Personal Loan
For all your needs
Personal Loan
A Personal Loan is a loan sanctioned by a lender, without any security (collateral). So, it is an unsecured loan. Personal Loans are sanctioned by banks and Non-Banking Financial Companies (NBFCs). You don’t need to state any reasons, while availing personal loans.
Personal Loan is the best loan to fund financial emergencies. It is a great way to address a financial crisis, as it allows the borrower to avail a loan without any conditions. Personal loans are sanctioned rather quickly. They may be approved as quickly as 24 – 48 hours, after the borrower submits the loan application.
Personal Loans are availed on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment.
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Why avail Personal Loans?
No Reason Loan:
Personal Loans can be used for anything you wish.
Emergency Loan:
Personal Loan is a loan for an emergency.It can be used for a medical emergency or to fund the marriage of your child.
No Collateral:
Banks do not ask for any collateral while sanctioning the loan. There is no need for a Guarantor.
Quick Sanctioning:
Personal Loan is sanctioned really fast. It may be as less as 24 hours. Minimal documentation means less processing time.
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Thinking of Availing a personal loan
Documents Required To Availing a Personal Loan
1. For Salaried:
- Passport
- Driving License
- Voters ID
- PAN Card
- Passport or utility bills
- Last 3 months Bank Statement
2. For Self-Employed:
- Passport
- Driving License
- Voters ID
- PAN Card
- Passport or utility bills
- Last 2 years audited financial statements
- Last 6 months Bank statement
- Office address proof
Eligibility criteria to avail a Personal Loan
- A minimum salary of Rs 15,000 to Rs 25,000 a month.
- You must be between 22-59 years.
- The borrower must have a bank account.
- A Minimum CIBIL score of 700 is a must.
- The borrower must be residing at his/her current residence for at least a year or two.