Personal Loan

Features and Benefits of Personal Loan

1. Unsecured: No collateral is required to obtain a personal loan.
2. Versatile Use: Can be used for a wide range of purposes.
3. Fixed Interest Rate: Offers predictability with a constant interest rate.
4. Fixed Repayment Term: Provides a set period for repayment, aiding budgeting.
5. Quick Approval: Typically has a faster approval process than other loans.
6. Credit Improvement: Responsible repayment can enhance your credit score.

Personal Loan Eligibility Criteria

1. Age: Usually, you must be at least 18 years old to apply for a personal loan.
2. Income: Lenders may require a minimum income to ensure your ability to repay the loan.
3. Employment: A stable job or a regular source of income is often a prerequisite.
4. Credit Score: A good credit history and score can improve your chances of approval.
5. Citizenship/Residency: You may need to be a citizen or resident of the country where you're applying for the loan.
6. Documents: Proof of identity, address, and income, such as ID, bank statements, and pay stubs, may be necessary.
7. Debt-to-Income Ratio: Lenders assess your existing debt obligations in relation to your income.

Documents required to apply for Personal Loan

• Identity Proof - Passport, Voter's ID, Driving License, PAN Card, Aadhaar Card
• Proof of Residence or Address Proof - Passport, Voter's ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card
• Age Proof - Passport, Voter's ID, Driving License, PAN Card, Aadhaar Card
• Income Proof - 1 year Bank statement, 3 months Salary Slips
• Employment Proof - Employment Certificate, Office address proof
• GST or VAT Registration for Self - employed
• Photograph - Passport-size photographs
• Business proof - Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.
• Income tax returns - Documents of the past 2-3 years to verify income and tax payment history