Personal loan is a financial support which is provided by many banks to meet the various needs of the customer. Personal loan is nothing but money borrowed by any bank or financial institution for our personal need. Personal Loan can be availed by any individual whether he or she is salaried or self employed.

A Personal Loan is not a secured loan. This is an unsecured loan provided by banks and NBFC’s. Banks don’t ask for any security or collateral. So, there is no need of pledging a collateral or security. It is purely given as per the customers' income.

Profile

Applicant should be resident of India. He or she should be an employee of a Public Limited company, Multinational company or Private limited company. Salaried Doctors, Government sector employees including Public sector undertakings and Central and local bodies are eligible for personal loan.

Age

Applicant should be minimum 21 years of age while applying for personal loan. Minors are not eligible for applying for personal loans. Maximum age can be up to 60 years at loan maturity.

Income

Monthly salary is the most important factor while deciding the eligibility of the customer. Minimum net salary should be as per the below mentioned table,

Cities Net salary per month (Rs.) Ahmadabad, Bangalore, Chennai, Cochin, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Jaipur, Kolkata, Mumbai, Nagpur, Pune, Noida, Surat ,Thane 30,000/- Aurangabad, Baroda, Madurai, Nasik, Vizag 20,000/- Trivandrum, Vijayawada 15,000/-

This criterion depends solely on the discretion of various banks. Different banks have different norms regarding the income part of the applicant. The credit is done as per the city and the salary of the applicant.

Minimum educational qualification

Applicant who is applying for Personal loan should have a minimum qualification decided by the banks. He should have done his graduation. This basic qualification is required by mostly all the banks.

Residence Telephone

Applicant should have a landline connection at his residence. As personal loan is an unsecured loan . No collateral or security is taken from the customer. All these factors are very keenly look upon before sanctioning the loan.

Years in city

Minimum Applicant should be residing in the current city for the past two years before applying for personal loan.

Years in current residence

Applicant should be staying in the current residence for at least one year. This factor adds to the credit score which decides the loan eligibility of the customer.

Total years in job / profession

Minimum 2 years of work experience is required before applying for personal loan. Applicant should be in service for past 2 years and minimum 1 year with the current employer.

Check Your Eligibility

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