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Personal Loans Eligibility Criteria

There are multiple different factors that affect the personal loan amount you’re eligible for

Monthly Income

Your monthly income will be factored-in to determine your repayment capacity, and hence the personal loan amount.

Company Employed

Working with a big public sector company or a reputed and well-established private company would improve your eligibility.

Banking Account

Having a longstanding banking relationship with the potential lender can be instrumental in negotiating better loan terms

Cibil Score

A good CIBIL score indicates good financial health, and is critical in determining the personal loan eligibility.

Documents Required for Personal Loans

Personal loans are one of the most-frequently bought lending products from the banks and NBFCs in India. They can be used for all purposes ranging from vehicle purchase, wedding expenses, loan repayment, vacations to even medical procedures. However, lenders will need to determine your financial stability and analyze the credit risk before approving and disbursing a personal loan. This is done through the pertinent documents submitted by you. These documents are required to verify details like income, age, employer and address. As personal loans are unsecured in nature, implying that the lender doesn’t take anything as a collateral, the lender needs to be double sure about the facts stated by you. Please note, the documentation requirements for personal loans may vary from lender to lender. However, there are some standard set of documents that are requested by all the lenders. Let’s go through them below:

Documents required for salaried individuals
  • Personal loan application form
  • Photo Id proof
  • Residence address proof
  • Bank statement
  • 2 passport size photograph
  • Job continuity proof
  • Income proof
Documents required for self-employed professionals
  • Photo Id proof
  • Residence address proof
  • Investment proof/s
  • 2 passport size photograph
  • Business existence proof
  • Income proof
  • Bank statement
Documents required for senior citizens or pensioners
  • Personal loan application form
  • Photo Id proof
  • Residence address proof
  • Income proof
  • 2 passport size photograph
  • Age proof