Know some facts before taking a personal loan

Suvbharat Times | 09072021 | Generally, the loan ceiling is often not the same and it is decided according to the repayment capacity of the loan and the capacity of the borrower. So, first, you should assess your actual loan requirement and compare the interest rates and benefits offered by various lenders for personal loans for the desired amount.

Lenders usually offer personal loans up to a maximum of Rs 30 lakh. But you take only as much loan as you need and never borrow more just because you are eligible for a higher amount. Also, most of the lenders offer personal loan tenures ranging from 12 months to 60 months, while some lenders offer tenors up to 84 months. So, make sure that the lender of your choice gives you the loan for the tenure that is convenient for you.

The eligibility and documents required in the case of personal loans are slightly different for the salaried and self-employed loan applicants. For example, while identity and address verification documents are the same for everyone, the requirements for income-related documents are usually different, so that you do not face any kind of trouble later.

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