Personal Loan

Need Personal Loan?

Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi-purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes and more. Moreover, there is no restriction for the amount borrowed and can be used for any purpose they want. In fact, a personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured. Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions.

Documents Required for Personal Loan

  • 1. Identity & Age Proof
  • 2. Completely filled personal loan application with photograph
  • 3. PAN Card
  • 4. Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  • 5. Bank statements for the last 3 months(preferably your salary account)
  • 6. Salary Slips of last 3 months
  • 7. Form 16 or Income Tax Returns of last 3 years

For Self-Employed Individuals

  • 1. Identity & Age Proof
  • 2. Completely filled personal loan application with photograph
  • 3. PAN Card
  • 4. Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  • 5. Bank statements for the last 3 months(preferably your salary account)
  • 6. Salary Slips of last 3 months
  • 7. Last 3 years Income Tax Returns with computation of Income
  • 8. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Frequently Asked Questions ?

Personal loans can be an ideal solution during financial crisis. Be it wedding expenses, home renovation or medical emergency, a personal loan can be your solution to meet the immediate financial requirements as they are easy-to-get, fast in disbursal and require no collateral.
The best personal loan differs from borrower to borrower’s credit profile. A credit profile includes the credit score, monthly income, employer, employment type and others. All the above factors are considered to find the best personal loan.
To get a personal loan, you need to meet the following eligibility requirements:
  • Between the age of 18/21 years - 60/65 years
  • Must be salaried or self-employed
  • Credit score of 750+ with a good credit history
  • Minimum monthly income of ₹15000 for non-metro cities and ₹20,000 for metro cities
  • Should be employed at the current organisation for at least 6/12 months or business tenure of at least 3 years (continuous)
The eligibility criteria for a personal loan are given below:
  • Between the age of 18/21 years - 60/65 years
  • Must be salaried or self-employed
  • Credit score of 750+ with a good credit history
  • Minimum monthly income of ₹15000 for non-metro cities and ₹20,000 for metro cities
  • Should be employed at the current organisation for at least 6/12 months or business tenure of at least 3 years (continuous)
    • Personal loans play an important role in deciding your credit score. The effect of missing a personal loan EMI can be adverse on your credit score. One of the reasons for the same is because personal loans are unsecured in nature.
    Due to digitisation, personal loan approval has become instant. However, the disbursal could take a period of 5-7 days due to the documentation process.
    There is no such things as best personal loan. Every borrower needs to find the lender that best suits his/her needs. In order to do that, you can either compare the different lenders offline or apply at platforms such as IndiaLends who help you select the lender as per your requirements.
    Of course you can pay off a personal loan early. This is known as prepayment of a personal loan. However, this could attract a specific amount as penalty which would differ from lender-to-lender.
    The interest rate on a personal loan ranges from 10.75% - 35% which differs from lender to lender.
    The banks consider the following factors when looking at a personal loan application: 1. Age 2. Monthly Income 3. Credit Score 4. Credit History 5. Documents
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