Popular FAQs on Personal Loan
Am I eligible for personal loans?
Individuals should have a reliable source of earnings can get a personal loan, be it a salaried employee or a self-employed. According to the lender's criteria, a person's eligibility also can be affected by the firm they work in, their credit history, investments in their residence, and other facts.
When can I opt for a Personal Loan?
Personal Loans can be used for various reasons. You can use Personal Loans for weddings, education, travel, medical or any other general purpose. You can take a personal loan when you require money to fund an emergency or an event.
What is the mandatory documentation required to apply for a Personal Loan?
- Bank Statements for the last three months
- Salary slips for the past three months
- Identity Proof and Address proof documents
The mandatory documents are:
Do I require to provide securities or collaterals, or guarantors?
No, you don't have to provide any securities, collaterals, or guarantors for a Personal Loan.
When is a personal loan the best idea?
The biggest personal loan advantage is that it can aid you in arranging money for many purposes and needs. If you require money for medical emergencies or last-minute trips, personal loans can help you. Or, if your savings are tied up with the investment but you require cash, take a personal loan. Apply now online with no paperwork and avail quick disbursal.
What is the advantage of taking Personal Loans?
- Quick loan payment
- No security or collateral need
- Minimal documentation
- Many repayment options and Flexible EMI plans
Here's the reason why Personal Loan is for you:
What is the minimum personal loan for borrowing?
Although the exact money of a minimum personal loan differs from one lending institution to another, most lenders provide personal loans to their customers starting from INR 10,000
How do personal loan disbursals happen?
Once you approve a personal loan, you will receive the loan amount directly to your account by cheque/draft. And you can then draw the cash deposited to your savings account.