Personal loans - Top 5 Questions Answered

Personal loans - Top 5 Questions Answered

Where can you spend your loan on? 

You have probably heard the term personal loan, but maybe it is completely new to you. Without any second thought, run through this guide that offers you the answers to the most common questions related to personal loans.



So the answer to this question will be pretty impressive. You can spend your loan amount on everything you need. As the name suggests personal, keep it personal and use it on anything you want.

What is the eligibility to get a personal loan? An instant personal loan is easily available in the market. However, to get the approval you will have to meet certain criteria and eligibility. You must have a good credit score that will make it easy for your loan provider to offer you the loan at risk. Apart from credit score, you must have a good bank balance and a stable income monthly so that you can pay back your loan on time.

What are the documents needed for a personal loan? 

Be it an online application, or physical loan process, you would need documents. Without documents, you cannot go ahead with the loan process.



You must have documents like income proof, address proof, Aadhar card, Pan Card, employment details, and whatever your loan provider asks you to offer. Make sure you keep each of the documents handy and original.

How can you calculate your EMI amount? 

Your EMI is the monthly installment you pay to repay your entire loan amount. The EMI will be calculated based on the loan amount, interest rate, and tenure.



The rate of interest is added to the personal loan amount and then divided by the number of months. It will give you an amount that you need to pay monthly to repay the entire loan amount within the stipulated tenure of the loan.

What credit score is needed for a personal loan? 

A score of more than 650 can make you eligible for a personal loan.

The better the score, the best for you!

Wrapping up

Use a personal loan calculator to depict the right loan amount and pay your EMI on time.

Use the money on anything and meet your requirements.

   

Address: 9th Two Horizon Center, 901b, DLF Phase 5, Sector 43, Gurugram, Haryana 122002 Phone: 1800 200 9898 Email us: hello@clix.capital Website: www.clix.capital

Clix Capital Services Private Limited