A personal loan is an unsecured credit that you can avail without pledging any collateral. Unlike other loans, a personal or unsecured loan has easy eligibility criteria, special offers and unrestricted end-use for you to finance your immediate expenses.
Personal Loan – Low interest rate personal loans from a wide range of lenders
Benefits and Features of Personal Loan
Minimal Documentation
In this age of digitization, the process of verification and documentation has now become short. This is applicable for an instant personal loan as they are fast in disbursal and require minimum documents for approval.
Easy Approval
You can get personal loans that are quick and easy in approval. This is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thus reducing time in the verification process.
Personal Loan Eligibility
Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions.
Age
Your age must fall in the range of a minimum of 21 years to a maximum of 60 years to get a personal loan. Some banks, however, prefer lending personal loans with a minimum age of 23 years.
Loan amount
Most of the lenders provide a loan for up to ₹ 75,00,000. However, there are few who give loans for up to ₹ 40 Lakh only. In addition to that, banks provide limit the maximum loan eligibility at 9 – 30 times of net monthly income.
Salary
To avail of a personal loan, you should be earning a minimum income of ₹ 25,000 in semi-urban and rural areas. However, if you live in a metro city then you should be earning a monthly salary of ₹ 30,000.
Work Experience
You must have a total work experience of at least 2 years.. However, some banks offer personal loans at a total experience of 1 year.
Current EMI’s
If you are already paying an EMI for any other loan then it might affect your personal loan eligibility.,
The common documents required for personal loan approval are given below: