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Personal Loans

An Overview

A personal loan is an unsecured loan where the amount is borrowed for the fulfilment of the short- medium term personal needs or expenses. its an express way of realizing and fulfilling the dream without any hassles. Though most commonly used to meet expenses related to debt restructuring, vacations, unexpected medical expenses and down payments, a personal loan may be used for practically any type of expense Its an unsecured loan offered to salaried as well as self employed individuals.


  1. Personal Loans are the quickest way to raise money for any of your financial need. PL usually get disbursed in 4 to 6 working days.
  2. Personal loans do not require a collateral security such as house or Gold as they are unsecured in nature. All that is required is your ability to pay back the loan that too in easy instalments.
  3. Personal loans are NO question loans as the utility of funds can be for any purpose. It is not mandatory for you to specify the cause for which you are to use the money.
  4. Personal loan requires minimal set of documents and verifications as there is on asset involved in raising loan. Only your Income documents and KYC are sufficient to avail a personal loan.
  5. Personal loans are offered ranging from Rs15 thousand to Rs 10 lakhs varying from bank to bank. Loans tenure may varies from 12 months to 60 months.
  6. Getting a personal loan is way cheaper as compared with revolving your money used on credit card. The repayment of personal loan has a longer tenure as compared with credit card payment.
  7. A timely repayment of Personal loan EMI  helps you in creating your positive credit history and will also improve your credit scores which will be substantially helpful in raising future debts from Banks and NBFC.

Eligibility Criteria

Personal loan can be availed by both salaried as well as self-employed. When it comes to the personal loan application of a salaried person the employer plays an important role. If you are working at central, state or local government offices or departments than taking personal loan would be very easy for you. Secondly even of you are working in private firm but the firm is well known than it will ease the process. You should be working at least since past 12 months with your current employer. For Self employed borrower there has to be a growing trend of income and a clean repayment history.

Salaried Individuals

  • Minimum Employment Period – 2 years total and 1 year in current organization
  • Minimum Applicant Age – 21 years
  • Maximum Applicant Age at Loan Maturity – 60 years
  • Minimum Take-Home Income – Rs. 18000 per month
  • Should have a minimum credit score of 700.
  • Clean loan repayment history.

Self-Employed Individuals

  • Minimum Business Period – 3 years minimum in current business
  • Minimum Applicant Age – 25 years
  • Maximum Applicant Age at Loan Maturity – 65 years
  • Minimum Take-Home Income – Rs. 40, 000 per month
  • Should have a minimum credit score of 700.
  • Clean loan repayment history.

Documents Required

Certain set of documents are required as the Banks/ NBFC follow a specific procedure while processing loan applications. Therefore, even for the consideration for a bank loan, the borrower must compile and submit the Bank a strong documentation. The following are some of the documents required for processing of a business loan application:

  • A duly filled bank loan application form
  • 2 recent passport size photographs.
  • Proof of identity (Copy of Aadhar/Passport/Voter ID/PAN Card/).
  • Proof of address (Copy of latest Electricity Bill/Telephone Bill/Property Tax Receipt/Voter ID/Passport).
  • Last 12 months’ Pass Book/Bank Account Statement for all saving and current accounts

Additional Documents Requested from Salaried Applicants

  • Letter of employment
  • Salary certificate from the employer (original).
  • Copy of ITR or Form 16 for last 2 years.
  • Last 3 month salary slips

Additional Documents Requested from Self-Employed/Professionals/ Business entities

  • Copy of ITR/Assessment Orders of 3 years.
  • Computation of Income/ Profit and loss account/ Balance Sheets of last 3 years.
  • Audit reports for last 3 years if any.
  • Business registration proof in case of self employed individuals.
  • Statement of Personal assets and liabilities.
  • GST returns for last 4 quarters.
  • Partnership Deeds in case of partnership firms
  • Certificate of Incorporations/Article of associations/Memorandum of associations in case of private ltd company.

Check List before applying a Personal Loan

Taking a loan allows you to borrow money for almost all your requirements and to have a better experience, there are certain points you must know before availing a personal loan.

  • Loan Amount & Tenure
    Depending on your income and repayment capacity, decide upon the loan amount you need and for how much duration.
  • Eligibility
    Checkout eligibility criteria of different banks and identify which one suits your needs the most.
  • Processing Time
    For your immediate monetary requirements, knowing about the processing time of loan can be of great help.
  • Interest Rate & other charges
    Your complete loan experience depends upon the interest rate, processing charges, prepayment charges and other such charges. Know them before hand to take a well-informed decision.
  • Repayment History
    Your financial health will define your credit worthiness. Make sure you have all the necessary documents to prove your strong credit history and income.
  • Documentation
    Note down the list of documents required to apply for a loan.
  • Foreclosure
    Do not ignore independent foreclosure policy and charges of different banks.Please note the same is negotiable.
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