Personal Loan

A personal loan is a type of unsecured loan and helps to meet your current financial needs. You don’t usually need to pledge any security or collateral while availing a personal loan and your lender provider you with the flexibility to use the funds per you need. It can serve as your solution for managing your travel cost and wedding expenses as well as the expenses of a medical emergency, home renovation, debt consolidation and others.

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Personal Loan

Personal Loan

Why a personal Loan

If you are short of money for a medical emergency or your marriage, availing a personal loan is a must. Loans are available from INR 20000 to INR 20 Lakhs for any purpose depending on your need You can repay the loan EMI’s ranging from 12 to 60 months. The process is simple with minimum documentation and quick approval.

Eligibility criteria to avail a Personal Loan

You need to earn a minimum salary in a range of INR 15000 to INR 25000 a month. You must be aged between 22-59 years and have a bank account. Minimum CIBIL score of 700 is required for the final sanctioning of your loan. You need to be in your current residence for at least a year. Certain banks specify a requirement of 2 years.

What are the documents required to avail a personal loan?

You need to fill and sign the loan application form and affix passport sized photographs. You need to have filed ITR (Income Tax returns) for the last 2 years. You need the latest 3 months salary slips. You need the 6 months bank statements reflecting salary credits updated within the last 15 days. You need an identity proof such as a Pan card, Passport, Driving license or a Voter’s ID card, Bank statement, rental agreement, telephone bill, or water bill.