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PERSONAL LOAN

What is Personal Loan?

A personal loan is a loan that does not require collateral or security and is offered with minimal documentation. This is an unsecured form of credit, this kind of instant loan does not have any end-usage restrictions, which means you could finance a royal wedding, a trip to your dream destination, renovate your home, deal with a medical emergency, or finance the expansion of your business etc.

Personal Loan Eligibility Criteria:

Home Loan in India can primarily be classified into two based on interest rates: fixed rate and floating rate of interest

AGE:

Your age becomes an important criterion as a measure of your ability to repay a Personal Loan. As a rule, if you are a salaried person aged between 21 to 61 years. On the other hand, if you are a self-employed professional, your age must be between 25 to 65 years.

EMPLOYMENT:

Personal loans for salaried employees' criterion dictates that you must be working for an MNC or a Private or Public Limited Company with a minimum work experience of 2 to 3 years. Likewise, self-employed professionals must have a minimum of 3 years of experience for personal loan eligibility.

INCOME:

Your personal loan minimum salary starts from Rs. 20,000 per month.

CREDIT SCORE:

Lenders assess your creditworthiness or ability to repay a personal loan by accessing your credit score, which derives from your credit history in your credit report. Your credit score affects the loan amount, period of credit, interest rate, and terms that you are offered.

What's the Personal Loan Eligibility for Salaried Employees?

You should be a Resident Citizen of India
Your age should be between 21 to 68 years
You should be an employee of a Private Limited Company, Public Limited Company, or an MNC, or Government Sector which may be a Public Sector Undertaking, or a Central or Local Body
Your work experience should be from 1 to 3 years and above
Your minimum Credit Score should be 750
Your salary should be Rs. 15,000 for a Non-Metro City, and Rs 20,000 for a Metro City
You should have 3 months' Salary Bank Account Statement
Must be able to provide last 3 Months Salary Slips
You should have an Employee ID Card
Your KYC Documents should be in order

List of Documents Required for Personal Loan

Photo Identity Proof

PAN Card
Voter ID
Aadhar Card
Passport
Driving License

Proof of Residence or Aadhar Proof

Voter ID
Aadhar Card
Passport
Driving License
Electricity Bill
Telephone Bill
Ration Card

Age Proof

PAN Card
Driving License
Passport
Voter ID
Aadhar Card

Income Proof

6 Month Bank Statement
3 Month Salary Slip

Employment Proof

Employment Certificate

Office Address Proof

Electricity Bill
Telephone Landline Bill
GST or VAT Registration for Self-employed

Tax

Form 16
Latest Income Tax Return

Photograph

Passport-Size photograph

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PERSONAL LOAN