Know Where You Stand When Applying for A Personal Loan
Personal Loan eligibility in India differs amongst the various banks and lenders, who offer different terms for salaried and non-salaried borrowers. But it is best to keep a few standard ground rules in mind. Because a Personal Loan is considered a short term loan, tenure usually lasts from 1 to 5 years, depending on factors such as your credit history and the lenders regulations.
While it is usually easy to acquire a Personal Loan, there are some borrowers who have reservations against unsecured loans. Bajaj Finserv offers a Personal Loan for salaried individuals with online approval in minutes.
Do You Qualify for a Personal Loan?
Even though you can get a Personal Loan quickly and without any hassle, there is a process that lenders follows before approving your loan. Learn what the eligibility for a Personal Loan involves before you apply for one and check if you qualify for the same. Once you are aware of where you stand, applying for a loan should be easy.
The first thing a lender looks into is your age. The age group for Personal Loan applicants should be between 21 and 60 if you are a salaried applicant. For non-salaried and self-employed borrowers, the age limit is set between 25 and 65 years.
Stable employment and a sound financial status are required. A healthy credit score is also needed to be eligible for a Personal Loan.
Lenders will also check your past loan repayment or credit history and any pending repayments that you have. You can also opt for a Gold Loan by Bajaj Finserv, available for both salaried and non-salaried individuals, and use your gold investments to their fullest.
Important Credentials for a Personal Loan
There are a few documents required for a Personal Loan and while some of them differ from lender to lender, most are commonly asked for. You will need your,
- Credit score reports
- Bank statements
- Proofs of identity and residence
- Income statement or salary slips
- Loan registration papers
- Income tax details
Make sure you have all this in place for your loan approval process to go smoothly.
Getting a Loan the E-way
Because a Personal Loan is an unsecured form of debt, Personal Loan interest rates in India are higher in comparison to other loans. However, the benefit is that you don’t need to put up any collateral or security. Personal Loan interest rates are usually lower than credit card rates. And when you apply online for a Personal Loan, you can get instant approvals and the paperwork involved is simpler.
If you’re looking for a more specific loan created just for luxury products and home furnishings, the Lifestyle Finance that Bajaj Finserv offers will suit you well.