Getting a Personal Loan

By Ram K

A Personal Loan, as the name suggests is a loan taken to meet personal financial needs. It can be a

marriage in the family, a house renovation, buying jewellery for your wife or paying for your vacation

trip. These are the moments you may be looking for some urgent need for money, and which can be

met by taking a Personal loan.

Usually the procedure of Approval of personal loans is quick and a loan is approved with simple

documentation.

Advantages of personal loans are Speedy Approval, flexibility to choose your loan amount ranging from

10000 to 10,00,000, Repayment period from 12 to 48 as per your interest, No need of

collateral/security/guarantor.

When it comes to Loans in India, we have a number of banks dealing with personal loans, giving

attractive interest rates and competitive services. So it is always advisable for anyone to do a Loan

Research before actually proceeding with a loan option from a Lender.

Eligibility criteria for taking a personal loan may vary from lender to lender. Still the following is rough

information to know whether you are eligible for a Personal Loan.

Minimum age 21

Maximum Age 60

Minimum Monthly Income Rupees 5000 and above

Documents Required

- Proof of Identity (Passport Copy/ Voters ID card/ Driving License).

- Address Proof (Ration card Telephone/electricity Bill/ Rental agreement / Passport copy/Trade

license /Est./Sales Tax certificate)

- Bank Statements(latest 6 months bank statement /passbook

- Latest salary slip or current dated salary certificate with latest Form 16

For Self Employed Persons and Professional ( Doctors / Lawyers / Engineers / Architects ), except for the

salary statements above, other documents such as tax return documents, Balance Sheet / Profit Loss

Statement of the firm he owns may be required.

Other than the normal interest on the loan, you may be charged a one time processing fee also for your

Personal loan.

More details about personal loan in India