This is an unsecured sort of credit that is popular due to its convenience of availability, and it can assist you in meeting your immediate needs. It can be utilised for a variety of personal reasons, including weddings, renovations, vacations, and more. Because there are no constraints on the amount borrowed, these loans can be used for any purpose, and because they are unsecured, they help you build credit faster than other types of credit. To sum it up, a personal loan can help you overcome any temporary financial troubles which is why you should apply for an online personal loan.
● No Collateral:
Due to the loan being unsecured, it means that you don’t need collateral for your loan.
This, however, becomes the reason for your high-interest rates compared to the other loans
but if you have a good credit score, you can get low-interest rates if you meet the
eligibility requirements.
● Minimum Documentation:
The process of verification and documentation has become faster in the age of digitization,
and it helps in getting personal loans instantly as they are fast to be released and require
very few documents for their approval.
● Easy Approval:
Personal Loans are quick to be approved compared to the other loans and therefore are the
best bet in times of financial crisis.
● Multipurpose Nature:
Personal loans as mentioned earlier can be used for almost anything except in investments
and illegal activities. Other loans when taken for a specific reason can only be used for
the same, such as a car loan can only be used to buy a car and not to buy a house. This is
where personal loans are useful as they can be used to overcome any immediate requirements.
Eligibility For Personal Loans:
Personal loans are sanctioned by most of the banks/NBFCs with each having its eligibility
requirements, but certain criteria are common for them all.
| Age | 18/21 – 60/65 years |
|---|---|
| Employment | 1.) Salaried 2.) Self-Employed |
| Credit Score | 750+ with good credit history |
| Minimum Net Income | 1.) Rs. 15,000 (monthly)(non-metro) 2.) Rs.20,000 (monthly)(metro) |
| Loan Amount | Up to Rs. 50 lacs based on the credit profile. |
| Work Experience |
1.) Salaried · Employment at the current company should be for at least 6/12 months. 2.) Self-Employed · Business tenure for at least 3 years. · Income Tax Returns of last 3 years. |
For Salaried Individuals
1.) Identity and Proof of Age
2.) Pan Card
3.) Residence Proof
4.) Bank statements of last 3 months (salary account)
5.) Salary Slips of last 3 months
6.) Form-16 or ITR of last 3 years
For Self-Employed Individuals
1.) Identity and Proof of Age
2.) Pan Card
3.) Residence Proof
4.) Bank statements of last 3 months
5.) ITR of last 3 years with computation of income
6.) CA Certified/Audited Balance Sheet and Profit-Loss Account of last 3 years.
Therefore, if you have an urgent requirement of money and need to get it sanctioned
immediately, you should apply for a flexible online personal loan today, as it is
hassle-free and faster than any other loan available out there, and it also does not require
a collateral in exchange for it.
