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Is security cheque required for personal loan?

Is security cheque required for personal loan?

Yes, it is mandatory for bank to collect security cheques for the above mentioned loans. While approving a personal segment loan, bank ask you to submit cheque leaves which is called PDC I.e. post dated cheque. 2.

Is cheque book mandatory for car loan?

Yes all banks ask for these cheque and use it only if there is a non payment of EMI and non agreement to pay. At the end of the tenure these cheques will come back to you.

Why do auto loans require blank checks?

A blank cheque is required to be attached to the documents, to ensure that the account details are correct and the account number and IFSC code can be captured.

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Which loans are granted without a security?

Since Personal Loans are unsecured (without collateral or security) loans, banks will look at your income, cash flows, strength or stability of your business or employment to make sure you are able to repay the loan. HDFC Bank customers can get Personal Loans with minimal or no documentation.

Can I get a personal loan without collateral?

An unsecured personal loan lets you borrow money without having to pledge items you own as collateral. Unsecured loans do not require collateral, like a house or car, for approval. Instead, lenders issue these loans based on information about you, like your credit history, income and outstanding debts.

How can I get a car loan without proof of income?

Documents Required for Car Loan Application without Income Proof

  1. Self-employed applicants must submit a copy of their Business Ownership certificate and IT returns.
  2. Residential proof wherein the applicant has stayed in the same residence for minimum 1-2 years.
  3. Copies of the latest bank statements.
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What bank needs for car loan?

To get a car loan you must provide proof of your identity. You will need a photo ID with your signature on it, a current utility bill in your name that has the same address as your ID, and two months of current bank statements.