Choose and compare Personal Loan online from the available top financial institutions. A Personal Loan is an unsecured loan, approved without any collateral to meet your current financial needs. It is a fixed amount borrowed at a fixed rate and repaid over a fixed term which is pre-decided.
Before offering any loan to the borrower, lenders do check the eligibility of the applicant. The eligibility criteria would vary from one lender to another. Therefore, it is advisable to check the basic eligibility criteria before applying any kind of loan. For your understanding, the basic eligibility checks for salaried are as below.
|Age||21 - 58 years||23 - 65 years|
|Current work experience||1 years||1 years|
|Total work experience||2 years||3 years|
|Minimum Net Income||Rs.15,000-25,000 (monthly)||-|
|Minimum Profit After Tax||-||Rs.1-2 lakh (annual)|
Apart from the above criteria, applicant's current obligations, credit score and a few other checks would be evaluated to determine the eligibility.
|Identity Proof||PAN Card / Aadhaar Card / Driving License / Voters ID|
Residence Proof: Owned
Address proof submitted should match with the one you entered in the application.
Passport / Driving license
Latest electricity bill copy (not more than 3 months old)
|Residence Proof: Rental||Registered Rent Agreement along with latest electricity bill copy|
|Proof of Income||Latest 6 months’ salary slips.||Income tax IT Return
(Financial for last 2 Years)
|Last 2 Years' Form 16, Latest 6 Months' Bank Statement. (Where salary is credited)||Latest 1 Year's Bank Statement. (Where income is credited) /|
|Proof of Business||-||
Continuity of business proof,
Education qualification certificate and proof of business existence
|-||Office address proof|
|Other Documents||Repayment Track Record for existing loans for last 12 months|
|Photographs||2 Passport size coloured photographs|
*Above is the checklist of documents required by the Personal Loan lenders.
Our associations with the finest and most trusted financial institutions in the country ensure you gain access to the best Personal Loans available in the market. To give a better understanding of why one should opt personal loan is as under:
For availing Personal Loan, the documentation process is extremely simple and easy. Minimum documents are required for processing the same with the lender.
Personal Loans are unsecured in nature, which means it does not require any security or collateral to avail it. It comes easily without any security in your tough times. The Bank usually process it quickly if you qualify for it.
The documentation requirement in getting a Personal Loan is less. So, one can easily get the loan approval in lesser time depending upon the financial institution applied for. It offers relatively quick approvals as compared to other loans.
Did you know that you get the tax benefit if you use Personal Loans for renovating the house, constructing the house or making any down payment for buying the house. An important point to note here is that you need to provide documents supporting your claim.
A few things you should be aware of before you avail a Personal Loan are listed below. At creditbasket.com we care about how you manage your money, and hence we would like to warn you of a few things so that you can make the right choice.
Choose your lender with care. Get best interest rates & avoid unnecessary hassle by choosing reputable Lender.
Financial institutions charge nominal fees to process each application. Always pay attention to all fees charged to ensure that no hidden charges are levied.
As you look for a low interest rate, make sure you weigh the pros and cons of each option to make the right choice.
Go though the entire offer document, Read all the terms and conditions carefully and make an informed decision.
Limit what you Borrow. Make sure your monthly installment payment is affordable and does not disturb your routine Budget.
You might end up paying more interest with Low credit score (less than 750). A good score helps you grab the best Personal Loan deal.