PERSONAL LOAN

Advantages of Personal Loan

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Hassle-Free Availability

Personal loans are available extremely hassle free. They have a minimum processing time and does not take more than a week for the money to be credited into your account.

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Low Interest Rates

Due to heavy competition between the numerous companies offering personal loans the rate of interest charged by most companies is extremely low.

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Unlimited Uses

Unlike most credit instruments, a personal loan is not bracketed for a specific purpose. You can use the personal loan for a variety of uses as you see fit. This is one of the premium benefits of the personal loan as opposed to any other type of loan offers.

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No Collaterals Required

In most circumstances based on your credit history and CIBIL score the bank will not require any collateral for the personal loan.

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Minimum Documentation Requirement

A personal loan is one credit instrument that requires very little documentation. As an individual you will only need to show your proof of income, fill out the KYC details, provide an identification document as well as address proof and you can have your personal loan almost instantly.

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Eligibility For Personal Loan

There are plenty of factors that are considered before approving a person for a personal loan. There criteria may even differ from vendor to vendor. Usually the minimum requirement that needs to be met is to have a net take home salary of Rs 15,000. Your approval rating will also improve depending on whether you’ve been living in the same home for several years, or if you have been working at the same place for several years.

While the criteria for salaried employees might be a little relaxed the criteria for businessmen or self-employed individuals are a little different. Different factors come into play for self-employed individuals like, what was the turnover of the business, age of the applicant, and relationship with the lender is considered before approving or rejecting a loan. However, these criteria may again differ from bank to bank.

Particulars Salaried Borrowers Self-Employed Borrowers
Age 21 years to 60 years 23 years to 60 years
Income Rs. 15,000 (Rs. 20,000 in metros) Turnover of minimum Rs. 24,00,000 (differs for professional and non-professional
Minimum Loan Amount Approved Rs. 75,000 @Rs. 75,000 to Rs. 3,00,000
Maximum Loan Amount Approved Rs. 15,00,000 Rs. 15,00,000 to 20,00,000
Loan Tenure 12-72 months 12-48 months

*The eligibility criteria differ from bank to bank. The above details are generic, not specific.

What Documents Do You Need To Show To Get A Personal Loan?

As with the credit card application there are certain documents needed while applying for a personal loan. The documents may differ based on your mode of income but most of the documents are similar.

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Identity Proof

A valid identification document is required before your loan can be approved. Usually a passport, driving licence or PAN card are considered valid identification documents by the bank.

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Address Proof

Your passport can also do as your proof of address. If you do not have a passport then utility bills from your apartment can also be furnished as proof of residence. For individuals living in rented apartments a copy of the rent agreement along with the utility bills are required to be submitted to the bank.

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Additional Documents

Individuals may also require submitting proof of their highest educational qualification, and salaried individuals will have to submit salary slips of the last three months.

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