Unlock Your Financial Potential with YesLoans Personal Loans
What is Personal loan?
A Personal Loan is a versatile, unsecured loan offered by banks and Non-Banking Financial Companies (NBFCs) to help you meet various personal financial needs. Unlike other loans, a Personal Loan does not require any security or collateral, making it a popular choice for quick access to funds.
You receive a lump sum amount, which you then repay over a predetermined period through convenient monthly installments (EMIs). The interest rate, loan amount, and repayment tenure are tailored based on your credit history, income, and other financial factors. With YesLoans, you gain access to both fixed and variable interest rate options, allowing you to choose what suits your financial planning best.
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A Personal Loan offers incredible versatility. Here are some common ways our customers utilize this flexible financing:
Eligibility Criteria & Documentation: Simplified for You
Eligibility Criteria
- Age: 20 to 60 years
- Citizenship: Resident Citizen of India
- Employment: Salaried individual employed with an MNC, Public Limited, or Private Limited Company
- Minimum Monthly Income: At least ₹15,000
- Work Experience: At least 1 to 3 years of work experience
Documentation
- Photo Identity Proof (e.g., Aadhar Card, PAN Card, Passport, Driver's License)
- Proof of Residence or Address Proof (e.g., Aadhar Card, Utility Bills)
- Income Proof (e.g., Latest Salary Slips, Bank Statements)
- Employment Proof (e.g., Appointment Letter, Employee ID Card)
- Form 16
- Tax Return Certificates
- Passport-Size Photographs
For eligibility criteria and documentation for Self-Employed Individuals, NRI Applicants, or Pensioners, please click here.
What's the Eligibility Criteria and Documents Required for Salaried Individuals?
If you're a salaried person and want to apply for a Personal Loan, you must meet the following criteria.
Eligibility Criteria
- You must be between 20 to 60 years of age
- You must be Resident Citizen of India
- You must be Salaried Individual Employed with an MNC, Public Limited, or Private Limited Company
- You must have a monthly income of at least Rs.15,000
- You must have at least 1 to 3 years of work experience
- You must have a Minimum Credit Score of 750
Documentation
- Photo Identity Proof
- Proof of Residence or Address Proof
- Income Proof
- Employment Proof
- Form 16
- Tax Return Certificates
- Passport-Size Photographs
What's the Eligibility Criteria and Documents Required for NRI Applicants?
If you're a Non-Resident Indian and want to apply for a Personal Loan, you must meet the following criteria.
Eligibility Criteria
- Age
- Employed - 21 to 60 Years
- Self-Employed - 21 to 68 Years
- Work Experience
- Employed - 2 Years with at least 1 Year in Current Organisation
- Self-Employed - Minimum 2 years in Current Business
- Required - Co-Applicant must be a Direct Close Relative
Documentation
- Photocopy of Passport and Visa of NRI
- Yours and Co-Applicant's Proof of Identity
- Yours and Co-Applicant's Address Proof
- Income Proof
- 6 Months Indian and International Bank Account Statement for last 6 months
- Salary Certificate in English or 6 Months Salary Slips
- Employment Proof
- Appointment Letter
- Job contract
- HR's email ID or official email ID
- Labour | Identity card | CDC for NRIs working in the Middle East or employed in Merchant Navy
- If present in India during the application, and you will have to provide Power of Attorney attested or notarized locally. In case away, you will have to provide the Power of Attorney attested by the Indian Consulate of NRI's Resident Country.
- Passport-Size Photographs
What's the Eligibility Criteria and Documents for Pensioners?
If you're a Pensioner and want to apply for a Personal Loan, you must meet the following criteria.
Eligibility Criteria
- You must be Under the Age of 76 years
- You must provide a Third-Party Guarantee
Documentation
- Photo Identity Proof
- Proof of Residence or Address Proof
- Proof of Income
- Form 16
- Tax Return Certificates
- Passport-Size Photographs
Eligibility Criteria
- Age: 20 to 60 years
- Citizenship: Resident Citizen of India
- Employment: Salaried individual employed with an MNC, Public Limited, or Private Limited Company
- Minimum Monthly Income: At least ₹15,000
- Work Experience: At least 1 to 3 years of work experience
Documentation
- Photo Identity Proof (e.g., Aadhar Card, PAN Card, Passport, Driver’s License)
- Proof of Residence or Address Proof (e.g., Aadhar Card, Utility Bills)
- Income Proof (e.g., Latest Salary Slips, Bank Statements)
- Employment Proof (e.g., Appointment Letter, Employee ID Card)
- Form 16
- Tax Return Certificates
- Passport-Size Photographs
For eligibility criteria and documentation for Self-Employed Individuals, NRI Applicants, or Pensioners, please click here.
What’s the Eligibility Criteria and Documents Required for Salaried Individuals?
If you’re a salaried person and want to apply for a Personal Loan, you must meet the following criteria.
Eligibility Criteria
- You must be between 20 to 60 years of age
- You must be Resident Citizen of India
- You must be Salaried Individual Employed with an MNC, Public Limited, or Private Limited Company
- You must have a monthly income of at least Rs.15,000
- You must have at least 1 to 3 years of work experience
- You must have a Minimum Credit Score of 750
Documentation
- Photo Identity Proof
- Proof of Residence or Address Proof
- Income Proof
- Employment Proof
- Form 16
- Tax Return Certificates
- Passport-Size Photographs
What’s the Eligibility Criteria and Documents Required for NRI Applicants?
If you’re a Non-Resident Indian and want to apply for a Personal Loan, you must meet the following criteria.
Eligibility Criteria
- Age
- Employed – 21 to 60 Years
- Self-Employed – 21 to 68 Years
- Work Experience
- Employed – 2 Years with at least 1 Year in Current Organisation
- Self-Employed – Minimum 2 years in Current Business
- Required – Co-Applicant must be a Direct Close Relative
Documentation
- Photocopy of Passport and Visa of NRI
- Yours and Co-Applicant’s Proof of Identity
- Yours and Co-Applicant’s Address Proof
- Income Proof
- 6 Months Indian and International Bank Account Statement for last 6 months
- Salary Certificate in English or 6 Months Salary Slips
- Employment Proof
- Appointment Letter
- Job contract
- HR’s email ID or official email ID
- Labour | Identity card | CDC for NRIs working in the Middle East or employed in Merchant Navy
- If present in India during the application, and you will have to provide Power of Attorney attested or notarized locally. In case away, you will have to provide the Power of Attorney attested by the Indian Consulate of NRI’s Resident Country.
- Passport-Size Photographs
What’s the Eligibility Criteria and Documents for Pensioners?
If you’re a Pensioner and want to apply for a Personal Loan, you must meet the following criteria.
Eligibility Criteria
- You must be Under the Age of 76 years
- You must provide a Third-Party Guarantee
Documentation
- Photo Identity Proof
- Proof of Residence or Address Proof
- Proof of Income
- Form 16
- Tax Return Certificates
- Passport-Size Photographs
Loan Approval in 5 Easy Steps
Experience our smooth, tailored loan approval process – skip the queues and apply online!
Select Your Ideal Loan Offer:
Based on your details, review and choose from hand-picked offers.
Upload Your Documents:
Quickly and securely submit your required documents online.
Fill & Submit Registration Form:
Complete our straightforward
application form.
Relationship Manager Assistance:
Our dedicated Relationship Manager will reach out to provide personalized support.
Receive Instant Loan Approval:
Get quick approval and swift disbursal directly to your account.
Why Choose YesLoans for Your Personal Loan?
- Real-time EMI Calculations: Plan your finances with precision.
- Lowest Interest Rates: We help you find the most competitive rates available.
- Free Instant Credit Report: Understand your financial standing at no cost.
- Compare Live Interest Rates: Make informed decisions with transparent comparisons.
- Extensive Lender Network: Strong partnerships with multiple reputable Banks & NBFCs.
- Quick Loan Disbursal: Get funds credited to your account without delay.
- Nationwide Service: Extending our efficient services across India.
FAQ
Here are some common factors that lenders typically consider when assessing a borrower’s eligibility for a personal loan:
- The Age range specified is usually between 21 and 60 years.
- Minimum income requirement
- 1 years of continuous employment.
- Evaluation of credit score and repayment behavior
Personal loans are unsecured loans, which means you do not need to provide any security or collateral to obtain the loan. Unlike secured loans (such as home loans or car loans), where the lender holds an asset as collateral, personal loans are granted based on the borrower’s creditworthiness and repayment capacity.
The process for applying for a personal loan typically involves the following steps:
Research and comparison: Factors such as interest rates, loan amount, repayment tenure, processing fees, and eligibility criteria.
- Check eligibility: Factors like age, income, employment stability, and credit history
- Gather documents: such as identity proof (PAN card, Aadhaar card, passport, etc.), address proof (utility bills, passport, driving license, etc.), income proof (salary slips, bank statements, income tax returns, etc.), and employment-related documents (employment letter, business ownership proof, etc.
- Verification and evaluation: This may involve reviewing your documents, assessing your creditworthiness, and evaluating your repayment capacity.
- Loan approval and disbursal: The lender will provide you with a loan offer, including details about the approved loan amount, interest rate, tenure, and any associated fees
- Disbursement: Once the loan agreement and documents are verified, the lender will disburse the loan amount to your bank account.
Personal Loan usually ranges from Rs. 50,000 to Rs. 30 lakhs. Some of the factors considered when deciding a loan amount are:
- Your requirement and eligibility
- Your income
- Your repayment capacity
Most lenders prefer borrowers to have a regular source of income and a minimum monthly income of around Rs. 15,000 to Rs. 25,000. They also consider the debt-to-income (DTI) ratio, which is the ratio of your monthly debt obligations (including existing loans, credit card payments, etc.) to your monthly income. A lower DTI ratio generally improves your chances of loan approval.
Most lenders prefer borrowers to have a credit score of 650 or above to be eligible for a personal loan. It’s important to note that while credit score is an essential factor in loan approval, it’s not the sole determining factor. Lenders also consider other aspects of an applicant’s profile, such as income, employment stability, debt-to-income ratio, and repayment capacity.
