Why should you take Personal Loan ?
What are the Features & Benefits of a Personal Loan ?
- They have easy availability:
The main reason behind the popularity of personal loans is untroublesome availability. The personal loans can be acquired within 24 to 48 hours of loan application and submission of required documents. Almost all banks offer personal loans to its customer thus making it easily accessible.
- They need minimum documentation:
Unlike the other long term or larger loans, personal loans require very little documentation. Thus these loans are approved quickly without any hassle.
- You can get pre approved offers:
In most cases, the bank where you have an account will provide you with pre approved loan offers. You can claim these offers and get the loan amount within your account in a matter of few minutes*. The amount will range from bank to bank. This process is the fastest of all.
- You get expeditious loan approval
The mechanism of approving personal loan is very easy, efficient and hassle free. When it comes to online personal approval, they can be approved quickly where as the paper approval takes not more than 1-3* working days depending from Bank to Bank.
What is the Eligibility to avail Personal Loan ?
- Eligibility For Salaried Borrower*
- AGE: 21 years to 60 years
- INCOME: Rs. 15,000/- (Rs. 20,000 in metro cities)
- Minimum Loan Approval: Rs. 75,000/-
- Maximum Loan Approval: Rs. 15,00,000/-
- Loan Tenure: 12 to 72 Months
- Eligibility For Self-Employed Borrower*
- AGE: 23 years to 60 years
- INCOME: Rs. 24,00,000/- Turnover (minimum)
- Minimum Loan Approval: Rs. 75,000/- to Rs. 3,00,000/-
- Maximum Loan Approval: Rs. 15,00,000/- to 20,00,000/-
- Loan Tenure: 12 to 48 Months
What are the Documents Required to avail Personal Loan ?
- Required Documents For Personal Loan*
- Identity Proof: Passport, Driving License, Voters ID or PAN Card
- Address Proof: Passport or fresh Utility Bill
- Income Proof: Salary Slip/Form 16 (for salaried) | Income Tax Return + Profit & Loss A/c (for self-employed)
- Other Documents: Highest Educational Certificate/Degree
- *The list of documents differ from bank to bank. The above details are generic, not specific.
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