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Personal Loan : Overview

There are a number of reasons for different people seek personal loans.The financial needs may include, purchase of your laptop or paying back your credits, marriage in the family, renovation of your house.It is important to understand, interest rates, repayment options and EMIs select the right personal loan quickly and whole process completely depends on the norms and conditions as per the Banks criteria.


Documents Required

It is simple and easy to get personal loan. With proper documents, you can get the loan approved in two working days or just within 48 hours. Documentation will be simple as personal loan is an unsecured loan. Whether salaried or self-employed, anyone can get personal loan quickly.


To get a personal loan, you need to submit with the bank following documents:


  • Identity and residence proof with duly signed photograph
  • Income proof
  • Employment details
  • Age certificate
  • For salaried individuals, salary slip, IT return and form 16
  • For self-employed, income, Profit and Loss statement, and balance sheet details


Eligibility

Applicants should be above 24 years of age at the time of loan commencement and up to the age of 60 or superannuation, whichever is earlier at the time of loan maturity.


You need to meet following eligibility criteria to get a personal loan:


  • You need to be an Indian of 23 years of above age
  • You need to produce residence and ID proof
  • You need to produce documents related to inflow of income
  • Whether salaried or self-employed, you should submit proof of your repayment capacity
  • Must have a positive credit score or credit history
  • Must meet the minimum and maximum age bracket limit set by different banks or institutions
  • Must not be a defaulter of loans
Personal Loan - Process

Personal loan in one of the easiest loans to get. It involves minimum possible paperwork and quickest possible disbursal. It does not need any guarantor collateral or security. All it needs are some documents and some meeting of norms.

Personal loan involves a few steps, including:

  • A formal submission of loan application with a bank
  • Submission of relevant documents, ID ,Income and residence proof
  • Bank verification of all the documents submitted by you
  • The finalization of loan amount based on income and repayment capacity of individual
  • Loan approval offer letter issued by banks
  • Disbursement of loan



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