As the name suggests, a “personal loan” is offered for personal use instead of business or commercial purposes. Personal loans come in handy when we need money for repairing or renovating our home; we are going on a vacation with family or friends; we are preparing for our child’s wedding; and more.
Personal Loan – Eligibility Criteria
Any salaried, self employed or professional Indian national is eligible for a personal loan.
According to the parameters set by banks and other financial institutions lending the loan, you:
- Should have been employed by your current organization or been involved in your business for a certain number of years
- Should have some monthly repaying capacity or the required minimum salary
- Must qualify the age bracket defined by the lending bank or institution
- Should not have bad credit history under your name for three months prior to submitting the loan application
Personal Loan – Documents Required
- Duly signed and filled application form
- Passport Size Photograph
- Identity and signature proof – Passport, Pan card, Driving License, Voter ID card, Adhar card, employee identity card in case of government employees.
- Address Proof – Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/ electricity/ water/ credit card bill or Property tax.
- Age Proof – Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Adhar Card, pension payment order or receipt of LIC policy.
- Income proofSalaried Individuals
- Latest 3 months salary slips
- Form 16 with proper computation of income
- Salary account bank statement for six months
- Latest acknowledged IT return
- Last two years’ computation of income, Profit and Loss statement, and balance sheet certified by a C.A.
- Latest six months’ bank statement
- Last two years’ sales and copies of acknowledged IT returns as proof of turnover