An online personal loan without end-use restrictions enables a borrower to finance several areas. With the advent of internet technology, applicants can initiate the application process right at their fingertips.
However, a large section of Indians is unaware of the eligibility criteria, documents required, and the online personal loan application process. It would, therefore, prove to be beneficial to have all the information regarding personal finance before applying for it.
What are the eligibility criteria for a personal loan?
Individuals aiming to avail personal credit should adhere to the following personal loan eligibility conditions –
- The applicant must be a residing citizen of India.
- His/her age should be between 23 and 55 years.
- Individuals applying should be employed with the public or private sector corporations, or an MNC as well.
On top of that, the CIBIL score of the applicant should be a minimum of 750. Such a score nearer to 900 increases the chances of receiving a higher personal loan amount at considerably affordable rates of interest.
What are the documents required for personal finance?
Applicants should also keep the following documents in order for a successful online personal loan application process –
- Identity proof – Know Your Customer (KYC) documents such as PAN Card, Aadhar Card, and Voter ID Card.
- Address proof – Electricity bills, ration card, or driver’s license of the applicant.
- Employment proof –Employee ID card as issued by the employer.
- Income proof –Salary slips for the past two months, Form 16, or Income Tax Return (ITR) documents.
- Bank account statements – Account statements for the previous three months from the bank that the applicant has an account with.
Along with knowing about various personal loan documents for a successful application, individuals should also be aware of the features and benefits of personal finance.
What are the features and benefits of a personal loan?
The following list sheds light on the multiple features and benefits of personal loan –
- High loan amounts –Individuals have the option to avail loan amounts up to Rs. 25 lakh as personal finance. They can thus employ such funds to suit various needs and purposes.
- No end-use limitations – Financial institutions do not impose any confinements on the end-use of personal loan funds. As a result, individuals can direct these finances towards medical emergencies, debt consolidation, home renovation, and higher education. Besides, a personal loan can also help an individual deal with a liquidity crisis in this challenging countrywide economic situation.
- No-collaterals – Reputed lending agencies such as Bajaj Finserv do not ask for collaterals from applicants. Therefore, one does not have to provide securities such as residential or commercial property to avail such credit.
- Pre-approved offers – Lending companies like Bajaj Finserv provide pre-approved offers. As a result, customers can benefit from a time-saving approval process when availing a variety of financial products such as personal loans, business loans, credit cards, etc. You can also check your pre-approved offer by providing your name and contact information.
Apart from all these features and benefits, individuals can also apply for a personal loan through an overly simple process.
How to apply for a personal loan?
An individual should consider the following procedure to apply for an online personal loan successfully –
- Choose the right personal loan lender and visit the official website.
- Provide personal, employment, and financial details to fill up the online application form.
- Select a loan amount and a convenient repayment tenor.
An applicant will thus receive confirmation from a representative of the lending agency, after which he/she will have to submit the appropriate documents.
Before applying, individuals must gather information about their EMI obligations. For that, they can use an online personal loan calculator to calculate their monthly instalments without any hassle.