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Personal Loans
Aditya Birla (ABFL)
Eligibility:
-23+ years old
-Credit score >700
- Tier 1 & Tier 2 > ₹30,000
-Tier 3 & Tier 4 > ₹25,000
-PAN And Aadhaar
-DOB on PAN and Aadhaar should match
InCred Personal Loan
Eligibility:
1. Age: 21-55 years old
2. Monthly Income > ₹20,000
3. Credit History > 12 months
4. Credit Score > 650
Fibe (Early Salary)
Eligibility:
1. 21+ years old, For Salaried
2. Age: 21 to 55 Years
3. Credit score: above 550
4. Income: above ₹18,000 for Tier 1
5. Income: above ₹15,000 for Tier 2
Prefer
Eligibility:
1. For both Salaried and Self Employed
2. Salaried: ₹18,000 (in metro cities)
3. Salaried: ₹15,000 (in Tier 2 Cities)
4. Self Employed: ₹20,000
4. Age: 22-55 years
5. Credit Score: Above 725
HDFC Insta Jumbo Loan
Eligibility:
1. Customer must have an HDFC Bank Credit Card
2. No ongoing loan or EMI on the Credit Card
3. Loan amount should be more than or equal to ₹25,000
4. DOB on PAN and Aadhaar should match
5. Age: 22-55 years
6. No delays in other loan/credit payments
Kissht Personal Loan
Eligibility:
1. Available for salaried employees
2. Age: between 24 to 55 years
3. Experian score >650
4. Monthly Income > ₹12,000
5. D.O.B. on PAN and Aadhaar should match
Tata Neu
Eligibility:
1. For Salaried and self employed people
2. Age between 21 to 55
3. Credit Score > 725
4. Income > 25000
5. DOB on pan and Aadhar should match
Personal Loan
Avail the best offers and deals on Personal Loan in 2024
Individuals, corporations, and businesses throughout the year in India avail of personal Loans (PL). It will be a wonder for many if they are eligible for any loans at the needed time. This financial article discusses the new offers and deals in Personal Loans, benefits, eligibility, and how to apply in simple language.
What is a Personal Loan?
A Personal Loan is a form of availing credit from a lender that you repay in earned monthly instalments or EMI. The lending parties can be banks, non-banking financial companies, or NBFCs. They all have specific terms, conditions, repayment, cancelation, and foreclosure policies on their offered loans.
Personal loans come with a fixed interest. The lending parties take a small amount as a processing fee. The repayment options are auto debit and promissory notes like pay by cheque and cash. Personal Loans come under non-secured loan liabilities in a bank's retail asset product group. The loans are classified as low-ticket and high-ticket.
What are the various benefits of Personal Loans?
A Personal Loan benefits every borrower to satisfy their current or future financial needs. Thus, a Personal Loan will help from lending banks, or NBFCs. Personal Loan offers, during varied seasons and based on pre-approved loan eligibility.
1 Personal Loan Tenure
The lenders offer personal loans for the short and long term. Thus, a borrower has a flexible personal loan repayment option. Here, they benefit from paying a higher EMI for a short time and a lower EMI for the long term.
2. Fixed Interest Rates
Personal Loan is of fixed interest rates. A borrower will pay them on EMIs, including the interest on the borrowed sum. Thus, no worries about floating interest, which can burden your pocket if interest rates increase.
3. Personal Loan Dispersal Time
A pre-approved Personal Loan is credited to the borrower's account within 24 hours of applying for Personal Loan online or offline at the lender's office. In addition, many NBFCs and others offer instant Personal Loans. Such loan amounts are credited within a few hours if you are found eligible by such lenders.
4. Improves Credit Score
Taking a Personal Loan and repaying them promptly improves the borrower's credit score. Thus, such Personal Loans can get future loans from banks and NBFCs with less documentation. They do get pre-approved loans later from the same lender.
What are the various documents required for applying for a Personal Loan Online?
Some of the standard documents required for applying for a Personal Loan in India include the following:
Identity Proof- Passport, PAN Card, Voter ID, Driving License, Aadhaar Card, or other government-issued ID proof.
Address Proof - Utility bills (electricity, water, gas), bank statements, rental agreement, or any other government-issued address proof.
Income Proof - Salary slips, bank statements, income tax returns, Form 16, or any other documents that verify the applicant's income.
Employment Proof - Employment letter, business card, or other documents verifying the applicant's employment status.
Age Proof - Birth certificate, passport, or government-issued age proof.
Photograph - Passport-size photograph of the applicant.
Personal Loan must check the KYC and other necessary documents before applying online or offline.
What are the essential eligibility criteria for applying for a Personal Loan Online?
The essential eligibility criteria for applying for a Personal Loan may vary depending on the issuing bank or NBFCs. However, here are some standard requirements that you may need to fulfil:
Age
A Personal Loan applicant must be 18 when applying online or offline
Credit Score
A Personal Loan availed must have a good or excellent credit score to be approved for a Personal Loan. A good credit score indicates to the issuer that you are a responsible borrower who will likely make timely payments.
Income
You must meet a minimum requirement to qualify for a Personal Loan. It helps ensure that you have the financial capacity to make payments on your Loan.
Employment Status
You must be an employee of a reputed company or self-employed with IT filing to get a Personal Loan from any of the above lenders.
Residency Status
A Personal Loan applicant must be a permanent resident or citizen of the country where you are applying for a Personal Loan.
Documentation
To complete the Personal Loan application process, you will typically need to provide KYC or personal identification documents.
It's worth noting that meeting the essential eligibility criteria does not guarantee approval for a credit card. Issuers may also consider other factors, such as your credit utilisation, debt-to-income ratio, and payment history when deciding whether to approve your application.
What are the current offers on a Personal Loan Online?
It is advisable to check current offers on Personal Loan with various banks, NBFCs, and others in your area or city. It is the best way to avail the Personal Loan offers, and you will gain some benefits from it. Lending partners always give many suggestions during festival occasions.
A pre-approved Personal Loan offer can be taken within six months from the date you are eligible for it. The lending partners offer Personal Loan on your investments, fixed deposits, and based on your existing good relationship time and again. In addition, credit card holders can convert a certain percentage of their credit limit as Personal Loan if they are not eligible or declined by applying the normal Personal Loan process or online.