Personal Loan

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Overview

A personal loan is an unsecured loan offered by banks, financial institutions, or online lenders to individuals for a variety of personal needs. Unlike loans designated for specific purposes—such as home or auto loans—personal loans provide greater flexibility and can be used for expenses like medical emergencies, weddings, debt consolidation, home renovations, or travel. Approval typically depends on the borrower’s credit score, income level, employment stability, and overall financial profile.

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Primary Features of Personal Loans

Loan Amount

The sanctioned loan amount varies based on the applicant’s income, creditworthiness, and the lender’s internal criteria. It can range from a few thousand rupees to several lakhs.

Interest Rate

Interest rates on personal loans may be fixed or floating and differ from one lender to another. These rates are generally influenced by factors such as the borrower’s credit score, repayment capacity, and prevailing market trends.

Loan Tenure

Personal loans are usually offered with a repayment term between 1 to 5 years, though some financial institutions may provide extended durations based on the borrower’s profile.

Eligibility Criteria

1. Age

Most lenders require applicants to be at least 21 years old, with the upper age limit ranging from 60 to 70 years, depending on the lender's policy.

2. Income

A steady and verifiable source of income is essential, as it reflects the applicant's ability to repay the loan.

3. Employment

Personal loans are available to salaried employees, self-employed individuals, and business owners, subject to meeting the lender’s eligibility norms.

4. Creditworthiness

A strong credit score enhances the likelihood of loan approval and may also result in more favorable interest rates.

Documents Required

Required in Soft Copy Only

Basic

  • Completed Loan Application
  • ID Proof Aadhaar,PAN card,Driving license, Voter Id or Passport
  • Address Proof Bank Statement or Utility Bills - E.g.- Electricity Bill / Water Bill / Property Tax
Soft Copy Only

Income Proof for Self-Employed Individuals:

  • Balance Sheet and Profit & Loss Statements certified by a Chartered Accountant.
  • Income Tax Returns (ITR) ITRs for the past 2-3 years, along with computation of income and tax paid
  • Bank Statements Usually for Last 6 months' bank statements of your personal and business accounts.
Required in Soft Copy Only

Income Proof for Salaried Individuals:

  • Salary Slips Recent salary slips (generally for the last 3 to 6 months).
  • Form 16 Income Tax Return form issued by your employer.
  • Bank Statements Typically, the last 6 months' bank statements showing salary credits.
Soft Copy Only

Employment/Business Proof

  • Salaried Individuals Employment certificate, appointment letter, or work experience certificates.
  • Self - Empoyed Individuals Business registration documents, GST registration, professional practice certificate, etc.

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