Any individual who is an Indian citizen or national and has residual income qualifies for the personal loan. By design Personal Loans are unsecured loans and therefore an applicant does not have to worry about furnishing paperwork related to collateral For getting a personal loan, you need to fulfill certain parameters as a part of the eligibility criteria.
Credit Rating or score
The Credit score is an important factor for approval of your loan. Usually, an applicant’s creditworthiness is determined by evaluating his credit score i.e. CIBIL / EXPERIAN score. Loan applications of applicants having poor credit score may get rejected. It’s always advisable to keep on updating your credit score every now and then. If you have a bad credit score and somehow your loan application gets approved, you might be asked to pay a high rate of interest and be offered unfavorable terms and conditions on your loan as compared to someone who has an excellent credit score.
The personal loan entails the simplest form of documents which can be divided broadly into two categories:-
- Documents for Salaried Individuals *
- Documents for Self-Employed Individuals *
Documents required for Salaried Individuals are as follows:-
- Identity proof:- Any one of Aadhar Card / Voters ID / Passport / Driving License / PAN Card.
- Residential proof:- Any one of Leave and License Agreement / Utility Bill (maximum three months old) / Passport.
- Salary Slips:- Latest (last) three months' Bank Statement of the account in which salary or income is credited.
- Employment certificates:- 2-year Employment continuity document
- Photographs:- Two passport size photographs
*Note:- The required documents may vary from institution to institution. Every lending entity has their own criteria for documentation.