What You Need to Know About Personal Loan in India?

Personal loans do not require collateral. H. There is no need to hand over the assets to the lender. Small personal loans can be processed quickly as the turnaround time is short and most approvals are obtained within his 24 hours. You can apply for a small personal loan from any available financial institution. For more information on how to apply for a small personal loan, check out this blog.

Personal loan is also available online by visiting the Muthoot Finance website and receive this loan facility.  Eligibility criteria can be determined by completing a short form. Once you qualify, you will be given a credit limit that you can borrow based on your needs, depending on the lender and approval process.

Who Can Get A Personal Loan?

Employees and the self-employed can take out small personal loans. The amount can be adjusted to suit your personal and professional financial needs. Businessmen and entrepreneurs can also take out small personal loans to meet their working capital needs. These loans are generally available to anyone with a steady income. The lender will request bank statements and pay stubs to determine if the customer can pay this loan.

Check Your Eligibility for A Personal Loan

Here are some personal loan eligibility criteria you need to meet to get a personal loan mentioned below:

  • You must be a salaried employee and self-employed.
  • Age should be above 21 years.
  • A government ID like Adhaar card, Pan card is necessary.

Documents Required to Avail A Personal Loan

Due to the nature of the loans and the small amounts, financial institutions do not require a lot of documentation to process these loans. These loans are marketed to people who need money quickly. You can complete the entire documentation process within 5-10 minutes before the money is credited to your bank account.

Following documents are required to avail a personal loan in India:

  • Income proof (ITR of the past year, salary slips for the past three months)
  • ID proof (Aadhaar card, PAN card, passport, or voter ID)
  • Age proof (Aadhaar card, Voter ID, passport, or driving licence)
  • Bank statement for the last 3 months
  • Passport-size photographs

Personal loans can suddenly increase the applicant’s cash flow when they need to raise funds quickly and easily. These personal loans can be used for any purpose. If a businessman is looking for cash to repay a loan, he can apply for a small personal loan. Employees can take out a small personal loan and use it to meet household needs or to repay the loan at the end of the month.

Students looking for funds for their homework can easily avail this loan as the repayment period and total amount are set to suit their cash flow.  The availability of small personal loans is entirely up to the imagination of the applicant. He can use the loan amount for whatever he likes. Since this is a personal loan, there are no restrictions on the use of small personal loans.

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