Personal Loan

Personal Loan Eligibility Criteria:

Personal Loan eligibility depends upon various factors which are as follows:

1. Income – Your income determines the amount of personal loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45% to 0.60% of your monthly income.
2. Tenure – The longer tenure you opt for, the more is your personal loan eligibility and the lesser is your EMI. Maximum tenure is 3 years to 5 years.
3. Age – Your age will determine your personal loan tenure and hence your eligibility. Maximum age to be considered is 60 years.
4. Interest Rate offered – Lower the interest rate more is the personal loan eligibity and higher the interest rate less is the personal loan eligibity.
5. CIBIL Score – Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan.(credit score must be above 700).

Bank wise Rate of Interest for Personal Loan:

Documents Required for salaried Personal Loan :

1. Application Form: signed with photograph pasted (applicant and co applicant)
2. Identity Proof: PAN card, Passport, Driving License, Aadhar Card, Voter id,(applicant and co applicant) (Any One)
3. Address Proof: Aadhar Card, Passport, Driving License, Election ID Card, Rent Agreement, Electricity/ Telephone/ Mobile Bill/ Bank Statement (Not More Than 3 Months Old)(Applicant And Co applicant) (Any One)
4. Income Proof: Form 16, Latest 6 Months Salary Slip, Last 6 Months Bank Statement
5. Stability Proof: Job Stability Proof must be of 2 Years.

Documents Required for self employed Personal Loan

1. Application Form: signed with photograph pasted (applicant and co applicant)
2. Identity Proof: PAN card, Passport, Driving License, Aadhar Card, Voter id,(applicant and co applicant) (Any One)
3. Address Proof: Aadhar Card, Passport, Driving License, Election ID Card, Rent Agreement, Electricity/ Telephone/ Mobile Bill/ Bank Statement (Not More Than 3 Months Old)(Applicant And Co applicant) (Any One)
4. Business Address Proof: Address on Current Account, Rent Agreement, Ghumasta License, Adhar Udyog, Electricity Bill (Any One).
5. Business License: Ghumasta License, GST Certificate, Government License.
6. Income Proof: Last 3 Years ITR with CA Attested,1 Year Bank Statement of Current and Saving Account.
7. Stability Proof: Business Stability Proof must be of 5 Years.