A personal loan is a form of loan that you can take out for your own needs, such as paying off debt, funding a wedding, making changes to your house, or dealing with unforeseen costs. Personal loans often do not require collateral and can be used for any purpose, unlike loans with particular uses, like auto loans or mortgages.You can also get instant personal loan online for salaried people.
Here are the eligibility criteria of personal loan for self-employed and salaried.
| Eligibilty Criteria | Salaried | Self-Employed |
|---|---|---|
| Age | 21 to 60 years | 22 to 55 years |
| Net Monthly Income | Rs.15,000 monthly | Rs.25,000 monthly |
| Cibil score | 750 and Above | 750 and Above |
| Minimum Loan Amount | Rs.50,000 | Rs.50,000 |
| Maximum Loan Amount | Rs.25 lakh | nil |
Note Most lenders feature an online personal loan eligibility calculator to make it simpler for the borrowers to determine if they qualify for a best personal loan or not.
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Get an urgent personal loan by providing simple documents . Here are the list of a personal loan documents required for applying
Any of the above identity proof documents with the permanent address
With no or few paperwork requirements, rapid personal loans are granted instantly and in a matter of minutes. Banks and NBFCs typically offer personal loans with instant disbursals to their chosen clients based on their credit profiles.
Repayment terms for short-term personal loans are brief and range from a few days to 12 months.
Banks and NBFCs typically give pre-approved personal loans to their current clients based on their credit histories, income, employment histories, etc.
Any consumer durable item, including smartphones, sofas, microwaves, etc., may be purchased with a consumer durable loan. The purchase price is divided into EMIs, which can be paid off within the chosen duration. There might be a processing charge or down payment needed for some products but not others.
Borrowers may use the personal loan balance transfer feature to move their outstanding personal loans to a different lender in search of lower interest rates or better loan terms. Transferring your existing personal loan should only be done, though, if it will save you more money than it will cost.
Personal Loan Top Up is a service provided to current borrowers of personal loans who require more funds to meet their financial obligations. However, this lending option is only made available to a limited number of current borrowers of personal loans who have a good history of making their payments on time and/or who have made a certain number of EMIs.
For those who need money to pursue higher education in India and abroad, vocational training, etc. but are unable to obtain a traditional education loan, there is the Personal Loan for Education option.
A debt consolidation loan enables people who are suffering with several debt commitments to combine all of their debts into one loan that they can take out at a lower interest rate and/or for a longer term. The main reason to apply for a debt consolidation loan is to lower the EMI and interest cost.
Here are the some few steps that help you to applying for a personal loan online