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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 earnings will be factored in to determine your repayment burden, and hence the personal loan amount.
Company Employed
Working with a big public sector organization or a reputed and well-established private corporation would increase your eligibility.
Banking Account
Having a longstanding banking connection with the potential lender can be instrumental in negotiating more favorable loan terms.
Cibil Score
An excellent CIBIL score shows good financial health, and it is critical in determining personal loan eligibility.
Documents Required for Personal Loans
Personal loans are one of the commonly purchased lending products from the banks and NBFCs in India. They can be utilized for multiple objectives ranging from vehicle purchase, marriage expenses, loan repayment, and vacations to even medical procedures. However, lenders will require determining your financial steadiness and investigating the credit risk ere approving and distributing a personal loan. This is executed through the relevant documents given by you. These documents are needed to verify details like salary, age, employer, and address. As personal loans are unsecured in nature, indicating that the lender doesn’t take anything as guarantee, the lender needs to be twice assured about the data affirmed by you. Please note, the documentation obligations for personal loans may differ from lender to lender. However, there are a few standard sets of documents that are inquired 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