Personal Loan Eligibility – Documents Required

Personal Loan is an unsecured loan offered by Banks and NBFCs in India for Salaried and Self-Employed individuals as well as Pensioners. Personal loan can be availed to meet any domestic/personal needs such as for education, travelling, wedding, home renovation, medical treatment etc. Availing a Personal Loan doesn’t require any security or collateral to be kept as mortgage or guarantee. Personal Loan are the most preferred loans to meet any immediate expenses due to instant approval, low processing fee, no collateral, simplified documentation, faster disbursal.

Read below to have a detailed information on Personal Loan.

Eligibility for Personal Loan

  • Salaried Individuals.
  • Self-Employed Individuals.
  • Personal Loan to Pensioners.

Age Criteria to avail Personal Loan

  •  Salaried Individual: 21 years – 58 years.
  •  Self-Employed Individual: 24 years – 65 years.

Why to Choose Personal Loan

  •  Available for all personal needs.
  •  Freedom to use funds as per your needs.
  • Availing Personal Loan requires No collateral/Guarantee.
  • Personal Loan entails Minimal Documentation.
  • Enjoy Instant Approval on Personal Loan.
  • Quick disbursal of Loan Amount.

Types of Personal Loan

Different Banks in India offer Personal Loan tailor-made to meet your needs of education, travelling, wedding etc. Some of these have been listed below:

Wedding Loan: It is a personal loan meant to meet all your wedding expenses such as jewellery, clothes, gifts, catering, banquet booking etc.

Holiday Loan: It is a personal loan which lets you manage all your holiday expenses such as flight tickets, hotel booking etc.

Festival Loan: Be it Diwali or Eid, Festival Loan lets you celebrate your festivals by managing your expenses.

Consumer Durable Loan: It is a Personal Loan that can be availed to purchase consumer durables such as TV, Refrigerator, Washing Machine etc.

Home Renovation Loan: With Home Renovation Loan, you can manage expenses related to renovation of your existing home such as tiles, flooring, paint etc.

Fresher Funding Loan: It is a type of personal loan upto Rs. 1,50,000 offered on your first salary by ICICI Bank.

Top Banks Providing Personal loan – Interest Rate, Loan Amount, Loan Tenure, Processing Fee

Personal Loan
Banks Loan Amount Interest Rate Loan Tenure Processing Fee
Axis Bank Upto Rs. 15 lakhs 15.5% – 24.00% 12 months – 60 months 1.50%-2.00% of the Loan Amount
HDFC Bank Upto Rs. 40 lakhs 15.00% – 20.99% Upto 60 months. Upto 2.50% of the Loan Amount.
ICICI Bank Upto Rs. 20 lakhs 10.99% – 22.00% Upto 60 months. Upto 2.25% of the Loan Amount.
Kotak Mahindra Bank Upto Rs. 15 lakhs 10.99% – 24.00% 12 months – 60 months Upto 2.5% of the Loan Amount.
Yes Bank Upto Rs. 25 lakhs 13.99% – 16.99% 12 months – 60 months Upto 2.50% of the Loan Amount.
Bank of Baroda Upto Rs. 10 lakhs One-Year MCLR+ SP+5.00% to One-Year MCLR+SP+8.00% Upto 60 months Upto 2.00% of the Loan Amount + Service tax.
Central Bank of India Upto Rs. 10 lakhs One-Year MCLR + 3.00% Upto 48 months Rs. 500 + Service Tax.
Punjab National Bank Upto Rs. 10 lakhs MCLR + 4.55% Upto 60 months. 1.80% of the Loan Amount.
Canara Bank Upto Rs. 5 lakhs 11.70% – 13.95% Upto 60 months. 0.5% – 1% of the Loan Amount.
State Bank of India Upto Rs. 15 lakhs 11.25% onwards. Upto 60 months 1% of the Loan Amount.

List of Documents Required to avail Personal Loan

  •  Duly filled Application form.
  •  Recent Passport-size photograph.
  • Proof of Identity- Voter’s ID Card, Driving license, Passport, Aadhaar Card, PAN Card.
  • Proof of Address- Voter’s ID Card, Driving License, Passport, Aadhaar Card.
  •  Proof of Income- Last 3 months Salary Slip, Last 3 months Bank Statement (Salaried Individuals) and Latest Income Tax Returns, Last 6 months Bank Statement (Self-Employed Individuals).
  • Signature Proof.
  • Employment Proof (For Salaried Individuals).
  • Business Existence Proof (For Self-Employed Individuals).

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