Personal Loan
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Personal Loan is a short to medium term unsecured loan, which does not require any collateral/security for disbursal. They are generally disbursed in a few hours to a few days with minimal or no paper work at all. A key feature of personal loan is its flexible end-use. Thus, this unsecured loan can be used to meet a variety of needs ranging from emergency medical expenses to planned expenditures such as home renovation, wedding, etc.
Personal Loan start with 9.60% (Reducing) Rate of Interest and its depend according to customer CIBIL, and Monthly Income basis.
Eligibility
Criteria for Personal Loans
A personal loan as the name suggests
is provided to individuals and not businesses. Most banks and NBFCs
(Non-Banking Financial Companies) offer personal loans to both salaried and
self-employed individuals/professionals. The eligibility criteria for a
personal loan vary slightly depending on the type of applicant. Following are
some of the key personal loan eligibility factors that need to be kept in
mind*:
|
Particulars |
Salaried |
Self-Employed |
|
Age |
21 - 60
years |
21 - 68
years |
|
Minimum
Income |
Rs.
15,000 per month |
Rs. 5
lakh per year (gross) |
|
Employment
stability |
Total
experience-
Minimum 2 years Experience
in the current organization-
Minimum 1 year |
Minimum
2 years in current business |
*The personal loan eligibility
criteria mentioned above are generic in nature and actual eligibility factors
will differ from one lender to another.