Personal loan is the obvious choice if you need a finance for Personal finance, Medical emergency, Wedding purposes, Abroad travel, Holidays, Child education and for buying consumer durable things. Means if you have a requirement of money so personal loan is the best choice.
A personal loan does not require any security or collateral and can be availed without much fuss. Typically personal loans range from Rs. 50,000 to Rs. 30 Lacs with a tenure typically ranging from one to five years. Getting a Personal loan is quite stress free and there are typically a number of offers in the market most of the time.
Personal Loan Eligibility Criteria
- Minimum per month Income of Rs.18500 in Metro cities required.
- Minimum per Month Income of 12500 required in other cities like Tier 1, 2 & 3.
- Age Must be above 21 Years.
- Regular Source of Income with Valid proof of income like – Pay Cheque, Account Transfer. Cash salary is not considered by any bank.
- Minimum 6 Month stability in current company for Salaried, 2 Years ITR for self-employed / Professionals.
- CIBIL SCORE must be above 750 points.
Comparison chart for the rate of interests and loan amount.
List of Personal Loan Documents for Salaried, Self employed / Professionals
The documentation process of personal loan is very fast as against home loan. Following documents are required by financial institutions to process the loan application:
- Identity proof
- 3 to 6 months Bank statements
- Residence proof
- Salary slip
- Guarantors & their same set of documents
- CIBIL / Credit Information Bureau Report Request Form
In case of self-employed banks require balance sheets, profit & loss account, partnership deed & other mandatory documents etc.
How Fast Can I Get a Personal Loan? (Instant Loans)
Personal loans don’t take too long to process. Banks usually disburse your loan within seven working days. However, it is recommended that you keep all your documents ready and in order, especially the post dated cheques (PDC), to avoid any delays. How fast you get your personal loan is dependent on your document collection process.