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Personal Loans - Its Eligibility, Document Requirement And Benefits
Personal loans have become an intrinsic part of our lives. Certain circumstances and emergencies may leave you cash-strapped or may force you to dip into your savings. This is when a personal loan can come to your aid. Before heading to your bank, following are a few things you need to know about instant personal loans:
In India, almost all the banks have a specific parameter to determine whether you are a suitable candidate for a loan. You should be well aware of the eligibility criteria before applying for a personal loan:
• You should be an Indian citizen
• Salaried or self-employed can apply for the loan
• If you are a salaried employee, your salary should range between INR 4,000-20,000 per month
• Minimum age of the loan seeker should be 21 years
• Maximum age of the loan seeker should not exceed 65 years
• To check your creditworthiness banks require a credit score of 750
To apply for personal loan, you would need to produce the following materials at the bank:
• Three recent passport-sized photographs
• Identity proofs: the voter ID Card/ Aadhar Card
• The last six months’ bank account statement
• Proof of residence (electricity bill)
• Know Your Customer documents (Aadhar, Voter ID card, Pan card)
• Proof of employment
• Form 16/IT of two years for all employed people
• IT returns evidence of three years for self-employed people
You can apply for the loan as soon as the bank verifies the above documents.
Benefits of a personal loan:
There are several benefits of taking personal credit. If you still doubt about the same, here is a look at some of them:
• Debt consolidation- You can clear your debts using personal loans in one go instead of paying them one by one.
• Collateral-free loan- Personal loans do not require the borrower to put up an asset like gold or property as collateral. They are also called unsecured loans.
• Medical procedures- A personal loan enables you to undergo a therapeutic process, treatment or surgery without hesitance.
• Home loan- Personal loans can help you fulfil your long-forgotten desires. For instance, if you have wanted to buy a house or go on an impending vacation, you can apply for instant personal loans and then fulfil your wishes.
• Education loans- A personal loan can come aid you if you wish to pursue higher studies within or outside the country.
• Easy to apply online- You can apply for personal loan online, which needs minimum documentation. Your investments are approved in few steps:
Fill in your personal, employment and financial details on the application form online
Choose the tenure and loan amount to get instant approval
Submit the required documents
You will find the loan amount in your bank account within 24 hours
The above pointers give you a comprehensive idea about instant personal loans- the eligibility, benefits, and the documents that you should produce. Go ahead and apply for the loan today!
About the author:
Vijesh Sinha is a financial expert by profession. In the spare time, he/she loves to write about financial products. Through his/her work, he/she has provided information on the eligibility, documents required and benefits of a personal loan.
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