Benefits

The followings are the ways a personal loan can be useful:

• Debt consolidation:  Combining multiple debts into a single loan with a lower interest rate to save money on interest payments and make it easier to manage debts.
• Home renovation:  Using a personal loan to fund home renovation projects can increase the value of your home and improve your living conditions.
• Medical expenses:  If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.
• Emergency expenses:  A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.

Eligibility

To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.

• Age should fall under the range of 21 years to 60 years
• Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs  
• Credit score must be above 675
• Debt-to-income ratio
• Employment stability
• Maintained a good credit score
• Clear repayment history
• Must be a Resident Citizen of India

Documents Needed

• Identity Proof  – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

• Proof of Residence or Address Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card 

• Age Proof –  Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

• Income Proof – 1 year Bank statement, 3 months Salary Slips

• Employment Proof – Employment Certificate, Office address proof

• GST or VAT Registration for Self-employed

• Photograph – Passport-size photographs

• Business proof – Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.

• Income tax returns – Documents of the past 2-3 years to verify income and tax payment history

Fees and Charges

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