Personal loans are a great way to manage your emergency financial situation without having to borrow money from relatives. Due to the versatile features of personal loans; it can be availed for a variety of reasons, such as, wedding expenditures, health emergency, costs involved in moving from one house to another, paying off your credit card dues and much more. Personal loans do not require any collateral and you can get higher loan eligibility if you have a good credit rating.

Personal loans are also one of the quickest ways to have access to funds, with banks disbursing loan amount within three days of loan application receipt. People who are in dire need of a large amount of cash due to various reasons can rely on personal loans to fulfill their emergency. However, as a novice borrower, you must also understand the various implications of a personal loan debt.

Personal loans have one of the highest interest rates (only after credit cards). As they are unsecured loans, personal loans also have higher eligibility criteria and are only vetted out to salaried and self-employed individuals. If you are a first-time borrower and do not have an existing credit history for banks to rely on, your income should be sufficient for banks to ascertain your repayment capabilities. In general, personal loans rates usually fall under between 12.65% to 37% per annum, depending on your loan application.

Income is also a selection criterion for banks,as they require a minimum of Rs. 20,000 as income every month from prospective borrowers. However, depending on the amount of loan and your individual eligibility; it varies from bank to bank and city to city. At times people who have a low income but do not have other loans, credit cards or debts to repay, may get a higher loan amount approved.

Credit History is also checked at the time of loan approval. Every loan application that gets submitted to a bank or financial institution will have a credit score approval. Every individual who is financially independent and has availed any loan or credit card before will have a credit history. If you repay your bills on time and do not have too many loans; your credit score will be higher. Any default in payments and over usage of credit cards that leads to over limit brings your credit score down. So, keep in mind to maintain a good credit score and check your credit rating from time to time to ensure everything is accurate. Letzbank has partnered with Experian to provide you the ability to check your credit score online by paying a nominal fee that is charged by Experian. Experian is a credit rating agency that provides you information on your credit score and history.

Some common documents that are required for every personal loan application are as follows: Identity proof, Age proof, Address proof, Income proof, passport size photographs and duly signed loan agreement form. Mostly any valid government ID is taken in cases of identity and address proof (provided the address matches to where you are currently residing).

It is always a good idea to compare different personal loans provided by different banks before you narrow down on one single loan product. Letzbank is a perfect place for you to check different loans and also compare them at the same time. This is not only a user-friendly way to select the perfect choice as per your needs, but is also a time saver.

Letzbank also offers Instant Quotes feature, which allows you to get direct quotes from banks to help you make the right loan choice. It also offers a great tool to help you calculate your EMI, known as Letzbank Loan EMI calculator. Calculate your loan EMI within seconds and also see the principal and interest amount separately to help you discover how much money you will be paying in each category. Letzbank also allows you to check your personal loan eligibility online at their website with minimal questions that is neither cumbersome or time consuming. Once you have ascertained your personal loan eligibility, have access to Instant Quotes and knowledge of EMI; you can simply apply for the personal loan of your choice directly at Letzbank website. Letzbank also waives off service charge on all loan application that are submitted directly at their website as a goodwill gesture for its customers. So go ahead and visit Letzbank website and find the best personal loan offer that fits your budget and will provide you the financial assistance you need in no time.

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