Personal Loan Guide - Get Started Now

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Purpose of Personal Loan

A Personal Loan may be availed for:

- Medical emergencies

- Marriage and family functions

- Education expenses

- Travel and holiday expenses

- Home renovation

- Consumer durable purchase

- Debt consolidation

Eligibility Criteria

A. Salaried Individuals

An applicant must satisfy the following conditions:

- Age between 21 to 60 years

- Minimum monthly income as per lender norms (generally ₹15,000 to ₹25,000 or above)

- Minimum total work experience of 1–2 years

- At least 6 months of service with current employer

- Stable income source

- Satisfactory credit score (generally 700 or above preferred)

- Acceptable debt-to-income ratio as per bank/NBFC norms

B. Self-Employed Individuals

An applicant must satisfy the following conditions:

- Age between 21 to 65 years

- Business operational for minimum 2–3 years

- Regular and stable income as reflected in Income Tax Returns

- Proper financial documentation maintained

- Satisfactory credit score

- Healthy banking transactions and repayment track record

Documents Required for Personal Loan Application

A. Common Documents (For All Applicants)

- Duly filled and signed loan application form

- PAN Card (Mandatory)

- Identity Proof (Aadhaar / Passport / Driving License / Voter ID)

- Address Proof (Aadhaar / Utility Bill / Passport / Rent Agreement)

- Passport-size photographs

B. Additional Documents for Salaried Applicants

- Salary slips for last 3–6 months

- Bank statements for last 3–6 months (showing salary credit)

- Form 16 or latest Income Tax Return (if required)

- Employment proof (Company ID / Appointment letter)

C. Additional Documents for Self-Employed Applicants

- Income Tax Returns for last 2–3 years

- Business registration proof (GST certificate / Trade License / Registration Certificate)

- Bank statements for last 6–12 months (Business & Personal)

- Profit & Loss Account and Balance Sheet (if required by lender)

Key Considerations

- Interest rates vary based on credit profile and lender policy

- Processing fees and other applicable charges may apply

- Loan approval is subject to internal credit assessment of the bank/NBFC

- Maintaining a good credit score improves eligibility and interest rate benefits

To begin your journey towards unlocking potential with a personal loan, you can easily book your loans through our streamlined loan application process.