What is Personal loan?

Personal Loan is an unsecured loan for personal use which doesn’t require any security or collateral and can be availed for any purpose, be it a wedding expenditure, a holiday or purchasing consumer durables, the loans is very handy & caters to all your needs. The amount of loans can be ranged from Rs. 50,000 – Rs. 20 lakh & the tenure for repaying the loan varies from 1 to 5 years.

Eligibility Criteria

Any salaried, self employed or professional Indian national is eligible for a personal loan.
According to the parameters set by banks and other financial institutions lending the loan, you:

• Should have been employed by your current organization or been involved in your business for a certain number of years
• Should have some monthly repaying capacity or the required minimum salary
• Must qualify the age bracket defined by the lending bank or institution
• Should not have bad credit history under your name for three months prior to submitting the loan application

Documents Required

• Duly signed and filled application form
• Passport Size Photograph
• Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Adhar card, employee identity card in case of government employees.
• Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/ electricity/ water/ credit card bill or Property tax.
• Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Adhar Card, pension payment order or receipt of LIC policy.
• Income proof :

Salaried Individuals

• Latest 3 months salary slips
• Form 16 with proper computation of income
• Salary account bank statement for six months
• Latest acknowledged IT return



Self-employed persons

• Last two years' computation of income, Profit and Loss statement, and balance sheet certified by a C.A.
• Latest six months' bank statement
• Last two years' sales and copies of acknowledged IT returns as proof of turnover