Contents
- What are the eligibility criteria for a personal loan?
- The basic eligibility criteria for a personal loan are as follows
- The eligibility criteria for the salaried individuals
- Documents required for a personal loan
- The eligibility criteria for self-employed individuals
- Documents required for Personal loan
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
- A person should be self-employed or a salaried individual or a professional.
- A person should have a regular income for any business or salary to repay the loan.
- His employment with the company he is working with.
- 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
- Bank Account Statement
- Electricity Bill
- Telephone Bill
- Latest Credit Card Bill
- Employers letter certifying the current mailing address.
- Passport (Valid) – provided the passport address is the present address. Mentioned in the application form.
- Existing Registered House Lease.
- Government I-card with a photo.
The eligibility criteria for self-employed individuals
Documents required for Personal loan
- Bank Account Statement
- Electricity Bill
- Telephone Bill
- Credit Card Bill
- Employers letter certifying the current mailing address.
- Passport(Valid)
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