Eligibility for getting a personal loan

A personal loan is an unsecured, short-term cash loan, which means that the individual customer is not required to provide the bank with any security or guaranty in exchange for the personal loan. Formally, we usually prefer personal loans for any emergency cash needs. It can be used for any general-purpose, such as education, property reconstruction/home renovation, wedding expenses, vacation, and so on. For salaried customers, most finance companies or other banks offer Personal Loans up to Rs. 40 lacs. It is usually repaid over 12 to 60 months. Some banks are providing more than that.Click here to become good at personal loan in toa payoh central.

The personal loan amount and the interest rate you are eligible for will be determined by factors such as monthly income, customer employment history, residence history, and past financial credit history, as well as the pattern. Banks typically cap the monthly payment (EMI) on your loan at around 60% – 70% of your monthly take-home pay. A customer, on the other hand, cannot obtain a personal loan for any type of bad investment or expense that is not sanctioned by the banks or the law.

Personal loans with the lowest interest rates are available from a variety of financial institutions.

  • If you need a personal loan quickly, compare the average time it takes banks to disburse a personal loan.
  • As each bank’s application process is different, compare the customer satisfaction ratings of each bank and choose the best.
  • You can get free assistance from the Deals of Loan team in comparing the best deal.

The following are the personal loan eligibility criteria for salaried employees.

  1. Minimum Age: The applicant must be at least 21 years old.
  2. Age Limit:Applicant’s maximum age at loan maturity: 60 years
  3. Income:Rs. 15,000 per month as a bare minimum net monthly income.

For Salaried Customers

  • One legitimate identity proof
  • Bank statements from the previous six months
  • Most recent proof of residency
  • If guarantors are required, they must provide the same set of documents.

For Self-employed customers

  • If you have been in the same business for more than 5 years, you must file an ITR for three years.
  • Profit and loss statement, balance sheets, and audit report.
  • If the company is a Pvt Ltd, then the MOA is required.
  • Shop Act, Partnership Deed, and other required documents, etc.
  • Individual/company KYC
  • Bank statement for six months

Therefore these are the eligibility for getting a personal loan easily.

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