Personal loans are very easily available in today’s time. Numerous lenders all across the country offer personal rates at really nominal interest rates making personal loans a preferred and popular option. A person may be in need of urgent financing for a variety of reasons. Be it weddings, family issues or medical emergencies, or some other purpose, you may be in need of urgent money at times and in such scenarios, a personal loan is the perfect financing option.
Applying For A Personal Loan Is Simple
There are numerous lenders that offer personal loans, and quite naturally such loans are more easily available for both salaried and self-employed professionals. You can get personal loan without any collateral and with minimum personal loan documents required.
In today’s time, we also have the facility to apply for personal loans online. So you can get a personal loan without having to go anywhere. As soon as you make such an online application, the representatives or support executives of the bank or finance company will get in touch with you and inform you about all proceedings and requirements.
Eligibility Criteria For Personal Loans
Before you get personal loans from any lender, you need to be sure about the eligibility criteria. You need to be eligible for the loan application to be approved by the lender. That being said, different lenders have different kinds of eligibility criteria. Although, there are some basic eligibility criteria that are common for all lenders. Let us take a look at the basic eligibility criteria for personal loans.
- The applicant must be at least 21 years of age.
- The applicant must be a resident citizen of India.
- Employment tenure at the current job must be at least 2 years for salaried professionals and the operating period of the business must be at least 3 years in case of businessperson and self-employed individuals.
- A good credit score with a decent credit history.
- You must also have a low debt to income ratio which might be checked through your profile on the credit bureau and your income documents.
- You can also think of repaying any past loans before you apply for a new one. It helps you get better chances to get the loan approved.
Along with these, there can be other criteria for some lenders and some lenders may also not consider all the above as their eligibility criteria. The best way to know about it is to visit the website of the lender to check out the eligibility criteria for personal loans. You can also talk to their representatives or visit their offices.
Documents Required To Apply For A Personal Loan
As soon as you find out that you are eligible for a personal loan from a certain lender, the very next thing on your mind would be the personal loan documents required at the time of application. A lot of people ask the question:
“What Documents Do I Need To Apply For A Personal Loan?”
Once again, the answer varies based upon the lender you choose. Different lenders ask for different kinds of documents for a personal loan. Although, there are some common requirements that all lenders offering personal loans in India have. Let us take a look at this list of documents you will need when you apply for a personal loan.
- KYC documents ( Aadhar Card and Pan Card)
- Identity Proof (Driver’s license, Passport, Voter’s ID, etc.)
- Residence Address Proof (Ration Card, Passport, Utility Bill, etc.)
- Income Proof (Last 3 months Payslip and Bank Statements, For self-employed professionals it is the IT file of the business)
- Job Continuity Proof (Job Offer Letter, etc.)
- 1 passport size color photograph
- Appropriately filled up application form
While those are the basic personal loan documents required at the time of applying, some lenders may need something else while some may not need all of these. The best way to go is to know about the requirements before you apply. You can find the information on the lender’s website or you can directly visit the office of the company or branch of the bank to know about it.
