Personal Loans are available to the following - 

1. Salaried Individuals 

2. Self Employed Individuals 
    

1. Eligibility of Personal Loan for Salaried Individuals: The lenders consider personal loans as high-risk lending because they are unsecured. So they perform certain checks before sanctioning the personal loan & they are:

• You should have graduation or post graduation degree. 

• You should be working with a reputed company that means should have a job guarantee.

• The age criteria is from minimum of 21 years up to a maximum of 58 years. The maximum age is age of retirement at the time of the maturity of the loan.

• Lenders have a minimum required salary criteria. Repayment capacity is ascertained from the salary you draw. The loan is repayable in the form of Equated Monthly Installments (EMI). The EMI typically should not exceed 50% of your monthly household income.

• The loan amount you wish to take is also a factor: the higher the loan amount you take, the higher will be the deduction from your take-home salary. You can also club your spouse's income along with your income if you want to enhance the loan amount that is sanctioned to you. 

• If you have the house of your own, it adds to the comfort of the lender. Company provided accommodation is accepted after you provide proof of the same. 

• You should be a permanent employee of the company. Lenders avoid people on probation or training. 

2. Eligibility of Personal Loan for Self-Employed Individuals: The lenders consider personal loans as high-risk lending because they are unsecured. So they perform certain checks before sanctioning the personal loan & they are:

• Lenders have their own preferences for the professions, they. Generally  Doctors, Chartered Accountants, Architects, Engineers and MBAs are preferred for loans under the self employed category. 

• The age criteria is from minimum of 25 years up to a maximum is 60 to 65 years at the time of the expiry of the loan.

• Number of years of professional experience is also an important criteria to determine eligibility for a loan.   

• Your Income Tax Return is the main document, which is considered to determine your loan approval and amount.

Documentation is required at two stages:

1. Pre-Approval 

2. post-approval for Disbursal

1. Documentation For Pre-Approval of Salaried Individuals: 

• Application Form 

• Proof of date of birth 

• Proof of Residence 

• Proof of work experience 

• Salary Slip for last few months 

• Form 16 

• Photograph 

• Bank Statement for last few months 

• Signature Verification 

• Upfront Processing Fee Cheque (in case of some lenders) 

2.Documentation For Pre-Approval of Self-Employed Individuals:

• Photograph 

• Application Form 

• Proof of date of birth 

• Proof of Residence 

• Signature Verification 

• Bank Statement for last few months 

• Income Tax Return

• Profit and Loss account and Balance Sheet attested by Chartered Account 

• Upfront Processing Fee Cheque (in case of some lenders) 

3. Post-Approval for Disbursal: 

• Post Dated Cheques (PDC) 

• Loan Agreement