Eligibility Criteria for Personal Loans
Financial issues can arise at any time in life. For example, you could require money to pay for your child’s higher studies, deal with a medical emergency or plan a grand wedding. Such situations demand immediate funding, so obtaining an instant Personal Loan online can be a good idea. Thanks to new-age lending institutions, you can get an instant loan at the best interest rates online without hassle.
However, knowing the criteria for Personal Loan eligibility is always good to make this process smooth and fruitful.
Here is the basic info for obtaining an online personal Loan from easily at attractive interest rates.
What is the purpose of a Personal Loan?
A quick and easy Personal Loan can be used for
- wedding functions
- medical emergencies
- higher education
- sponsoring a vacation or overseas travel
- home renovation or upgradation
Who can avail a Personal Loan?
The availability of a Personal Loan nowadays has become a cakewalk. With affordable interest rates and quick processing time, salaried individuals can opt for a quick Personal Loan online, if they meet the eligibility criteria.
Steps To Avail a Personal Loan Online
- Visit the website and click on the “Apply Now” button.
- Enter the information asked and upload the documents required for KYC verification.
- Wait for the approval after a detailed assessment.
- Once approved, the loan will be disbursed.
Tips To Avail Quick Personal Loans
Basic Eligibility Criteria
Personal Loan eligibility criteria includes basic details like an applicant’s age, nationality, employment information, etc.
| Age | >22 years old at the time of applying for loan <58 years old at the time of maturity |
| Nationality | Indian |
| Monthly Income | > ₹20,000 |
| Employment | A full-time job at public/private Ltd. Company or an LLP |
| Work Experience | Min.1 year experience with at least two months tenure at current job |
Credit Score
- A robust credit score is mandatory for applying for a Personal Loan.
- A low credit score indicates a significant likelihood that you may miss future loan payments. Therefore, you must increase your credit score before applying for a Personal Loan if you have a poor one.
- Your credit score should be 750 or above as part of the Personal Loan eligibility criteria.
Document Verification
Here are the documents required for approval of a hassle-free Personal Loan.
| KYC | Aadhar/PAN Card |
| Proof Of Address | Passport | Rent Agreement | Utility Bills |
| Employment Documents | Latest salary slip |
| Financial Documents | Account statements for the last three months. |
| Qualification Proof | Degree certificates and employment certificates for doctors, chartered accountants, and company secretary |
Interest Rates
One should be mindful of the interest rates applicable before applying for a Personal Loan, you can apply for instant loans with pocket-friendly interest rates starting at 9.99%.
Here are some frequently asked questions (FAQs)
- Are Personal Loans available with instant approval?
Yes, Personal Loan is subject to instant approval. So, only candidates who fulfil the Personal Loan eligibility criteria are applicable for this benefit.
- What advantages can Personal Loans offer?
A Personal Loan from offers several advantages. It can be used as an emergency or debt consolidation loan, comes on a flexible tenure, a substantial loan amount, and online lending provisions. The best part is that these loans are unsecured, easy to apply for, and have no end-spend limitations.
- What is the upper limit of the amount for which a Personal Loan can be availed?
With, you can avail a Personal Loan up to ₹30 Lakh.
Whatever your financial need may be, an instant Personal Loan form bank can provide you with prompt funding that works when it’s supposed to. Just check whether you meet the eligibility for Personal Loan before you apply.