Personal loan

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Personal loan

A personal loan is also known as signature loans or unsecured loans that do not require any security or collateral. The reason for calling person loan an unsecured loan because they are backed by the promise to pay and that’s why also called signature loans.

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Personal Loan Eligibility Criteria:-

Self Employed Individuals:
  • Minimum business vintage must be 3 years.
  • At the time of loan maturity Minimum age is 28 years and
  • Profit after tax must be positive for the last two years
  • Maximum age is 68 years

Salaried Individuals:

  • At the time of loan maturity, the minimum age is 23 years
  • Maximum age is 58 years

Note: Credit score, existing borrowings, monthly income, the amount being borrowed etc determine the interest rate of your personal loan.

Documentation Required for Personal Loans

Salaried Individuals:

  • Photo Identity Proof of any of the following with a self-attested copy
    1. Pan Card
    2. Driving License
    3. Passport
    4. Voter Identity Card
    5. Aadhaar card
  • Address Proof  of any of the following with a self-attested copy
    1. Passport
    2. Telephone Bill
    3. Ration card
    4. Bank Account Statement
    5. Driving License
    6. Electricity Bill
  • Income Proof
    1. For Self-Employed:- Last 6 months Bank statement and Last 2 years ITR, Balance sheet and P&L.
    2. For Salaried Individuals:- Latest salary slip plus last 3 months or 6 months bank statement having salary credits
  • Business proof for self-employed individuals
    1. Qualification certificate or Certificate of practice
    2. Shop Act License
    3. MOA & AOA
    4. Sales tax
    5. Vat registration
    6. Partnership Deed
  • Documentations required in personal loan varies according to the scheme chosen.
    How to Apply for Personal Loan:-
    1. Online Application
    2. Document Submission
    3. Verification
    4. Approval & Disbursal
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