There are several types of financial loans available in the market today. But not all of them come to aid when needed. There could be situations when you really need financial assistance for which the bank may not have a suitable loan product. It is here that personal loans come into play. As the name indicates, they can be used for a wide variety of reasons. It can be disposed off by the borrower in a way he likes; his only liability being interest and principal repayment.
Special characteristics of personal loans
Collateral security – In most cases, personal loans do not require any collateral security. The income statement and the personal identification documents of the individual suffices for the loan process. However, in extreme cases where the borrowing amount is beyond the usual limits, the borrower might have to provide adequate collateral security.
Reasons provided for
Personal loans are usually granted for personal reasons like child’s education, medical expenses, purchase of movable or immovable property, etc. It is usually provided for situations where there is no other readymade loan solution from the bank.
Who can apply for personal loans
Personal loans are usually granted for people with steady incomes. Salaried and business people with regular income streams are the most benefactors of personal loans. Their income statements, bank accounts, etc. are verified to ascertain the credit limit permissible for personal loans. The repayment tenure and the amount is also determined based on the income levels of the individual.
Documents required for processing a personal loan
The following documents are usually required of an individual for processing the home loan:
- Recent photographs
- Income tax returns of past three years
- Personal and official identification documents
- Personal referrals from individuals with credit worthiness
Role of AmOne in personal loan application and processing
Personal loans carry a significant amount of risk from the bank or financial institution’s point of view. Hence, they make the verification process very rigorous as a result of which most applicants fail to secure the loans. AmOne helps individuals and entities find the right loan solution that will meet their requirements.
AmOne ratings and complaints indicate that the company has been successful in helping a wide spectrum of customers meet their financial needs without any difficulty. In addition to suggesting the right loan product they also help the borrower submit all necessary proof that is necessary for completing the loan process.