What documents are required for personal loans?
Personal loans require the least number of documents, making it the fastest to be approved. Typically, financial institutions would require proof of identity, residence, income and also 3 to 6 months of your bank statements. Some banks also require guarantors and the same set of their documents. How is a personal loan repaid? Is prepayment of a loan possible? Normally, personal loans are offered between 1 to 5 years. The loan is repaid with Equal Monthly Instalments (EMIs). Prepayment is possible but will generally carry a significant prepayment charge. How is a personal loan different from credit card cash advances and loan against property?Personal LoanCredit card Cash AdvanceLoan Against Property Unsecured loan Unsecured Loan Secured Loan Between 15% and 25% For rollover credit (amount allowed to be rolled over and paid later) interest can go up to 35% Between 12% and 15.75% EMIs are higher because of high interest rate Minimum monthly payments can be made. However, the interest kee
