Personal Loan

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About Personal Loan Benefits Documents Required Types Eligibility criteria

What is Personal Loan ?

Personal loans are an unsecured lending type well known for covering urgent needs. Because of its versatility, it may be used for a variety of things, like weddings, house renovations, vacation, and that's only the beginning. Also, the amount obtained has no restrictions and can be used for any purpose. Truth be told, when applying for different types of credit, a personal loan might actually help you build your credit faster. This is a direct effect of the risk that its unprotected nature entails. All things considered, a cash advance can cover any short-term financial emergency.

Benefits

Benefits of Personal loan 

Minimal Documents

Digitalization has reduced the amount of paperwork that is involved in the personal loan application process, which reduces the processing time needed for a personal loan. A personal loan is available with a few documents.

Easy Approval

A personal loan application is simple, and it doesn't take long for the loan to be approved. Personal loans are ideal for addressing urgent financial demands because of this.

Multipurpose Usage

A personal loan is flexible and can be used for any purpose. There aren't any tight limitations on how a personal loan can be used, unlike many other loans. The versatility of a personal loan is its most helpful feature.

Documents required

Documents Required for Personal Loan

  • Identity & Age Proof: Pan Card, Aadhar Card, Voter ID, Passport
  • Residence proof: Passport, Driving licence, Voter ID, Utility bills (electricity/water/gas)
  • Date of Birth proof: Passport, Driving licence, Pan Card, Birth Certificate, 10 th or 12 th Marks Card, or Aadhar Card
  • Bank Statements: Latest 3 months or 6 Months Bank Passbook
  • Latest Income Tax Returns
  • Last 2 years Balance Sheet and Profit & Loss Account and duly certified by a Chartered Accountant
Types

Types of Personal Loan

Home Renovation

  • When your own home begins to seem dated, you will undoubtedly consider upgrading it. However, because home renovations may be pricey, now is the perfect time to apply for a personal loan to realise your dream of remodelling your home. A personal loan for the home remodel may be the greatest choice for anything from remodelling your kitchen to creating the perfect balance of comfort and toughness in your home.

Wedding Loan

  • In India, wedding celebrations are very expensive, and many individuals do not desire a straightforward wedding. They don't want to compromise on costs in any way because they want to cherish this sweet memory for the rest of their lives. Additionally, wedding functions come with a long list of costs that are unpredictable. To cover all of these costs, one can apply for a wedding personal loan to make the union memorable.

Travel Loan & Medical Loan

  • When on a vacation, people can travel the world with their families and use a travel personal loan to pay their bills. In addition to the personal loan, one will also receive insurance to safeguard them along the trip. In the event of a medical emergency and in the absence of insurance, a medical loan is used to pay for medical bills. All hospital expenditures can be paid off with this loan without any hassles.
Eligibility criteria

Eligibility criteria for Personal loan

  • Minimum Age: 21 years
  • Minimum Monthly Income: 15,000/-
  • Work Experience: Minimum work experience should be 1+ years & with current employer minimum 1 month

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