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Personal Loan

A Personal Loan (PL) is an amount that an applicant can borrow from a Bank/ Financial Institution for their own use. Applicant pay it back in Equated Monthly Instalment (EMI) over a set period of tenure upto 60 months. Applicant can use a Personal Loan for a variety of purposes, such as home improvement, debt consolidation, wedding, travelling or medical emergency. Personal Loans are unsecured means lender don’t require security/collateral against loan.

Given below are some of the features and benefits of personal loans:

  • No end-usage restriction
  • Loan amount upto Rs.75 lacs(*), which can exceed depending on lenders’ discretion
  • Flexible repayment tenure of upto 5 years and above, depending upon the lender
  • Minimal documentation
  • No Security / Collateral required
  • Quick loan disbursals

To apply Personal Loan, applicant need to submit the following documents:

  • KYC documents : Passport size photos, Photo ID (Aadhaar Card & PAN Card or Voter ID or Driving Licence), residential proof (utility bills/ration card/ Bank Passbook, etc.), Employee ID Card
  • Income/Financial Documents : Latest 3 months Salary Slips along with 3 years Form 16 & ITR
  • Professional Qualification Documents : Degree of Doctorate/Chartered Accountant/ Company Secretary, if any, and
  • Bank Account Statement : Latest 6 months bank statemen

The basic eligibility criteria for approving Personal Loan are as follows.

  • Nationality: Indian
  • Age : 21 years to 60 years
  • Employment : Salaried in any Public, Private or MNC sector
  • Credit Score : 700 or above
  • Monthly Salary : Minimum Rs. 25,000/- per month
  • Employment type : Permanent with 1 year job continuity