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1. What can a personal loan be used for?
A personal loan can be used to cover almost any personal financial need, such as medical bills, education, home improvements, and debt consolidation.
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2. What are the eligibility criteria to apply for a personal loan?
The eligibility criteria for a personal loan are the following:
For Salaried Professionals:
• Minimum Age: 21 Years
• Minimum Salary: Rs.15,000 Per Month (Should reflect in the bank statement)
• Minimum Job Duration: 1 Year
For Self-Employed Individuals:
• Minimum Age: 21 Years
• Income Tax Return Of Minimum 1 Year
• Minimum Business Duration: 1 Year
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3. What documents are required to apply for a personal loan?
The following are the general documents required to apply for a personal loan.
For Salaried:
• Aadhaar Card
• PAN Card
• Residence Proof: Rent agreement or Utility bills
• Bank Statement
• Income Proof: Salary Slips or Form 16
For Self-Employed:
• Aadhaar Card
• PAN Card
• Residence Proof: Rent agreement or Utility bills
• Bank Statement
• Balance Sheet
• Income Computation
• Service Tax Registration, License, Registration Certificate
• Income Tax Returns
Based on your profile and the guidelines, the lender may request additional documents.
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4. Is credit score a factor in personal loan approval?
Yes, your credit score is an important factor in the loan application process; it is one of the most important factors that lenders use to determine your creditworthiness.
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5. What steps can I take to increase my chances of getting a personal loan?
To improve your chances, maintain a good credit score, have consistent income, and provide accurate documentation during the application process.
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6. In addition to credit scores, what other factors do lenders consider when approving personal loans?
In addition to the credit score, lenders consider the applicant's age, income, and employment stability.