Personal Loan

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Eligibility & Documentation

What is Personal loan?

A type of loan offered by a bank to look after your personal financial needs. Unlike other loans, personal loans are easily available on the market and do not require any security or collateral. A personal loan is not restricted to a particular end-usage and can be used for multiple purposes, such as home improvements, holidays, and wedding costs, or even to pursue further education.

When you obtain a personal loan, the lender provides you with a lump sum of money, and you are then required to repay it over a predetermined period of time, typically in monthly installments. The lender bases the repayment terms, such as the interest rate, loan amount, and period, on variables including your credit history, income, and other financial considerations.

Depending on the loan’s terms, personal loan interest rates may be fixed or variable. While variable interest rates may change depending on the state of the market, fixed interest rates remain the same for the course of the loan.

Eligibility Criteria and Documentation

  • Salaried Individuals
  • Self-Employed Individuals
  • NRI Applicants
  • Pensioners

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 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

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Basic form

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Personal details

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Address

Employer's/ Business details

Additional details

Bank details

Benefits of Personal Loan?

Collateral
Free

Loan is approved on the basis of credit score, credit report, past repayments and other conditions as well. You are not liable to provide collateral for the amount of money borrowed.

End-usage freedom

The approved loan gives you the flexibility to use it for personal use such as wedding expenses, medical emergency, higher education, etc. It gives you the opportunity to fulfill your financial needs.

Favorable
tenure

Manage your repayment options with best available option ranging from 6 to 96 months. Enjoy abundance of peace with much more time in your hand to plan and pay accordingly.

Minimalistic Documentation process

Complete your documentation in just few clicks with the luxury of doing it online from home or anywhere. Identity proof, proof of residence and income proof is all you need to complete the process.

Smooth
disbursal

On approval of your personal loan the money is credit in your account in no time thus making it easy for you to make decisions accordingly to fulfill your financial needs

Types of Personal Loan?

Marriage loan

Marriage can be really expensive and it can take a huge toll on your finances and it can be to such an extent that you might even exhaust your life-time savings. Covering expenses such as catering, venue, décor, etc. Get yourself ready for the perfect wedding that you have always dreamt.

Travel loan

Utilize your personal loan to visit your dream destinations with your loved ones and don’t let your bank balance create an ounce of hesitation to travel around the world. Plan your budget, decide the dates and forge ahead with nothing holding you back to achieve your travel goal.

Medical emergency loan

Emergency can knock at your door at the worst of times especially when your hands are tied due to financial distress. These unforeseen medical emergencies require you to make decisions quickly and it is necessary that the personal loan you are trying to avail should be disbursed instantly.

Education loan

Education is imperative in today’s world to hone your skills and soar high in your career. This requires considerable amount of money especially when you aim to get into reputable universities in India and overseas. Education loan is taken with the intention to cover the cost of tuition, books, and living expenses while the borrower is in the process of pursuing a degree.

Home renovation loan

Make your home more luxurious and enjoyable through Home renovation loan. Every once in a while, you need to upgrade your existing home with help of fabulous interior designers but it can prove to be really costly. The cost of new furniture, electrical appliances, etc just adds more to the cost.

EMI Calculator

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Why Choose Us?

  • Calculate your Emi on real-time basis
  • Get Lowest interest rates on loans
  • Instant credit report for free
  • Compare loans with live interest rates
  • Tie-ups with multiple reputable Banks & NBFC’s
  • Quick loan disbursement
  • Extending 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.
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