Financial security is one of the most important aspects of a person’s life. This is something that everybody needs to live a comfortable and happy life. Often you may find it difficult to maintain a financially secured lifestyle with their present income. This is when you may want to take loans from banks.
One of the most popular loan types for the common man in India is Personal loan. This is popular because getting approval for this loan is easy and fast. However, you will have to understand the whole process of getting a personal loan in India. Before that let me tell you something about personal loan.
What exactly is a personal loan?
It is a kind of unsecured loan which is taken to meet urgent and unforeseen financial needs. These emergency needs could be a medical emergency, educational expenses, wedding expenses, etc. This kind of expenses can be really troublesome when you do not have enough fund with you. This is when applying for a personal loan is the best option for you.
One thing that you should always keep in mind when applying for personal loans is that you have to use the money only for genuine causes and not spend them on stock investments, property or luxury goods.
What is the eligibility criteria for availing personal loan in India?
While getting a personal loan in India is not a huge task, you need to meet certain conditions for being eligible for getting a personal loan. There are certain things that need to be fulfilled in order to get loan approval. Here are the eligibility criteria for personal loan in India:
- Age: 23 yrs – 58 yrs
- Residency – Indian Resident
- Residential Address – Permanent address with 6 months stability
- Bank Account – Active bank account
- Income – Stable employment with a regular income of Rs.15,000 or more
- CIBIL Scores – Score of >700 with a good credit record.
What are the documents needed for availing personal loan?
Just like you need to meet the eligibility criteria, you also need to have some necessary documents with you in order to avail a personal loan. Here are the documents you will need for getting a personal loan:
- ID Proof:
Pan Card / Aadhaar Card / Voter ID card / Driving License / Passport Copy
- Current Address Proof :
Driving license/ Passport Copy/ Latest Gas Bill / Latest Property Tax Bill / Bank Passbook / Ration Card
- Age Proof:
Pan Card / Aadhaar Card / Voter ID card / Passport Copy / Any Other Statutory authority Certificate
- Bank Statement:
Updated Latest 3 Months Statement
- Company ID:
For Employment Proof
- Salary Slip:
Last 3 Months
How you can apply for the loan
Applying for personal loans is very easy. You just need your smartphone and the app of the Fintech company you want to get the loan from. Some of these apps give you instant cash loan in 1 hour. All you have to do is fill in your details correctly and upload the necessary documents. Once approved, you can get instant cash loan in 1 hour.
Hope you found this post helpful. If you have any queries or suggestions related to this post, please let us know about it in the comment section below.