There are several loans available in the market for specific purposes and their typical names suggest the purpose. But there are a few personal requirements that are beyond the scope of the above categories. Many of us face such requirements in our life and the reason varies depending on the individual and his/her age. Banks and other lenders offer personal loans for such requirements.
General eligibility criteria for a personal loan
- The age limit is from 21 years to 60 years
- Minimum 15-25K monthly income is required varying as per the lender.
- Your ongoing EMIs for existing debts.
- Your current credit score, or, the CIBIL score.
General documents required for a personal loan
- Address proof
- Identity proof
- The last 3 month’s bank statement
- The last two salary slips/ salary certificate on a current date with the last Form-16 submitted.
Key features of a personal loan
- You can get a loan from 50K-50lakhs
- The amount can be disbursed in your account instantly if you are an existing customer of that financial institution.
- The interest rate for a personal loan is starting from 8.95% per annum onwards.
- You can avail of flexible loan repayment tenure of a maximum of 7 years.
- You can get an added benefit of accidental coverage for the period of the loan tenure at a bare minimum one-time premium.
How to apply online?
- Visit the website of the financial institution you want to take the loan from.
- Calculate the EMI for your loan by using the online calculator before applying for the loan.
- Register your mobile number with them by validating the OTP.
- Enter other details as asked for.
- Check the loan offer.
- Submit your application.
- Put the OTP to complete the verification process.
- Money will be instantly transferred to your account after the approval.
If you are planning to take a one then compare the schemes offered by different lenders and then choose the appropriate one suitable for you.