What are the eligibility criteria for a personal loan?

  • A personal loan is an unsecured loan that is given to a loan seeker to meet his personal financial needs.
  • Repayment is usually through EMIs.
  • The eligibility criteria for a personal loan is different for different banks, depending upon the policies of the bank.
  • You will read about the basic eligibility criteria in this article. The eligibility criteria are determined by the income of a person, his employment status, credit history, etc.
  • However, there are no restrictions on the applicant to use the personal loan for a specific purpose unlike other loans such as automobile loans, which are only for a specific purpose.
  • However, the basic eligibility criteria for availing a personal loan is more or less the same as every bank, there are only a few differences. Not fulfilling the eligibility criteria can become the reason to reject the personal loan application

The basic eligibility criteria for a personal loan are as follows

  1. A person should be self-employed or a salaried individual or a professional.
  2. A person should have a regular income for any business or salary to repay the loan.
  3. His employment with the company he is working with.
  4. The credit history of the person with the banks, etc.

The eligibility criteria for the salaried individuals

  • Age must be between 23 – 58 years
  • Net salary of rupees 3,50,000 per annum
  • The total time in the job must be between 1 to 2 years.

Documents required for a personal loan

Documents required for a personal loan

  1. Bank Account Statement
  2. Electricity Bill
  3. Telephone Bill
  4. Latest Credit Card Bill
  5. Employers letter certifying the current mailing address.
  6. Passport (Valid) – provided the passport address is the present address. Mentioned in the application form.
  7. Existing Registered House Lease.
  8. Government I-card with a photo.

The eligibility criteria for self-employed individuals

Documents required for Personal loan

  1. Bank Account Statement
  2. Electricity Bill
  3. Telephone Bill
  4. Credit Card Bill
  5. Employers letter certifying the current mailing address.
  6. Passport(Valid)