A personal loan is a type of loan that allows you to borrow a specific amount of money from a financial institution or lender. Unlike loans that are specifically designated for a particular purpose, such as a mortgage for buying a house or an auto loan for purchasing a car, a personal loan can be used for various personal expenses.
The following people are eligible to apply for a Personal Loan:
- Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies.
- Individuals between 21 and 60 years of age.
- Individuals who have had a job for at least 1 year, with a minimum of 6 months with the current employer.
- Those who earn a minimum of 18,000 net income per month.
- CIBIL Score should be more than 700.
Documents Required for Processing Personal Loan file Application are :
- Pan Card
- Aadhaar Card
- Six month bank statement
- Latest three month salary slips
- Last yrs Form 16
- Employer issued ID Card