum. While the business person must be at least Rs.300,000 per annum.
Other loans: Any other loans on the person can make a difference in the repayment for the new loan that is being taken. So, people who fall under high income categories are given loans even when older loans exist.
These are some of the basic eligibility criteria which is followed by banks.
Banks can provide personal loan amounts ranging from Rs 50,000 to Rs.20,00,000. This vast difference in the amount has been designed keeping mind the various needs of people, as personal loan can be used for variety of purposes. Another reason is that even a high income earning person might need a small amount of money and may not want to take high amounts of money. So, this huge difference has been maintained to include almost all the people who need money.
Any one interested in a personal loan can apply directly in their respective banks and obtain information based upon the above mentioned criteria whether they are eligible or not. When found that the applicant is eligible for personal loan, he or she is given the loan. On a general basis, banks clear applications for personal loans within a weeks time. In the weeks time the eligibility of the person and also the personal loan amount eligible to the person are also disclosed along with the personal loan rates of interest.
One can also obtain such information and apply for loans through online finance retailers such as Policy Bazaar.com. Here, one can compare the best personal loan providers along with the interest rates, minimum and maximum amount given by each bank, etc are also mentioned.
by: raj sharma
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