How to get a Personal Loan

Last Updated: 15 Oct 2024

Thinking about taking a trip abroad or maybe organizing the ideal wedding? Make use of a personal loan to realize your dreams.

A personal loan typically does not demand collateral or security and has flexible repayment periods.

Here are the five major steps for obtaining a personal loan. We’ve got all the information you need, including what paperwork is needed and how to apply for a personal loan:

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Step 1:

Determine your requirement for a personal loan and the amount you require. You might require a loan, for instance, to pay for your wedding or to repair your house. You might only require Rs1 lakh or Rs10 lakh.

Step 2:

After you are aware of your needs, you should determine your eligibility. You can use an online personal loan eligibility calculator to see how much money you qualify for a personal loan.

General eligibility criteria for a personal loan:

• Indian National
• 21-67 years of age
• Employed Individual
• CIBIL Score of 750 or higher
• A minimum salary requirement decided by the lender

Step 3:

Before you take a personal loan, it is crucial to assess if you can afford it. For a rough estimate of your monthly loan instalments, use an online EMI calculator. To match your monthly income, you can change the interest rate and tenure.

Step 4:

The next step is finding a suitable lender that meets all your requirements. You can visit the websites of various lenders or their branch offices to know more about their interest rates and tenures based on your financing needs.

Step 5:

Next, learn what paperwork is needed for a personal loan. You will typically need ID proof, residence proof, and income proof (such as bank statements, pay stubs, or IT returns). Provide the bank copies of your personal loan paperwork.

Here is a list of documents you may require:

• Identity Card: Aadhar Card, Passport, or Voter ID
• Employee ID Card
• Salary Slip for the past 3 months
• Bank Statement for the past 3 months

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Following these steps will surely help you gain clarity about how you should assess your requirements for a personal loan. They also aim to act as a roadmap to help you navigate today’s age where so many choices are available but no clarity.