Personal Loan – Instant Funds, Zero Collateral
A personal loan is an unsecured loan that requires no collateral, minimal documentation, and quick approval. It offers the freedom to use the funds for any legitimate financial need—whether it’s a wedding, medical emergency, vacation, home renovation, or education.
Personal Loan Eligibility
To apply for a personal loan, applicants must meet the following criteria:
Income: Minimum monthly income of ₹15,000 to ₹25,000 (for salaried) or ₹2-3 lakh annually (for self-employed).
Debt-to-Income Ratio: Your total EMI should ideally be less than 50% of your net income.
Age: Typically between 21 and 60 years.
Employment/Business Stability: At least 1-2 years of work experience or a 2-3 year-old business.
Documents Required
1. For Salaried Individuals
Identity & Address Proof: PAN Card, Aadhaar Card, Passport, or Voter's ID.
Income Proof: Last 3-6 months' salary slips, last 6-12 months' bank statements (showing salary credits), and Form 16/ITR for the past 2 years.
Employment Proof: Employee ID card, or an appointment/offer letter.
2. For Self-Employed Individuals
Identity & Address Proof: PAN Card, Aadhaar Card, or Voter's ID.
Business Proof: Business registration documents, GST registration, or other licenses.
Income Proof: Last 2-3 years' ITRs with audited Profit & Loss statements and Balance Sheets, and 12 months' bank statements (savings and business accounts).
