Credit Wisdom

Eligibility and documentation of applying personal loan in India

Category: Personal Loan

As the name suggest, personal loan is for fulfilling all your personal needs. Whether you have dream of going on a dream vacation or you want to have a big fat wedding, personal is there to help you cherish all your precious moments without worrying about the funds. People also opt for personal loan during an emergency situation like medical emergency as the approval of personal loan is faster than the other loans and there are surfeits of lenders where one can get personal loan without any hardships. 

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Almost all the banks and NBFCs provide personal loan, but if you want to avoid visiting bank and rushing around for documentation, you can simply apply at your home through online financial service providers, e.g. Creditnation. We’ll help you to get the loan within 3-4 days and that too without going anywhere, so that you can utilize more of your time to focus on your needs. 

APPLYING PERSONAL LOAN IN INDIA requires you to meet certain parameters of eligibility and documentation, to avoid the rejection of your application. Following are some of the vital factors of being eligible to get the personal loan

1. Age: A salaried person should be above 21 years and should not be above 58 years, in age. On the other hand, a self-employed person’s minimum age of applying is 25 years while the maximum age of applying is 65 years. 

2. Job/ business experience: Minimum 1 years of working experience is required for a salaried person in his job while a self-employed person should have minimum 3 years of experience in his business.

3. Income/Profit: Salaried person should be earning INR 17500 monthly; on the other hand, a professional self-employed person should be earning profit after tax of INR 2 lakh. A non- professional self-employed can apply if he/she is earning profit after tax of INR 1 lakh. 

Following are the required documents to apply for the PERSONAL LOAN IN INDIA:

1. KYC Documents: There are four mandatory KYC documents required to get the personal loan in India by both salaried and self-employed. Pan Card, Adhaar Card, Voter ID and a utility Bill, are the four necessary documents which you should have while applying. 

2. Financial Documents of Salaried: One job continuity proof is inevitable to have while applying personal loan and it can be any of them: current employment certificate, current job appointment letter, experience letter of previous job (including appointment and relieving later). Last 3 month’s salary slip, 6 months bank statement, Form 16 of last 2 years are other important documents that you should have to get the loan. 

3. Financial Documents of self-employed: Certain Financial documents which are required to get the loan, including Last 2 years ITR with computation of income, Business and residence ownership Proof ( Any Registration Proof ) and current account statement of last 1 year or Savings account statement of last 6 months. 

Aforementioned eligibility parameters and documents are inevitable to have to get the Personal Loan in India. To avoid the fuss of documentation, you can simply visit online portals as there you can get the loan quickly. We, at CreditNation, make sure that you get the best offers, instant approval, lowest interest rates and easy disbursal of your loan. Be it advise or help regarding loan process, you can contact us and we’ll be glad to help you.

Tags: Personal Loan Articles