Personal loan is one of the best options when you required in difficult situate and cash crunch. Personal loan often has no collateral; personal loan is an unsecured loan so the interest rate will probably be higher.
Why you need personal loan-
- You are in the midst of a financial crunch.
- You need immediate funds.
- You do not have collateral to take a secured loan.
- You need fund for short term.
Personal Loan Eligibility
Personal Loan eligibility depends on various factors like applicant’s age, location, salary, and company of employment, marital status, and credit score etc.
- Age 21 to 65 years
- Nationality Indian
- Employment Type Salaried or Self-employed
- Employment status Employed/In-business for at least 2 yrs.
- Minimum Income 12000 – Rs.20000 per month (Varies according to area)
- Tenure – 6 to 60 months
- Credit Score – Above 700
Documents Required for Personal Loan-
- Passport size photographs
- Bank Statement or Pass Book for last six months
- Proof of residence
- Proof of identify
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees