Personal Loan India

Do you plan on getting married, or want to décor you home or looking for amount for paying your credit card bill, buying luxury items like furniture, computer and more? If yes, then personal loan is for you. Now in India, numbers of banks and private finance companies are offering cheap personal loan on low interest rate. The best part is that there are nominal paper works and you can get it very easily

Eligibility criteria for getting personal loan
                                                                                                  
The eligibility criterion for getting personal loan is different for different banks and finance companies. Almost all banks are providing personal loan on the basis of three categories. These are

• Salaried individuals
• Self employed individuals
• Self employed professionals

For Salaried individuals
Minimum age of applicant: 21 years
Maximum age of applicant at the time of loan maturity: 60 years
Minimum Gross Monthly Income: Rs. 10000 p.m.

For self employed individuals
Minimum age of applicant: 25 years
Maximum age of applicant at the time of loan maturity: 65 years
Minimum Annual Income: Rs. 150000 p.a.

For self employed professional
Minimum age of applicant: 25 years
Maximum age of applicant at the time of loan maturity: 65 years
Minimum Annual Income: Rs. 150000 p.a.

While applying for personal loan, the bank can ask for salary/income statements, Form 16, and bank statements. They can also check your credit card statements.

Documentation

PROOF OF IDENTITY (any one)

• Passport
• Driving License
• Voter's ID
• PAN Card

2. PROOF OF AGE

3. PROOF OF SIGNATURE

• Ration Card
• Utility Bill
• LIC Policy Receipt

4. PROOF OF INCOME (Salaried)
Proof of Continuity of Current Profession
Bank Statement from Operating Account
Income Tax Returns with Computation of Income/Certified Financials

5. Proof of Highest Qualification Degree for Doctors

6. SECURITY

Suitable Security is acceptable to the Bank