Personal Loan

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 Eligible Criteria

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. 25,000 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

Get Financing For Whatever You Need Now

All loans are not created equal, personal loan has become a great option for people to use.

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