The requirement of funds can be for various reasons, to buy machinery, to purchase of assets and inventories, to pay the salaries of staff, to stock the raw materials etc. Personal loan can come to rescue in dealing with short term financial shortage in keeping up the requirements of business.
So, if you have decided to move on with your decision, then you must keep these things in mind which will assist you in taking a better decision and avoid getting the loan application rejected.
Complete document submission - It becomes easy for the lender to assess the loan application when all the documents are in place. Ensure that you don’t miss out on any of the important documents. Keeping a checklist of document submission, before applying for the loan.
Steady Source of Income - If personal loan is applied with other sources of income too, it creates a positive impression on the mind of the lender in granting the loan. The most prominent factor which matters to the lender is the repayment of the debt. If there is no steady income flow of the applicant and in absence of other parallel sources of income, the lender might reject the loan application.
Healthy Credit Score - As it is an unsecured personal loan, having a healthy credit score plays a vital role. It is the main factors while applying for the loan. A credit score is the major factor assessed by or rejection of the loan application. A healthy credit score may win you a better interest rate on personal loan which helps in getting loan faster.
Debt to Income Ratio - Debt to income ratio is an indication that you’re using too much of your money paying off other loans. It will decide for the approval or rejection of the loan. It gives an impression of your money management skills and whether you will be able to deal with the loan responsibly or not.
Check for the minimum income requirement - Lenders should get to know that the repayment will not be hampered or delayed if the income eligibility is low. You need to satisfy the minimum income requirement of the lender to avoid getting the loan application rejection.
Do not check Credit CIBIL score frequently - There might erupt circumstances wherein availing business loan will not be possible. So, availing personal loan is an ideal choice in such circumstances. Checking of credit score time and again will pose a negative impact on the credit score, thus lowering the chances of personal loan approval. Keep a gap of 6-9 months to avoid getting the loan application rejected.
No misinformation should be given - Banks do a background search of the borrower as a procedure. Loan application should be filled as per the details mentioned in the KYC document. False information of any sort will lead to rejection straight away. Provide every detail that are true and to the best of your knowledge.
Aditya Birla Personal Loan can be availed by borrowers for its unique features and benefits. It is available at attractive rates of interest and does not provide any restrictions on the usage of the funds.
Why one would choose Aditya Birla Personal Loan?
It is one of the 5 largest NBFCs and also a trusted partner to many investors and borrowers which have benefited greatly from the company.
Fixed interest throughout the tenure
Simple and minimal documentation
Flexible repayment system and easy mode of repayment via auto debit or PDC or ECS.
Faster approval and disbursal of the loan amount to the borrower.
Online application of loans
Partpayment is allowed without paying any penalties.
Keeping the track of the loan application on the website of the NBFC
Aditya Birla Personal Loan has schemes for professionals and salaried individuals. The loan product is compartmentalized into two offerings-one for loans up to Rs 5 lakh and the other for loans above Rs 5 lakh. The first type of personal loans is coined as instant personal loans and those above Rs 5 lakh are available on following up pf due procedure which takes a longer durations to get the amount sanctioned. Both salaried and self-employed need to furnish their documents of income proof, bank statement.
Aditya Birla Finance Personal Loan Eligibility –
Must be a citizen of India
Must be of 21 years of age and above
Must not be under too many debts.
Must have a healthy credit score
Must have stability and steady source of income
Must be able to repay the loan
Must be residing in the place for over a year
Mut be able to provide important business related documents
Must have a business existence of about a year
Aditya Birla Personal Loan Interest Rates and Other Charges
Interest Rate11% - 13.75%Processing Fee1% of the loan amountLoan AmountRs 2 lakhs to Rs 20 lacsPrepayment Charges4% of the principal outstanding in 1st year, 3% in second year and 2% thereafterLoan Tenure12 to 36 months
Before you plan your loan processing ahead, you should take the help of EMI Calculator and check your monthly EMI outflow ahead. It is a free tool that allows to input the details and get to know and plan the monthly budget. It is available on the portal and quite convenient to navigate through it.
CitiBank Personal Loan helps fulfil all your varied needs in the best possible way. Apart from the banking services it also offers personal loans to borrowers. Its features and benefits are unmatched as compared to other lenders. So, if you are looking to get your needs fulfilled through personal loan, then going for CitiBank Personal Loan is a good choice.
Features and Benefits of Personal Loan from CitiBank
Higher Loan amount
Simple documentation
Attractive interest rates
No collateral
Quick processing and interest rates
Convenience of getting doorstep service
Fees and Charges of CitiBank Personal Loan
Loan amountMinimum Rs 25,000 Maximum Rs 30 lakhTenure6 months to 60 monthsInterest Rate10.50% to 17.99%Processing Fees0.50% - 3.00%
Self-Employed Individuals (Professionals)
Income (Gross annual take home salary)Interest RateProcessing FeeLess than Rs 10 lakh17% to 17.99%2% to 3%Rs 10 lakh and above16% to 16.99%2% to 3%
For Self-employed Individuals (Non-professional)
Income(Gross annual take home salary)Interest RateProcessing FeeLess than Rs 10 lakh17.99% to 18.99%2% to 3%Rs 10 lakh and above17.49% to 18.49%2% to 3%
Eligibility Criteria for CitiBank Personal Loan
Must be an Indian Citizen
Must be 21 years and above
Must be salaried or self employed
Must be having a stable source of income
Must be residing in the place for about a year
Personal loans are easy to avail and doesn’t bound the usage to one. The funds availed from personal loans can be utilized for any requirement.