A personal loan is owning debt which the borrower has to pay back in a few years. Do you want to become debt free soon? Do you want to finish the loan before the loan term? Less time, less cost and less headache. To finish the loan fast you have to stretch yourself a bit and maintain a foo. A personal loan can finish fast. Personal loan with the debt-free approach is one of the bestselling product of CreditSathi. We believe in innovation and hence we bring the most innovative product for you which is a combination of liability and asset. This product has two ingredients, personal loans, and savings. On one hand personal loan will help you to meet your current financial requirement and on the other hand, savings component will help you to save more and pay the loan fast and become debt free.
Features and benefits of personal loan with savings product: –
Debt Free Fast – Savings component of the product will help you to pay the loan fast and become debt free sooner. Your savings will also fetch interest which will help you to pay loans fast.
Less Cost of Loan – Lender charges interest from the borrower for using his asset. If the customer pays the loan in three years instead of five years, there will be less usage of the asset and hence less cost. Loan tenure and interest go hand in hand. Less the tenure lesser the interest paid by the borrower.
Less Hassle – Being debt free is a good thing as you don’t have to worry about arranging the installments every month.
Money borrowed by an individual from a bank, NBFC or any digital lender without any collateral or security is known as a personal loan. The individual will pay this money back to the lender in installments over three to five years. Installment consists of principal and interest. The lender will charge interest from the borrower so the installments will be inclusive of interest. The current prevailing interest rate in India is between 8% – 15%.
Debt Consolidation – this is one of the topmost reasons why people take a personal loan. Maybe in past, they have taken a loan from an individual to meet out any unforeseen urgent financial situation on a very high interest rate or they have some credit card outstanding and paying high interest on it. As the interest rate is lower, a personal loan can be a smart way to consolidate your debt with better interest rates. You can use this to pay off any debt with a high-interest rate. We call it a good and profitable financial decision. If you are in any such situation we can help. Click Here!!
Business – Recently started business face difficulty in getting a business loan, if you are sure you can create more interest than what you will pay than there is no harm on taking a personal loan and meeting the business requirement. If you are in any such situation we can help. Click Here!!
Medical Bill – Although we suggest everyone to have medical insurance to meet medical expenses however if you don’t have one then you can use a personal loan to meet out the medical expenses arise due to any medical condition. Click Here to apply!!
Wedding – Marriage is a lifetime event and it comes with financial expenditure, you can use a personal loan to finance those expenses and make your marriage a lifetime memory. Click Here to apply!!
Home Renovation and Improvement – You can renovate and do some improvement in your house before selling to get a good price from the buyer. It will definitely fetch you more money. You can even construct an additional room and rent it out, you will create a source of regular income. You can use a personal loan for these purposes. Click Here to apply!!
Vacation – Create memories with loved ones. Click Here to apply!!
School One-Time Admission Fee – It is the dream of every parent to provide the best education to their kids. This journey starts with securing the admission of your kid in the best school. At the time of admission, schools charge a significant amount of one-time fee called school admission fee, if you are running short of funds you can use a personal loan to pay the one-time admission fees for the kid. Click Here to apply!!
Tenure of The Loan – Number of years in which the borrower will repay the money to the lender. Current prevailing loan tenure in India is between 3 – 5 years.
Interest Rate – What is the benefit of the lender? The lender will charge some amount from the borrower which is calculated as a percentage of the principal. This is called the interest rate. Higher the rate more money will be paid by the borrower to the lender.
Processing Fee – Amount charged by the bank to process the loan to meet their administration charges. This is one time charges imposed on the borrower.
|List of documents for Salaried||List of documents for Self-Employed|
|Identity Proof||Passport / Driving License / Voters ID / PAN Card / Aadhar Card (anyone) + 2 Passport Size photographs.||Identity Proof||Passport / Driving License / Voters ID / PAN Card / Aadhar Card (any one) + 2 Passport Size photographs.|
|Residence Proof||Lease Agreement / Utility Bill (not more than 3 months old) / Passport (anyone).||Residence Proof||Lease Agreement / Utility Bill (not more than 3 months old) / Passport (anyone).|
|Income Statement||Latest 3 months Bank Statement (where salary/income is credited).
Salary slips for last 3 months.
|Income Statement||Audited financials for the last two years.
Latest 6 months Bank statement.
Office address proof / Office ownership proof
Proof of continuity of business.
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