Blog #Indian Bank Personal Loan

Technology has been growing up into this global education system over the years. Better ways of passing knowledge and knowledge to students are realized due to this. Technological benefits in teaching and assessment have made it possible for learning institutions to become simpler and efficient.

But when technology helps us grow, we also want to grow it and increase our knowledge. With the help of technology, we know better about the institutes outside of our country; today's generation wants to study abroad. But the problem occurs when they need huge money. Parents feel helpless when they have to arrange it; that time, the personal loan comes as a savior.

A personal loan is an unsecured personal loan that you may employ for any purpose like making your own house, educating children, and medical emergency. You are liberal in applying for the personal loan for a child's education as a student loan. Now the question arises why do we use a personal loan. So, let us check out the advantages of the personal loan. Personal loan advantages.

No limitation on end-use :- 

The primary and, therefore, the most vital advantage of the personal loan is that anyone can avail it and used it for any purpose. There are not any limitations on the full use of the personal loan. You have got any urgent funds requirement; a Indian Bank personal loan is often one of the simplest ways to get cash. So, the student can avail it easily. 

Quick disbursal :-

If you meet the eligibility criteria and have a good amount of CIBIL score, you will get a personal loan in 5 minutes' time. In fact, a huge number of the banks provide the Personal Loan Apply Online system, by that approval of personal loans getting easier. The consumer also feels satisfied. 

No mortgage required :-

You don't need to arrange for any mortgage. It's an unsecured loan. Therefore, it's easy to get it. 

Flexibility to adjust on the tenure :-

The tenure of the loan goes up to 7 years; therefore, you've got the availability to settle on a tenure that suits you best. Longer tenure means lower EMI, and if you pay higher EMI, you will submit your loan in a shorter period of time. Therefore, you'll decide tenure after calculating the EMI. Use the personal loan EMI calculator to calculate the exact EMI. 

Fixed-rate of interest :-

Personal loan is usually available at a fixed rate of interest. Therefore, the equated monthly installment will remain fixed for the whole loan tenure. Consequently, you don't need to worry about the rate of interest rate changes. 

Tax benefit :-

If you borrow the personal loan for the child's education, you'll avail of the tax write-off of up to Rs 2 lakh under Section 24B for the interesting part during a fiscal year. But remember that you simply will need to provide enough documents to prove that the cash has been utilized for that purpose only. After knowing the benefits, let us talk about the eligibility criteria. 

Personal Loan Eligibility Criteria :-

Indian Bank Personal Loan gives personal loan to individuals, self-employed professionals, and non-professionals. Different banks have different criteria for giving a personal loan. 

Following is the foremost well-known Indian bank's eligibility criteria for the people are :-

• The borrower's minimum age of 21 years, and the maximum is 60 years.
• Minimum monthly income Rs 15,000 (for only salaried person, for a self-employed person may have a better minimum income requirement at least of 4 lakh per year).
• Total years of employment is a minimum of 2 years.
• Year of current resident should be 1 year.
• A good amount of CIBIL score like 700 or more than that.
• Child's valid documents of education background.
• After knowing the loan Eligibility Criteria, apply for the personal loan at your nearest bank branch and help your child to grow.

Also read this: WHAT THINGS TO CONSIDER BEFORE BECOMING A GUARANTOR IN PERSONAL LOAN 

When a person needs a dynamic loan that has no limit on the ways it can be used for and is user friendly they go for a Personal Loan. It is one unique offering that helps in providing a lump sum amount of money that can be used by the borrower. The borrower is not bound to use the loan to purchase a car like in a car loan or consumer goods as in the case of a consumer good loan. This loan also offers loans with any collateral which makes it the most preferred type of loan in the country. Certain things have to be considered if you are going for this type of loan. Even minute differences can save you or cost you thousands. 

This type of loan mainly depends on the following factors -

• Principal Amount :
  It is the amount of money that the borrower is looking forward to borrow from the bank. The lower limit and upper limits of the amount that can be borrowed varies from bank to bank and also on the eligibility of the borrower. The interest is charged on this principal amount.
  
  
• The interest rate charged :
  The banks don’t just give out personal loan for free or non-profit purposes. The banks charge a sum of money known as interest on the principal amount. This interest is not to be paid apart but is included in the EMI’s (Equated Monthly Instalment). These rates vary from bank to bank and person to person depending upon the bank’s policies and borrowers eligibility. A bank may charge higher interest rates if the loan is not secured.
• Tenure of the loan :
  The tenure means the time limit for which the loan is needed. This is important as the interest charged by the bank depends on that. Different banks have different minimum and maximum tenure limit. The longer tenure of the loan may attract higher interest rates.
  
  
• Credit Score :
  A credit score is a three-digit code that ranges from 300 to 900. It is the score that is given to the person depending on their earlier lending habits. A good credit score will attract a better interest rate from the bank.
  
  
• Collateral factor :
  This factor depends on the factor of risk. As most of the personal loans are not secured with collateral the interest rate is higher than usual. On the other hand, if any collateral can be provided to the bank of complete or partial value when compared to the principal it may attract a better deal for the borrower.
  
  
• Miscellaneous factors :
  There are also some miscellaneous factors like age. Many banks offer personal loan to people of or above the age of eighteen and also some offer personal loans to individuals of age twenty one or above.

Thus these six points have to be considered while opting for a personal loan so as to get the best possible loan offered to you. Indian Bank personal loan is an offering by the bank in the personal loan segment. The bank offers loan amount of up to 20x times the gross monthly salary of the applicant. The loan tenure that they offer is up to 7 years and can be paid back in easy monthly EMI’s. The bank has been offering one of the fastest and easiest personal loan approval processes for years now and is trusted by lakhs of people in the country. They also have special schemes for pensioners and defence personnel.

Conclusion -

A personal loan of being such dynamic in nature demands to consider some other factors into consideration before opting for a personal loan. These factors not only can save you thousands of your hard-earned money but also ensure you get the best possible offer for your convenience.

Also read this: Things to consider before applying for a personal loan in India