A personal loan is a right funding facility provided by well known Banks and NBFCs of India like IDFC, HDFC, Axis, Fullerton, etc. that helps one meet up money requirements for various times of life like medical emergencies, wedding, education, home renovation, asset purchase, business requirements, etc.
It is an unsecured form of loan for short period of 6 months to 60 months.
Eligibility for a Personal Loan
- Age of over 18 years
- Have proof of income, like Salary slip for last three month, Income tax returns for self employed,
- Minimum salary should be above Rs. 15,000/- credited in bank account
- For self-employed individual with atleast Rs. 3 Lakh annual net income.
- Sound banking transaction for last 6 months
- No default in loan EMIs or credit card bills
Meeting the above requirements makes you eligible for personal loans in general. But to get the best interest rates and conditions, you’ll need:
- A credit score that is average to excellent – ideally over 650
- No history of payment defaults
- Working in reputed or well-known organisation
- Four Photograph of Applicant/Co-applicant.
- Copy of PAN card & aadhar card of Applicant/Co-applicant.
- Latest Residence proof of Applicant (Latest telephone/electricity bill).
- 3 months latest salary slip
- Form No. 16 (3 years).
- ITR for last 3 years. ( applicant & co-applicant)
- Saving/ salary A/c statement of Applicant and co-applicant for 1year.
- Copy of sanction letter of existing loans(if any)
- Four Photographs
- Copy of PAN card, Aadhar card. ( Applicant & Co-applicants ).
- Latest Office & Residence Address Proof i.e. Electricity Bill/Telephone Bill.
- Gumasta /Sales Tax Registration/ GST or any other license applicable.
- 3 Years ITR & Audit Report With All Annexure.
- 3 Years ITR With Computation ( Co-applicants )
- All Current A/c, C.C A/c ,Saving A/c statement for 1year.
- Existing Loan Sanction Letter & Statement of Account