Personal Loan Features

  • Offers for New

    Customers

  • 3 Unique

    Variants

  • Loan of up to Rs.

    40 Lakh

  • 25+

    Years of Experience

Features and Benefits of our Personal Loan

A personal loan is an unsecured loan that is not backed by collateral or security. This makes it a flexible financing option, as there are no limitations on its use.

The followings are the ways a personal loan can be useful:

  • Debt consolidation:  Combining multiple debts into a single loan with a lower interest rate to save money on interest payments and make it easier to manage debts.
  • Home renovation:  Using a personal loan to fund home renovation projects can increase the value of your home and improve your living conditions.
  • Medical expenses:  If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.
  • Emergency expenses:  A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.

Personal Loan Eligibility and Documents

Read on to know the criteria required to apply for our Personal Loan.

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Personal Loan Eligibility Criteria

To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.

The followings are the ways a personal loan can be useful:

  •  Age should fall under the range of 21 years to 60 years
  •  Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs
  • Credit score must be above 650
  •  Debt-to-income ratio
  •  Employment stability
  •  Maintained a good credit score
  •  Clear repayment history
  •  Must be a Resident Citizen of India

Personal Loan FAQs

Depending on several factors, including the loan amount, loan term, income, and employment history, different lenders have different minimum credit score requirements to be approved for personal loans. Most lenders consider a credit score of 650 or above to be strong enough to qualify for a personal loan. To be eligible for a personal loan with low-interest rates and advantageous terms, some lenders may require a credit score of 700 or better.

The minimum salary required to be eligible for a personal loan can vary depending on the lender and their specific eligibility criteria. However, in India, most lenders have a minimum salary requirement of Rs. 15,000 per month to qualify for a personal loan. This means that if you earn less than Rs. 15,000 per month, you may not be eligible for a personal loan from these lenders.

Yes, pensioners who have a pension account with one of India's leading banks may be eligible to apply for a personal loan. Many banks and financial institutions in India provide personal loans to retirees, with some lenders catering specifically to this demographic. Personal loans for pensioners may have different eligibility criteria, terms, and conditions than regular personal loans. Lenders, for example, may impose age restrictions or require proof of pension income to qualify for a loan. Before applying for a personal loan, pensioners should carefully review the eligibility criteria as well as the terms and conditions. They should also compare various lenders and loan options to determine which one best meets their needs and financial situation.

Students are eligible to apply for a personal loan. However, depending on the lender and the student's financial situation, the eligibility criteria and loan terms may differ. If the student is employed or has a steady source of income, procuring a personal loan may be easier. A good credit score can also increase the likelihood of approval and result in lower interest rates. On the other side, the student might require a co-signer if they have little to no income to be accepted for a personal loan. A co-signer is a credit-worthy individual who consents to accept financial responsibility for the loan if the borrower is unable to pay it back.

Even if you already have a home loan, you can still apply for a personal loan. But, while determining your capacity to repay the personal loan, the lender may consider your current financial obligations, including your mortgage. While assessing your eligibility and the terms of the loan, your credit rating, income, and other variables could also be taken into account.

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