Applying for a personal loan in India requires you to meet certain parameters of eligibility and documentation, to avoid the rejection of your application. Following are some of the vital factors for being eligible to get the personal loan:
A salaried person should be above 21 years and should not be above 58 years, in age. On the other hand, a self-employed person's minimum age of applying is 25 years while the maximum age of applying is 65 years.
2. Job/ business experience:
Minimum 1 year of work experience is required for a salaried person in his job; while a self-employed person should have minimum 3 years of experience in his business.
Salaried person should ideally earn more than Rs.17,500 per month; whereas the criterion for a professional self-employed person is,he/she should be earning profit after tax of Rs.2 lakh per year. A non-professional self-employed can apply if he/she is earning profit after tax of over Rs.1 lakh per year.
Following are the documents required to apply for aPersonal loan in India:
1. KYC documents:
There are four mandatory KYC documents required while applying for a personal loan in India by both salaried and self-employed; namely Pan Card, Adhaar Card, Voter ID and a utility Bill.
2. Financial documents of salaried:
For a salaried individual it is requisite to provide ajob continuity proof while applying for a personal loan. It can be either a current employment certificate or current job appointment letter or experience letter of previous job (including appointment and relieving letter). Also, some additional documents like last 3 month's salary slip, 6 months bank statement, Form 16 of last 2 years etc.would have to be submitted to get the loan.
3. Financial documents of self-employed:
In case of a self-employed individual applying for a personal loan, the applicant would be required to submit certain financial documents likelast 2 years ITR with computation of income, business and residence ownership proof (any registration proof) and current account statement of last 1 year or savings account statement of last 6 months.
The aforementioned eligibility parameters and documents are inevitable to have, to get a Personal Loan in India.
Nowadays, almost all the banks and NBFCs offer personal loans in India. However, if you want to avoid visiting a bank and rushing around for documentation, you can simply apply for a personal from the comfort of your home through this website. We assure you expert advice, best offers, instant approvals, lowest interest rates and easy disbursal of loan. We will be glad to help you through your personal loan journey and try to make it easier and faster, so that you can utilize more of your time to focus on your needs.