• Personal Loan in India

With all the advancement in the world we live in, the standard of living is getting higher. There are often such circumstances where there are sudden expenses and there is need to go for personal loan. Personal Loan is short term and there are fewer complications in it. Most of the personal loan is taken when someone wants to go on a vacation, medical expenses, restructuring debts etc. The mortgage loan takes 15-30 tears.

Benefits of personal Loan

  1. Renovating your house.
  2. Wedding expense or any other extravagant party.
  3. Buying a new and expensive electronic gadget, say like an iPhones.
  4. Going for a vacation with your loved ones.
  5. Cure the balance your previous debts.
  6. Finance some marketing endeavours.
Furthermore, personal loans are preferred because:

  1. They are easy to get access to
  2. The documents required are minimal.

Eligibility Conditions

  1. One should have worked in a company or should run the business for a certain number of years
  2. The amount of salary collected should be as per regulations of the lenders.
  3. The minimum age of the borrower is 21 years and the maximum age should be 60 years.
  4. One should have a good credit score and a good credit history.
  5. There should not be any liabilities left and if there is the income should be high to pay all the debts

Documents Needed

  1. A duly filled and signed application form.
  2. An identity Proof which can be any one of these such as Passport, Aadhar card, Voter ID, Driver’s license
  3. PAN card of the applicant.
  4. Proof of age that can now include the Aadhar card or the 10th class CBSE certificate.
  5. Bank statement of the last 6 months.
  6. Proof of address:
    • Telephone bill
    • Electricity bill
    • Or any other utilities bill
  7. Proof of continuation of the enterprise.
  8. Latest ITR that will include the computation of income, recent balance sheet and profit and loss a/c for the last two months before applying for loan.
  9. Furthermore, you will also be required to present any of the following:
    • Sole proprietorship declaration
    • Partnership Deed
    • Original copies of MOA and AOA
Salaried individual

  1. A duly filled and signed application form
  2. An identity Proof which can be any one of these such as Passport, Aadhar card, Voter ID, Driver’s license
  3. PAN card of the applicant.
  4. Your address proof:
    • Electricity Bill
    • Water Bill
    • Phone Bill
  5. Bank statement of the last 6 months.
  6. Recent salary slip
  7. Latest version of Form 16

FAQs

QusCan the personal loan be used in anything?

AnsYes, the personal loan can be used for any purpose.

QusWhat are the eligibility criteria for the personal loan?

Ans

  1. One should have worked in a company or should run the business for a certain number of years
  2. The amount of salary collected should be as per regulations of the lenders
  3. The minimum age of the borrower is 21 years and the maximum age should be 60 years
  4. One should have a good credit score and a good credit history.
  5. There should not be any liabilities left and if there is the income should be high to pay all the debts.
QusAre there any tax benefits for taking personal loan?

AnsNo, there are no tax benefits for taking personal loan.

QusHow will the loan be transferred if approved?

AnsOnce the loan has been approved, you will get the amount wither through the check or the electronic transfer.

QusIs there any charge for applying the personal loan?

AnsYes there is a minimal charge for applying for the personal loan.