All You Need to Know About Personal Loan Eligibility Criteria
A personal loan is the first thing that comes to mind when we are in need of funds. The loan serves all purposes and helps meet personal needs, whether it is for home renovation or to meet an emergency medical expense. A personal loan comes in handy when you run out of emergency funds and are looking for help. Lenders offer the loan at lucrative terms and conditions which make it easier for you to repay. The loan is one of the most basic forms of borrowing and it is offered to all borrowers, irrespective of the purpose of borrowing. If you are looking for a loan, check out the personal loan eligibility criteria here.
Who can apply for a loan?
Salaried individuals, professionals, salaried doctors, employees of the public sector and private limited companies, and government sector employees are eligible to apply for the loan. The minimum age limit at the time of application is 21 years and the maximum age limit is 58 years. There are minimum income criteria that you need to match. All applicants must have a minimum income of Rs. 15,000 per month and you must be employed for one year at least.
What is the documentation requirement?
In order to apply for a personal loan, you must provide identity proof, address proof, PAN Card, passport-sized photographs, and salary slip or bank statement for the last 6 months. If you are self-employed, you can provide the bank statement as you will not have the salary slip.
How to apply for the loan online?
The loan application procedure is quick and convenient. With the advances in technology, you can easily apply for a loan from the comfort of your home. Simply visit the website page of the lender and fill in the application form. Now upload the necessary documents and the team will reach out to you to complete the application procedure. If any documents are missing, the team will contact you otherwise the loan application will be approved in no time.
How to apply for the loan offline?
If you do not want to apply online and want to take the traditional route, you can visit the physical branch of the lender and speak to the official. You need to share your requirements and the customer executive will be able to assist you with the same. If you are carrying the documents with you, provide them to the official who will assist you with the form. You will enjoy an instant approval of the application.
It helps to choose a reliable and trustworthy lender for the loan. Scout the market for lenders and compare the interest rates offered by them. A low-interest loan will be easier to repay. You will have to repay the loan in EMIs over the tenure and you can use the EMI calculator to know more about the same. The calculator is available online and you can use it for free. Simply visit the official website of the lender to use the calculator. Input the loan amount and tenure for a quick estimate. When you get the EMI estimate, make a practical decision and think about whether you will be able to make the repayment on time. Consider the monthly inflows and outflows before making the decision.
Verify the personal loan eligibility criteria before you sign on the dotted line. If you need a longer tenure or need assistance with the loan application, simply contact the executives who will take you through the process. The loan can help turn your dreams into a reality without putting pressure on the wallet.
Also Read - The Rise Of The Instant Personal Loan
Personal loans are one of the most flexible forms of raising funds as these loans do not come with any kind of restriction on their usage. Whether you have to pay for the medical bills or you wish to go on a world tour, the borrowers have complete freedom to use the personal loans for almost any purpose they wish to
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