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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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