Personal Loan: These are the 2 big disadvantages of taking a personal loan, decide wisely..

Many times such situations arise when we suddenly need money for our important work. A large amount cannot be borrowed from everyone. In such a situation, our needs can be easily fulfilled through personal loans. Personal loan facilities are available in all banks. It can be taken easily because unlike car loans and home loans, personal loans do not require any kind of guarantee. Therefore it is kept in the category of unsecured loan.

But everything has some advantages and disadvantages too. Therefore, if you are thinking of taking a personal loan, then you must know about its disadvantages also so that you make the decision to take the loan wisely and you do not have to regret it later.

Higher interest rates
The interest rate on personal loans is much higher than that of car loans, home loans, etc. In such a situation, you have to pay higher EMI while repaying the loan, which impacts your pocket. Many times people take loans but later face problems in repaying them. Therefore, take a loan only as much as you can easily repay. Before taking the loan, get information about its EMI. You can also calculate your EMI online through the Personal Loan EMI Loan Calculator.

  Not available without income proof
Income proof is required in this. This is not available without income proof. Whereas for a gold loan or property loan, income proof is not required because, like a home loan or gold loan, it is given on the basis of collateral. To apply for a personal loan in most of the banks, the salary of employed people should be a minimum of Rs 15000 per month. Apart from this, it is very important to have a good CIBIL score on personal loan. If your CIBIL score is bad, you may face a lot of problems in loan approval.

These documents are required for a personal loan
If you have thoughtfully decided to take a personal loan and your personal loan application has been approved, then you will need documents like bank job details, address proof, Aadhar card, PAN card, bank statement etc. . Verification of papers is done after submitting them or uploading them online. After verification, the loan amount is transferred to your account. But if your documents do not match then the work goes into pending or the application may also be rejected.

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