A personal loan is a type of loan that you can use for any personal purpose, such as paying for medical bills, home improvements, education, travel, or debt consolidation. A personal loan is usually unsecured, meaning you don't have to provide any collateral to borrow money. However, you need to have a good credit score and a steady income to qualify for a personal loan.
To access a personal loan, you need to:
• Find a lender that offers personal loans. You can compare different lenders online or visit their branches to check their interest rates, fees, terms, and requirements.
• Apply for the loan. You need to fill out an application form and provide some documents, such as your ID, proof of income, bank statements, and credit report. Some lenders may also ask for your employer's details and an undertaking to domicile your salary with them.
• Wait for approval. The lender will review your application and check your credit history and debt service ratio (DSR). Your DSR is the percentage of your income that goes towards paying your debts. The lower your DSR, the higher your chances of getting approved.
• Receive the funds. If your loan is approved, the lender will disburse the funds into your account or issue you a cheque. You can then use the money for your personal needs.
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