Personal Loan Eligibility Criteria
To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.
- Age should fall under the range of 21 years to 60 years
- Net monthly income should be ₹15,000/- for salaried and self-employed, yearly transactions should be a minimum of ₹20 lakhs
- Credit score must be above 650
- Debt-to-income ratio
- Employment stability
- Maintained a good credit score
- Clear repayment history
- Must be a Resident Citizen of India
Documents required to apply for Personal Loan
- Identity Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
- Proof of Residence or Address Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card
- Age Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
- Income Proof – 1 year Bank statement, 3 months Salary Slips
- Employment Proof – Employment Certificate, Office address proof
- GST or VAT Registration – For Self-employed
- Photograph – Passport-size photographs
- Business Proof – Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.
- Income Tax Returns – Documents of the past 2–3 years to verify income and tax payment history
Why Choose a Personal Loan?
- Government employees eligible
- Employees of MNCs / Pvt. Ltd. companies
- Other salaried individuals earning above ₹15,000
- No collateral or guarantor required
- Longer repayment tenure options available
- No hidden charges
Fees and Charges for Personal Loan
| Particulars | Charges |
|---|
| Loan Processing Fees | ₹2999/- to 5% of Loan Amount |
| Loan Cancellation | Usually ₹3000 to 5% of Loan Amount |
| Stamp Duty Charges | ₹150/- to ₹300/- |
| Legal Fees | As per actuals |
| Penal Charges | Usually 2% per month |
| EMI / Cheque Bounce Charges | Approx ₹499/- to ₹599/- |
Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges, and swap.