A personal loan is an unsecured loan availed by individuals according to their needs. The term unsecured loan simply means that a borrower doesn’t need to submit any collateral or down payment in advance to receive funds. This kind of loan comes really handy when you have unexpected expenses to take care of.
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How to find the right personal loan?
A personal loan is considered as a brilliant way when it comes to shopping, travel plans, or any other expenses. Well, you are better off comparing several lenders in terms of interest rate, processing fee, and fine print. Apnaloan can help you out in choosing the right lender with the lowest interest rate you can qualify for. It becomes important to take into charges associated with the personal loan so that you can be sure that it doesn’t make the total cost of your debt higher in the end. So, your best bet would be to shop around with several lenders at ApnaLoan to find an option that makes sense for your budget and your needs.
Personal Loan Eligibility
Personal loans are the most preferred and convenient options for all age groups and now knowing the loan eligibility are no more a hassle. The eligibility criteria for personal loan vary from lender to lender. For your better understanding, ApnaLoan has mentioned below the general criteria for both salaried and self-employed professionals. So, have a look-
Nationality: An applicant must be an Indian citizen, who is an active employee of an MNC, public or any private sector.
Age: Every lender focus on borrower’s age as it is one of the prime factors which determine your EMI’s, eligibility for a personal loan, and repayment potential. The minimum age for salaried is 21 years, and the maximum is 60. In order to turn your dreams into reality, make your move before the maximum age.
Income: To avail personal loan, an applicant must earn at least INR 20,000 per month, and he or she must be a graduate.
CIBIL Score: Well, it is always advisable to know your credit score in advance before applying for a personal loan, whether it is during the festive season or otherwise. Knowing your credit/CIBIL score in advance can help you to make a more informed decision while narrowing your choice on a particular lender and improve your chances of approval. As mentioned above, that different lenders have different eligibility criteria to meet, while some lenders require to have a minimum score of 750, and the new age lending start-ups offer unsecured personal loan options to applicants with low scores too. Hence, checking every lender’s eligibility norms after knowing your credit score can help you approach the right lender and you can keep rejections at bay.
Documents Required For Personal Loan
- Personal loan application form with recent 3 passport size color photographs
- Residential and Identity Proof
- Bank Statement of the last 6 months
- Processing Fee Cheque
- Salary Slip if an applicant is salaried, whereas in case of self-employed proof of business is required to submit it to a lender.
- Form 16 for the salaried class, whereas for self-employed business profile mentioned on the letterhead, last 3 years of Income Tax returns, profit and loss, and balance sheet.
Shop for Best offers
While applying for a personal loan, it is always recommended that you do some research on the best offers that are currently running in the financial loan market.
The process to Apply for Personal Loan
Well, the process to apply for an unsecured personal loan is very simple. First, you have to check your eligibility, and if you are eligible for it, fill the online loan application form. Submit all your required documents, and the respective lender will get in touch with you directly.