Personal Loans

A personal loan is a non-collateral (unsecured) loan that provides funds to salaried as well as self-employed individuals. A borrower can take a personal loan in case of any financial needs. Whether you are salaried or self-employed, one can easily avail this loan and get the finances instantly to meet their varied personal needs. The biggest advantages associated with this unsecured loan is the fact that it does not require any collateral/security. You can get the loan amount instantly at attractive interest rates and flexible tenures. Not only this, in fact a one-time processing fee is also being charged by the banks while offering you this credit facility.

Eligibility For A Personal Loan

Minimum and Maximum Age 21 Yrs. – 65 Yrs.
Note: However, many banks require minimum age of 23 years
Loan Amount Upto Rs. 50 lakhs. Most banks restrict maximum eligibility to Rs. 25 lakhs
Note: Some banks also restrict the maximum eligibility at 10 – 22 times net monthly income
Net Monthly Income Min. Rs. 15,000 (For Semi & Rural ) and 20,000 (For Metro)
Note: Some banks specify higher minimum income requirement for people staying on rent
Employment Type • Salaried customers have more choices
• Interest rates are typically in the range of 11.49% to 18.00% per annum
• Personal loans to self employed professionals and businessmen are classified as Business Loan
Minimum Work Experience • 3 years of total work experience
• Tenure from the current company should not be less than 6 – 12 months
• Business tenure should of 5 years & ITR required for at least 3 years (For Self Employed only)
CIBIL Score for Personal Loan 700 & more credit history
Note: Most banks avoid giving loans if you have low credit score

Documents required for a personal loan

*For Salaried Individuals
Loan Application Form
2 Passport size photos
Salary Slips for last 3 months
Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
Residence Proof (Driving License/Voter ID Card/Adhaar card, etc.)
Last 3 months Bank Statements
Employment Proof
Signature Proof

*For Self-employed Individuals
Loan Application Form
2 Passport size photos
Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
Office Residence Proof
Income Proof: Audited financials for the last 2 years
Last 6 months Bank Statements
Employment Proof
Signature Proof


*What is the minimum loan limit for a Personal Loan?
The minimum loan amount that is offered for a personal loan is 50,000/-
*What is the disbursal time in case of a Personal Loan?
If all the documents are ready, a borrower can get a loan within 72 hours to 3-4 working days.
*What is the maximum loan limit for a Personal Loan?
The maximum loan amount that a borrower can take is 40 lakhs.
*Is there any security required to take a personal loan?
There is no security required for a personal loan as it is an unsecured loan.
*Can I get a personal loan for pensioner if I have a pension account with one of the leading private banks in India?
There are several private as well as public sector banks, which offer personal loan to pensioners. However, there is certain age cap with every bank, which you must not exceed at the time of repayment period. You can get a personal loan of up to 10-20 times (depending upon banks T&C) of your monthly pension amount.
*Does CIBIL score matters when it comes to a Personal Loan?
Yes, CIBIL score and credit history are important when it comes to PL. Banks often prefer the CIBIL score of 700-750 out of 900.

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