What is Personal Loan? A personal loan is a short term unsecured loan to meet current financial needs related to vacations, unexpected medical expenses, festival celebrations, renovation or any other financial matters.
2. Documents Required :
a) Salaried Individual :
• Latest 3 Months Salary Slips
• KYC (PAN Card and Aadhar Card)
• Form no.16 or ITR
• Appointment Letter/ increment letter or experience letter of previous job (in case of new job)
• Last 6 months Bank Statement
b) Self Employed (Professional) :
• Business Stability Proof (Shop & establishment certificate / Trade license certificate / Factory registration certificate)
• KYC (PAN Card and Aadhar Card)
• Ownership Proof (Residence/office)
• Last 3 years Income Tax Returns along with the computation of Income, CA Certified/Audited Balance Sheet and Profit & Loss Account with all Schedules/Annexures
• Office Address Proof
• Latest 12 months Bank Statement
3. Criteria:
a) If Salaried Individual :
• Minimum Net Monthly Salary : `25,000
• Company type should be either Private Limited or Public Limited
• Rate of Interest varies as per bank norms
• Minimum CIBIL Score Required : 650
• No EMI Bounces within 6 months
• Repayment period : 12 months to 60 months
• Loan Amount : 1,00,000 to 25,00,000
• Age Limit : 21 years to 60 years
b) If Self Employed (Professional) :
• Minimum net profit per annum : `2,50,000
• Profession Type : Doctor, Engineers, CA’s Etc.
• Rate of Interest varies as per bank norms
• Minimum CIBIL Score Required : 650
• No EMI Bounces within 6 months
• Repayment period : 12 months to 60 months
• Loan Amount : 1,00,000 to 12,00,000
• Age Limit : 21 years to 60 years
