How To Get A Personal Loan Through Savings Account Easily
Looking to get a personal loan using your savings account? Learn about the benefits, requirements, and step-by-step process of securing a personal loan through your savings account with ease!
A Personal Loan is a great solution when you need quick financial support for unexpected expenses, big-ticket purchases, or special events. They have become one of the most preferred loan options due to their ease and simplicity. However, there are still many misinterpretations about getting a personal loan, including the requirement of a savings account. This article will clarify this misconception and provide the information you need to decide whether a personal loan is right for you.
Do You Need A Savings Account For A Personal Loan?No, you do not need a savings account for a Personal Loan. Some lenders may require a bank account, but it doesn't necessarily have to be a savings account. You could use a checking account if it meets the lender's requirements.
Factors Lender Consider When Granting A Personal LoanLenders consider the following factors when approving a personal loan.
1. Credit Score:A credit score measures an individual's creditworthiness. It is the most significant factor lenders consider when granting a Personal Loan. A high credit score suggests you are a responsible borrower and less likely to default on the loan.
2. Income:Your income is another important factor that lenders consider when granting a Personal Loan. The lender wants to ensure that you have a stable source of income and the ability to repay the loan. The lender may also consider the type of employment you have, your salary, and any other sources of income.
3. Debt-to-income Ratio:This ratio measures the portion of your income used to repay your debts. Lenders use this ratio to determine whether you have enough income to repay the Personal Loan with your existing debts. A high debt-to-income ratio may indicate that you are already stretched financially, which could result in a loan rejection.
4. Employment History:Your employment history is another important factor that lenders consider when granting a Personal Loan. The lender wants to ensure that you have a stable source of income and the ability to repay the loan. A long and stable employment history can increase your chances of getting approved for a Personal Loan.
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Document Required For a Personal LoanThe documents required may vary depending on the lender and your specific circumstances. But, the following are typically needed.
1. Proof Of Identity:You need to provide a government-issued ID, such as a passport, Aadhar card, PAN card, or driveing license, to prove your identity.
2. Proof Of Income:Provide proof of your income, such as pay stubs or tax returns, to show that you can repay the loan.
3. Bank Statements:Present recent bank statements to show your financial history and to help the lender determine your ability to repay the loan.
4. Proof Of Residence:Furnish proof of your current address, such as a utility bill or lease agreement.
5. Employment Of Current Employment:You'll need to provide documentation of your current employment status and job security.
6. Other Supporting Documents:Depending on your specific circumstances, the lender may request additional documentation
Get A Personal Loan With IIFL FinanceIIFL Finance offers comprehensive and customised Personal Loans to meet various capital needs. With the loan, you can get funds up to Rs 5 lakh quickly and easily. You can apply for the loan online by verifying your KYC details or visiting the nearest IIFL Finance branch in person.
Q1. Do you get a personal loan through a savings account?
Ans. No, you don’t need a savings account to obtain a personal loan.
Q2. What are the eligibility criteria for a personal loan?
Ans. The eligibility criteria for a Personal Loan vary depending on the lender, but some common factors include the borrower's age, income, credit score, employment status, and previous credit history.
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