Check If You Are Eligible for a Personal Loan and What Documents You Need

A personal loan is an ideal choice for those who need quick cash. Whether you need the funds to pay for medical expenses or to consolidate a loan, a personal loan is the best choice. There are several financial institutions in the country that extend a Personal Loan at low interest rate. A huge benefit of the loan is that there is no collateral requirement. Hence, you can apply for the loan without hypothecating any asset. You can also apply for the loan if you do not own any assets at all. Different lenders have varying personal loan eligibility criteria you need to be aware of. You can compare the same online and then make the loan application. Let us take a look at the general eligibility criteria for the loan:

• You need to be aged between 21 and 58 years.

• You can be a salaried employee or a business owner.

• You need to have been in the current employment for at least two years with a minimum period of 1 year with the present employer.

• Your minimum income should be Rs. 15,000 per month.

If you meet the eligibility criteria, you can proceed with the loan application. The procedure is simple and hassle free. You only need to fill up the application form online and submit the relevant documents. You will have to provide KYC documents, PAN card, bank statements of the last 6 months and salary slip. If everything is in place, the loan application will be processed and approved in no time. If you have a good credit score, the application will be approved in an instant.

You need to compare the interest rate offered by different lenders before making a decision. With low interest rate, the EMI amount will be low and your total cost of borrowing will reduce. Hence, compare the interest rates online and choose a lender that offers the loan at low interest rate. You also need to consider the processing fees before you sign on the loan documents. The processing fees will be a percentage of the loan amount but it varies depending on the lender. The processing fees should not be so high that they increase the cost of borrowing for you.

Before you make the loan application, identify the purpose of borrowing and determine the amount you need. You maybe eligible for a higher loan amount but that does not mean you should apply for a higher amount. Consider your requirements and your repayment capacity before you proceed with the loan application. With a basic personal loan eligibility criteria, it is convenient and hassle free to get funds today. Whether you need funds for your business or to fulfill your personal needs, the loan will help you with the same. The quick approval ensures that the funds are transferred into your account within no time. A personal loan is the ideal choice of many and it will help turn your dreams into a reality. Apply for a personal loan today and enjoy a quick approval.