A personal loan is a form of installment loan, which is a loan with interest that you pay back over a given period of time. Such personal loans do not
A personal loan is a form of installment loan, which is a loan with interest that you pay back over a given period of time. Such personal loans do not require collateral and are available for reasons varying from debt consolidation and home enhancement to emergency and major purchases.
RCS provides personal loan instantly, beginning from R2000, and up to R250,000 along with annual interest rates that starts form 15% and never exceeds 27.50%. These loans do not need collateral or security, and as such, they are very useful to recover from unforeseen expenses or emergencies. Most people use these loans to repair unwanted vehicle break downs, tide over a medical emergency, or even spend on big expenses such as marriages, education and much more.
RCS Personal loans have the greatest advantage of being quick and easy to process. To apply for a personal loan online is very easy. The whole process is paperless and online. In the RCS website, consumers can complete the loans easily and obtain a call back to complete the process of application. In customer support, RCS scores high. Each customer receives a free monthly statement via email or SMS, as well as customer safety insurance. RCS offers flexible repayment options, with the borrower having an option to chose a repayment plan extending anywhere from 12 months to 60 months. Repayment is through a debit order, where the installment amount will be deducted from the applicant’s bank.
Eligibility to apply for a personal loan online
The basic needs for taking advantage of a personal loan are minimum R2000 income a month. The applicant must have a South African ID and must be 18 years old or above. The applicant must also have a functional bank account and provide the current three-month bank statements as well. When the user is authorized, the amount of the loan shall be deposited in the bank account of the customer within 24 hours.
In addition to the monthly interest, RCS pays a free initial application at the time the loan is available. The interest rates for Personal loans are high compared to a conventional loan, considering these loans are not secured by any collateral. Thus, RCS is an authorized provider of credit and financial services, which execute with all relevant regulations. An RCS personal loan is a handy product for getting credit, for a host of circumstances.
Personal Loan Requirements
Here are the several documents of personal loan which the lender may require:
Every lender will have their own application for loan to begin the lending process.
It is one of the most essential personal loan requirements. Apart from explicit causes such as identity theft, lenders need to be able to check your identity to assess if you are a citizen of a particular company and if you are at least 18 years old. Usually, you will need to show two identity forms, such as:
- Driving license
- State issued ID
- Certificate of Citizenship
- Birth certificate
- Military ID
Verification of Employer and Earning
Unsecured personal loans differ from many other kinds of loans, such as mortgages or auto loans, since there is no collateral to the loan. It increases the risk of the lender and makes it even more essential that they verify that you have a stable source of income to repay the loan.
Evidence of your living situation may help a lender to determine how stable their lifestyle is. Normally you can use one of these:
- Bill of utility
- Rental agreement or Lease
- Evidence of house, lease, or vehicle insurance
- Identification card for voters
What is Personal loan?
Personal loans are one of the most searched loans all over the world. Personal loans are taken from people for different reasons such as a wedding, home improvement, festive expenditures, or debt clearing. Thus, Personal loans fall under the category of unsecured loans. This needs a stringent verification process for the documents. Most of the banks provide personal loan options. The verification process differs widely from bank to bank.
How to apply for a personal loan
Here are the following ways to apply for a personal loan online which can be given below:
Receive application of loan
Here first question arises that how to apply for a personal loan? The bank requires you to apply for a loan online to start the process of collecting and verifying your documents. A lender can visit a bank directly to fill out the loan applications form.
Collect the Documents
After a loan application is issued by the bank, whether you apply in the online mode or offline mode, a representative of the bank is sent to meet the lender to gather the necessary documentation required to make use of a personal loan. Many banks need proof of residence, proof of identity, proof of income, a properly completed loan application form together with passport-size photographs to apply for a personal loan online.
Verification process of Documents
It takes 1 or 2 days for the bank to review the documents provided and forward them to the department of verification. Banks usually have their own verification department. A team leader shall be sent to the place of residence of the creditor to check the address in person. We even visit the workplace of the borrower to check whether the client is working with them.
The verification team will give the results to the personal loan officer who manages and is responsible for that particular account after checking all the details provided by the borrower. If the verification process is effective, the loan will be approved by the bank/lender or the application for a personal loan will be denied during this stage. The bank must communicate clearly the reason for the borrower’s rejection of the loan that helps them to fix the problem.
Personal loan options
Here are the following personal loan options which are given below:
- Secured personal loan
- Unsecured personal loan
- Fixed-rate loans
- Debt Consolidation loans
- Other types of loans
We have already explained several kinds of personal loan options in above section. These personal loan options are provided by most of the banks. You can get easily personal loan through these personal loan options.
We hope that you have must know about what a personal loan is and How to apply for a personal loan. Most of the banks provide the Personal loan options which can be helpful for taking personal loan easily.