Personal loans are available from minimum 20,000 to max 20 lakhs, one can avail personal loan with the minimum monthly income of 20,000 in most of the cases. One of the main criteria considered to approve the personal loan from banks is customer’s credit score. Though credit score is important, some banks do offer personal loan to the customers with the moderate credit score unlike other loans. Customers have the privilege to take the loan even if they don’t have their own property or stay in a rented house.

As personal loans are unsecured, interest rates are comparatively higher and competitive than the other forms of loan. Though personal loan is a quick way to access extra cash, one will face non-payment penalty if not repaid on time. It’s a bad option to go consider personal loan for investments as this could backfire.

Personal loans are unsecured instruments which makes financial institutions require many documents which are scrutinized to calculate eligibility. The basic eligibility criteria for advancing personal loans include: