Looking for urgent financial funds—personal loans are the best option for you. You can avail a personal loan to meet immediate financial needs for a short period, be it for marriage expenses, planning a vacation, or paying your medical bills. Personal loans are your best option to pay off any personal debts, or make purchases – the cost of which you cannot afford upfront. Additionally, you have the flexibility to use the funds availed through personal loans the way you want, without any constraints. As there is no security or collateral involved, personal loans can sometimes cost you a lot, as the interest rates are high.
Why Should You Avail Personal Loans?
Even though personal loans are unsecured, it doesn’t require you to pledge any security or collateral to avail it. But, you should maintain a good credit rating to avail other benefits like flexible choices on amount, tenure, and EMI. Also, a good credit rating will increase the probability that your loan is sanctioned. In case you have a bad track record or any huge outstanding loan, the bank will charge you higher interest rates.
Besides, there are lots of other benefits a personal loan has to offer, first and foremost being its convenience. You get the procurement of long term loan and with a quick borrowing process. Additionally, it doesn’t focus on a single need—it can be borrowed for whatever purpose you want, be it clear debts or even for paying utility bills.
- Pay of debts
- Refurbishing your home
- Emergency funds
- Wedding expenses
- Emergency expenses
- Any other large purchases
There are specific criteria which you need to meet to avail a personal loan. Let’s have a look.
Criteria to Avail Personal Loan:
Applying for a loan, submitting all the documentation, meeting the eligibility criteria etc, is quite a tiring process. However, every investment has specific eligibility criteria, which you need to meet to apply for the loan. So have a good time researching the requirements of the banks you plan to apply for a loan. Here are some apparent criteria you need to fulfill:
- Stable and secure employment:
To avail a personal loan, you have to be employed for a minimum of 2 years to be considered eligible. The total tenure of earnings has to be a minimum of 5 years in case you are self-employed.
- Age Criteria:
You have to be at least 21 to apply for a personal loan, the younger you are, the more are the chances that you get the loan. Most of the banks require the person applying for a loan to fall within the age bracket between 21-65 years of age.
- Documentation requirements :
In addition, you will have to submit specific documentation to support your eligibility. Identity proof, Income proof, Address proof, Bank Statement, Passport-size photographs, Job continuity proofs are some criteria.
- Financial Situation: Your past financial records will play a significant role for approval of your loan request. Good financial records will increase your chances of getting the loan.
These are some mandatory eligibility criteria you might have to fulfill during your application process. But applying for a loan with violetcash.com is much more comfortable, without so much of tiring documentation and application process.
Violet Cash, with its fast and easy application process, makes the process from application to disbursal too quick and easy. You can get a loan in three easy steps:
- Submit request form:
Enter all your details in the request or application form. And you need not worry about your data; it is secure and confidential.
- Review the offer after acceptance of your loan request :
After you get the offer, you can review the proposal and accept it. If you do not like the offer, you have the right to refuse it.
- Disbursal :
After you approve of the offer, you get your loan amount in your bank account. You can use it the way you want.
So, after you follow these three quick and easy steps, you will have the money you required in no time. So do click here and apply for your much-needed personal loan today! Happy Spending.