Know Where You Can Get Cheap Personal Loan in India

Personal loan is a loan product that is designed to meet all the personal requirement of the people. People can use the amount disbursed under this loan for any purpose such as the wedding of the daughter, education of the children, home renovation, business requirements or even for tours and travels. It is the fastest and quickest means of arranging funds on the credit basis.

As it is an unsecured loan, no collateral or security is to be presented. Also, the borrower doesn’t have to specify the end use of the loan amount. Very fewer documents are required to avail this loan facility. Therefore, it is considered a hassle-free loan and is known as signature loans. There are various lenders that provide a personal loan in India.

Each lender has the different lending policy and eligibility criteria. The borrower must check the eligibility parameters before applying for a personal loan. The personal loan eligibility criteria of few banks are given below:

Personal Loan SBI-

SBI offers a personal loan to the salaried and pensioners to serve their needs under the names- Xpress Credit Personal Loan and SBI Pension Loan. The eligibility criteria and documents required for both the schemes are mentioned below:personal loan india

Xpress Credit Eligibility Criteria:

  • The minimum age of the applicant should be 18 years but not more than 58 years
  • Minimum net income of the applicant must be ₹ 7,500 per month
  • The applicant must have 2 years working experience
  • The applicant should be employed in any of the following sectors:
  • Central and State government
  • Selected Corporates
  • Quasi-Government
  • Central PSUs
  • Profit making State PSUs
  • Educational Institutions of National Repute

     Documents Required:

  • Completely filled application form
  • Two photographs of  passport size
  • Identity Proof- Aadhar Card, Voter ID Card, Passport, PAN Card, Driving License
  • Income Proof- For salaried employees: Latest Salary slip, bank statement of the last six months and Form 16. For self-employed individuals Bank Statement of the past six months, Income Tax returns for the past two years and Form 16

Pension Loan:

  • The age of the applicant should not be more than 76 years
  • An applicant should be a central, state or defence pensioner

Documents Required:

  • Application form with two photographs of passport size
  • Proof of Identity- Aadhar Card, Passport, Voter ID Card, Driving License, PAN Card
  • Proof of Address- Aadhar Card, Electricity Bill, Telephone Bill, Ration Card, Passport, Gas Bill

Personal Loan HDFC-

The applicants meeting the following standards are eligible to avail personal loan from the HDFC Bank:

  • The minimum age of the loan applicant is 21 years age
  • The maximum age of the applicant is 60 years
  • An individual must have 2 years of working experience wherein having 1 year of experience with the current employer is important
  • The applicant must have a Net Monthly Income of ₹12,000/-. However, the Net Monthly Income should be ₹15,000/- if the applicant is living in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin  

Documents Required:

  • Identity Proof – Voter ID Card/ Driving License/PAN Card/Copy of Passport
  • Address Proof- Copy of Ration Card/ Telephone or Electricity Bill/ Rental Agreement/ Passport
  • Last 3 months bank statements
  • Last 6 months bank passbook
  • Latest salary slip/ current dated salary certificate with the latest Form 16

Personal Loan Axis Bank-

The personal loan eligibility criteria are as follows:

  • The minimum age of the applicant should be 21 years at the time of application
  • The age of the applicant should not be more than 60 years at loan maturity
  • Minimum net monthly income of the applicant be ₹ 15,000
  • The eligible segments to avail the benefit of the personal loan are:
  • Salaried Employees
  • Salaried doctors
  • Employees of Public and private limited companies
  • Public and private limited companies
  • Government sector employees including Public Sector Undertakings and central and local bodies

Documents to be submitted-

  • Application form
  • Photograph
  • Age proof
  • ID proof
  • Income proof
  • Bank statement
  • Residence proof
  • Signature verification proof

Personal Loan ICICI Bank

The ICICI bank personal loan to both the salaried and self-employed individuals. The eligibility criteria and rate of interest for the categories are mentioned below-

Eligibility Criteria & Documentation for Salaried

  • The applicant’s age should be within the age bracket of 21 years to 58 years
  • The minimum net income of the applicant should be ₹ 17,500. Whereas, for residents of Mumbai and Delhi it should be ₹ 25,000 and for applicants living in Hyderabad, Chennai, Bangalore, Pune and Kolkata the minimum net income should be ₹ 20,000
  • The candidate should have minimum job/ profession experience of 2 years
  • The applicant must have spent at least 1 year in the current residence.

Documents Required:

  • Proof of Identity: Passport / Driving License / Voters ID / PAN Card
  • Proof of Residence: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport
  • Latest 3 months Bank Statement (where salary/income is credited)
  • Salary slips for last 3 months
  • 2 Passport Size photographs

Eligibility Criteria & Documentation for Self-Employed

  • The minimum age for self-employed individuals should be 28 years and for doctors, it should be 25 years. However, the maximum age should not be more than 65 years.
  • The minimum turnover for professionals should be ₹ 15 lacs and for non-professionals, it must be ₹ 40 lacs.
  • At least 5 years of business continuity is required in the current line of business and for doctors 3 years work experience is mandatory.
  • The applicant should have an existing relationship with the bank

Documents Required-

  • KYC Documents: Proof of Identity, Address proof, Age proof
  • Proof of Residence: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport
  • Income proof (audited financials for the last two years)
  • Latest 6 months Bank statement
  • Office address proof
  • Proof of residence or office ownership
  • Proof of business continuity

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