A personal loan is a category of unsecured loan that aids an individual meet his present financial emergency. It need not be an emergency or crisis all the time. Some people attain personal loan for various reasons that often include paying medical bills, purchasing a private transport facility, paying off credit card bills, paying for an upcoming wedding or even meeting funeral expenses. There are several criterions attached to how the process of attaining a personal loan works, based on which its finally provided by a particular bank authority. Eligibility criteria are one of them. Only if you meet the respective criterions, you are eligible for accomplishing a personal loan.
Significant eligibility criterions of attaining a personal loan
- Age – The applicant has to be of minimum twenty-one years old and maximum sixty-five years old in order to seek a personal loan. Individuals ages below or above are strictly not eligible for applying for a personal loan.
- Nationality – Banks in India shall leverage personal loans to Indian applicants only. Foreigners are only allowed to seek personal loans with the respective permission of the Reserve bank of India that is the RBI.
- Employment type – Applicant will also need to be either self-employed that can be proprietorship or entrepreneurship or salaried.
- Employment status – Employed / In-business for at least two years and at least one year with current employer / business.
- Minimum Income – Rs.4000 to Rs.20000 per month
- Maximum income – Rs.70 lakhs (Based on your repayment capability)
- Tenure – Minimum – 6 months
- Credit history – The preferred figure of credit history is 750.
With the above-mentioned criterions, the main motive of the authority is to validate if you will be able to pay back the loan amount. This is the main concern involved when you are taking a loan and you have to display the same t the authority in a documented way.
You can visit this website to find out more about other information on personal loans. You can find out specifications about personal loans based on your own profile. Other than that you can also get hold of referrals with a similar profile who have attained personal loans before. They will be the best people to provide you with the right information about personal loans. Also, most of the attempts are made online nowadays. There are several portals that allow you to complete the banking loan formalities online. All you will need is the right documents that might include salary slips, identity proofs like pan cards, voter cards, address proof, bank statements and more.
There are also options for instant personal loans that are easily available nowadays and you do not have to wait for months. Whether it be for holidays, emergencies, academic purposes, it is like several loans simply rolled into one. However, you will need to apply in the right place with all eligibility criterions met.
Other than that, make sure you are well informed about the formalities, tits and bits before you make an application and definitely have all the documents ready. You can also seek professional assistance if you are a complete newbie in the field. Professionals can guide you appropriately thought out the procedure without having you confused.