Unsecured personal loans are a common way to get the money you need right now. Due to its
adaptability, it can be used for a range of occasions, such as weddings, home renovations, vacations,
and more. A personal loan, as opposed to other forms of borrowing, might hasten the process of credit
building. This is because it carries a danger. After all, it is hazardous.
Overall, a personal loan may help you through any short-term financial emergency.
You may get hassle-free instant personal loans from banks, NBFCs, and peer-to-peer lending platforms
in a matter of minutes. The approval time for these loans is as quick as one minute. Through these fast
loans, an individual may obtain a loan amount ranging from Rs. 5,000 to Rs. 5 lakhs.
Due to the availability of several NBFC and peer-to-peer lending platform applications, it is now simpler
to obtain a fast cash loan with interest rates as low as 1% p.m. Through these applications, you may
apply for a loan of up to Rs. 5 lakhs while relaxing in your house.
Benefits
- Low EMI
- Higher Loan Amount
- Track my loan
- Simplified disbursement
- Minimal Documentation
- Lowest Processing fee
- No Hidden Charges
- No Prepayment Penalty
Features
- Processing Fee 1.00 % of the loan amount + GST
- The loan amount is 20 times of Gross Monthly Income, a maximum of Rs 20.00 Lakhs.
- Repayment Period up to 7 years for salaried and 5 years for others
- Minimum annual Income – 3.00 Lakhs.
- One Guarantor acceptable to the Bank
- The lowest interest rate on personal loans is provided by the Bank of Maharashtra in India.
Conclusion
Utilizing the bank’s digital lending facility is as easy as following step-by-step instructions.
Most banks and NBFCs provide personal loans in India, although there are various qualifying criteria. The following requirements
must be met for salaried and self-employed people to be approved for an online personal loan:
Age
18/21 years – 60/65 years
Employment Type
1. Salaried
2. Self-Employed professionals
Credit score
750 or higher and an excellent credit history
Minimum Net Income (Monthly)
₹15,000(non-metro cities)
₹20,000(metro cities)
Loan Amount
Depending on the credit history, up to 50 lacs
Work Experience
Salaried
Employed at the current company for at least 6/12 months
Self-Employed
Business tenure of at least 3 years (continuous)
ITR of the last 3 years
Required Documents:
For Salaried Individuals
1. Identity & Age Proof
2. Filled personal loan application with a photograph
3. PAN Card
4. Residence documentation includes a passport, driver’s license, voter identification card, postpaid
landline bills, and utility bills (electricity, water, and gas).
5. Bank statements for the last 3 months (preferably your salary account)
6. Salary Slips for the last 3 months
7. Form 16 or Income Tax Returns of the last 3 years
For Self-Employed Individuals
1. Identity & Age Proof
2. Filled personal loan application with a photograph
3. PAN Card
4. Utility bills (electricity, water, and gas), a driver’s license, a postpaid landline bill, and a passport are all
acceptable forms of identification.
5. Bank statements for the last 3 months (preferably your salary account)
6. Salary Slips for last 3 months
7. Last 3 years Income Tax Returns with computation of Income
8. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Utilizing the bank’s digital lending facility is as easy as following step-by-step instructions.
Most banks and NBFCs provide personal loans, although there are various qualifying criteria. However,
all financial institutions must meet a particular set of standards. The following requirements must be
met for salaried and self-employed people to be approved for an online personal loan.
