As the consumers are increasing the demand for a personal loan is also increasing. It is because of the ease provided in the debt repayment. And the flexibility provided in time and effort due to the digitization of loans as well as the banking sector. In situations like COVID, these loans are playing a crucial role as a savior for many of the middle-class people to overcome from various economic crises.
Such types of loans are given to individuals based on their income history and credit health. It is an overall approach, where the person lends some amount from the lender and has to repay the debt in a fixed time. Such loans are opted to fulfill the personal needs of an individual(house renovation, purchasing expensive assets, interested in fascinating gadgets, buying a car/ two-wheeler, etc. ). Sometimes such loans are considered as ‘Unsecured’ because there is no collateral to secure such loans. You can repay the debt either by choosing a cheque method or going for an EMI. However, before applying for a loan, you should be aware of the personal loan eligibility criteria.
These loans help fulfill personal needs. Before applying for a loan, a borrower has to fulfill the following eligibility criteria:
For a salaried man, the eligibility for opting for a loan should lie in between the age group of 21-58 years with a minimum of 1-year experience in the ongoing job. The income of the salaried man should be above INR 17500.
For self-employed man, the eligibility criteria for opting for a loan should lie in between the age group of 25-65 years with a minimum of 3 years of experience in the ongoing business. For a self-employed man, the income is based on the least profit a person gains after-tax deduction.
KYC documents are the equivalent for both salaried as well as a self-employed person. Personal documents include PAN card, Aadhaar card, voter ID, and utility bill(electricity bill or phone bill).
For a salaried man, the financial requirements are mainly job continuation proof(ongoing job appointment letter, experience letter of the previous job) and income proof(last 3 month’s salary slip, bank statement).
For a self-employed man, the financial documents essential are mainly the last 2 years ITR with an evaluation of income, bank statement, business/ start-up and residence ownership proof, and ongoing account statement of the last 1 year.
Below opting for a loan try to check the eligibility which is required for the approval of a loan. Because lenders are very strict on documentations as these loans are unsecured. Try to opt for the Capital Small Finance Bank Personal Loan because of their unique relaxation on these loans as well as a flexible tenure for repayment.
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