Eligibility for Personal Loan

Personal loans are unsecured loans preferred for meeting the short term money requirement. They are helpful in fulfilling the monetary needs during any emergency situation. Getting loan directly from bank includes a whole process of documentation, profile checks and approvals. However, at Credit Nation, we try to make the personal loan process simple.

Our relationship managers assist you at various steps including application, documentation, till the approval process. Two types of borrowers are eligible for personal loan. One is salaried and other is self-employed. The eligibility for personal loan is different for both.

For Salaried Person

  • Minimum age of Applicant should be 21 years.
  • Maximum age of applicant at loan Maturity time should be 58 years.
  • There should be minimum 1 year period in current job.
  • Monthly income should be minimum INR17500.

For Self employed Person

  • Minimum age of Applicant should be 25 years.
  • Maximum age of applicant at loan Maturity time should be 65 years.
  • There should be minimum 3 year period in current business.
  • There should be minimum profit of above INR 2 lakh after Tax for professionals and above INR 1 lakh for non-professionals.

If you fulfill the above mentioned eligibility, then you can easily apply for personal loan.

Following is the list of the documents required while applying for personal loan

  • Current employment certificate
  • Current job appointment letter
  • Experience Certificate of previous job(including appointment and relieving later)
  • Last 3 month’s salary slip if you are salaried person and 6 months bank statement
  • Last 2 years ITR with computation of income Bank statement, Current account statement of last 1 year and Savings account statement of last 6 months if you are self-employed.

Documents Required for Personal Loans Applications.

Eligibility Salaried Self-Employed

Age:

1. Minimum age of Applicant 21 years

2.Maximum age at loan Maturity58 years

Experience:

Minimum period in current job1 year

Income:

Minimum Monthly Income above INR 17,500

Age:

1. Minimum age of Applicant25 years

2.Maximum age at loan Maturity65 years

Experience:

Minimum period in current business3 years

Income:

Min. Profit After Tax

Professionalabove INR 2 Lakh

Non-Professionalabove INR 1 lakh

Documents

Financial

Job Continuity Proof: Any one

  • Current employment certificate
  • Current job appointment letter
  • Experience Certificate of previous
    job(including appointment and relieving later)

Income Proof:

  • Last 3 month’s salary slip
  • 6 months bank statement
  • Form 16 of last 2 years

Income Proof:

  • Last 2 years ITR with computation of income Bank statement:
  • Bank statement:Current account statement of last 1 yearSavings account statement of last 6 months
  • Business and residence ownership Proof( Any Registration Proof )

KYC:

Pan Card

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Adhaar Card

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Voter Id

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Utility Bill

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