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Personal Loans are a form of unsecured loan taken by individuals from a bank to meet their personal needs.

Personal Loan

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Personal Loan can make up for any of your Temporary Financial Emergencies

Features and benefits of Personal Loan:

1

No Collateral required:

- Since a personal loan is an unsecured loan, there is no need for a collateral security. You don’t have to offer your assets like home or shares or gold as security. It is a convenient option to go for a personal loan if you are in urgent need of money.

2

Quick Disbursal:

- One can get an easy personal loan in 72 hours if you meet the eligibility criteria and have a good credit score. Many of the financial institutions and banks even provide the facility of online approvals for personal loan.

3

No limitation on end use:

- One of the benefits associated with personal loan is that there is no restriction on its way of usage. It is multipurpose in nature and can be used for various purposes for e.g. wedding purposes, child’s education, financial or medical emergencies or for even going on a vacation unlike other loans which are specific in nature.

4

Flexibility in deciding tenure:

- The duration of the loan goes up to 7 years which gives you the benefit of choosing the tenure suitable to you. Longer duration would lead to lower EMI and the other way around which gives you the allowance of deciding your tenure after your EMI calculation.

Personal Loan - An Overview

It is multipurpose in nature and can be used as per the personal requirements of the individual like repayment of debts, child’s education, marriage purposes,family vacation or even in cases of medical emergencies and so on. There is no restriction on the amount borrowed or for the purposes the amount to be used.However personal loan is provided on the basis of criteria like income level,credit and employment history, repayment capacity, etc.

Eligibility

Each Bank or NBFCs provide personal loans on the grounds of different criteria and eligibility requirements. However there are some most commonly used criteria by the banks to get an online loan approval for salaried and self- employed individuals and they are listed below:

Age 18/21 years - 60/65 years
Employment Type
  • 1. Salaried
  • 2. Self-Employed professionals
Credit score 750 or above with a good credit history
Minimum Net Income (Monthly)
  • 15,000(non-metro cities)
  • 20,000(metro cities)
Loan Amount Up to ₹50 lacs depending on the credit profile
Work Experience
  • Salaried
  • Employed at current company for at least 6/12 months
  • Self-Employed
  • Business tenure of at least 3 years (continuous)
  • ITR of last 3 years

Documents Required for Personal Loan

The common documents required for an online personal loan approval are given below:

Salaried Individuals
  • - Identity & Age Proof
  • - Completely filled personal loan application with photograph
  • - PAN Card
  • - Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  • - Bank statements for the last 3 months(preferably your salary account
  • - Salary Slips of last 3 months
  • - Form 16 or Income Tax Returns of last 3 years
Self-Employed Individuals
  • - Identity & Age Proof
  • - Completely filled personal loan application with photograph
  • - PAN Card
  • - Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  • - Bank statements for the last 3 months(preferably your salary account)
  • - Salary Slips of last 3 months
  • - Last 3 years Income Tax Returns with computation of Income
  • - Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
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