HOW TO GET PERSONAL LOAN?
WHAT IS PERSONAL LOAN? • A personal loan is an unsecured loan that you can avail to meet any type of financial emergency. This type of loan can be availed without having to keep any collateral or guarantor. • The loan is offered for tenure of 12 months-60 months and can be used for various purposes including payment of a medical emergency, home renovation, travel purpose, buying a smartphone or others. • One can apply for this loan online as banks and NBFCs in India now offer instant approval service that helps you get an estimate of the loan amount you are eligible to get.
ELIGIBILITY CRITERIA FOR GETTING PERSONAL LOAN • You should be a resident of India • You should be aged between 21years-60 years • You should have monthly salary of above Rs. 17,000 • You should be employed with a public, private or a government entity • You should have a good credit score
DOCUMENTS FOR PERSONAL LOAN • Copy of identity proof i.e. voter’s ID, Aadhar card, PAN card, driving license • Copy of address proof i.e. passport, utility bill, Aadhar card, etc. • Form 16 along with past 6 months bank statement in case of salaried professionals • 2 passport size photographs • Office address proof, balance sheet of past 6 months in case of business professionals
BENEFITS OF PERSONAL LOAN • Simple documentation process • Flexible tenure • Quick disbursal • Flexible use • Instant approval • Collateral-free
HOW TO APPLY FOR PERSONAL LOAN IN INDIA? • You can apply for personal loan in India by following the below easy steps. • Visit the lender’s website or download the app • Fill in your basic details in the personal loan application form • Proceed with uploading your documents such as Aadhar card, PAN card, salary slip, bank statement and others. • Click on submit and accept the terms and conditions if any • You will then get e-approval • The representative of the bank or NBFC will get in touch with you to take you through the disbursal process • You will then get the money in your bank account instantly or within 24-36 hours depending on the bank.