Looking for Personal Loan ?

We have all come across situations of financial crunch. Most of us can repay over some time. However, a higher amount makes a situation complex. Asking from friends and family can potentially spoil the relationships. Reaching out to financial institutions for a personal loan is the best proposition.

What are the documents for an instant personal loan ?

Here are the documents needed by salaried professionals. The respective lenders may ask for specific documents as per their requirements.

• An identity proof issued by the government- Voter ID Card or PAN Card.
• Address proof like Aadhar Card, Passport and Utility Bills.
• Latest bank statement of the past three months
• Last three-month salary slips

Here are the documents needed by self-employed professionals. The respective lenders may ask for specific documents as per their requirements.

• An identity proof issued by the government like Voter ID Card and PAN Card.
• Address proof like Aadhar Card, Passport and Utility Bills.
• Latest bank statement.
• Last three years' income tax returns.
• Audited balance sheet and profit and loss statements.

Why Personal Loan?

An instant personal loan is a saviour in modern times. We often come across various situations which require urgent financial assistance. In times like these, one can opt for an instant personal loan. A financial emergency could arise from a medical emergency, school or college admission requirements, urgent travel or buying something necessary.

Benefits of Personal Loan

• A personal loan does not need any collateral or property documents.
• A personal loan is evaluated based upon the income and credit profile of the applicants.
• An applicant does not need to visit the branch for verification or submit multiple documents in person.
• Applicants can get instant personal loans by applying online. The process is transparent on leading platforms like Eminence Capital.
• Unlike business loans, instant personal loans are not for a specific purpose.

Personal Loan Eligibility

Every financial institution has its respective norms for calculating personal loan eligibility. However, broadly we can capture the eligibility as per the following:

• Age - Above 23 years and below 65 years
• Employed Professional
• A Credit Score above 650
• A monthly income of INR 25000 in metro cities and INR 20,000 in other cities.
• Six Months of continuous employment
• Loan eligibility is as per credit profile with an upper limit of INR 50 Lacs.