A personal loan is a collateral-free and unsecured loan that comes with no-end restrictions and is used to meet urgent cash requirements. As it is a collateral-free loan, the risk involved for lenders is higher as compared to secured loans. Therefore, there are multiple factors and parameters that banks/NBFCs consider when deciding the eligibility of an applicant before personal loan approval. It is good at personal loan in toa Payoh . Further discussed are the basic eligibility criteria of salaried individuals and self-employed professionals, along with other related aspects.
Eligibility & Documentation
Eligibility
You need to meet some basic conditions to be eligible for a Personal Loan. Following are the general Personal Loan eligibility factors:
Documentation
You need to submit:
The documents required to establish your credentials like Voter Card, Aadhaar Card.
Proof of identity and proof of residence.
Income documents – salary slip for the last three months.
What are the Eligibility criteria and documents required for salaried individuals?
A salaried person can get a personal loan with Tata Capital by meeting the following eligibility criteria –
- The applicant’s age must be between 22 to 58 years
- The applicant must have a monthly income of at least Rs.15,000
- The applicant must have at least one year of work experience
Documentation - The documents required to establish your credentials like Voter Card, Aadhaar Card.
- Proof of identity and proof of residence.
- Income documents – a copy of your bank statements for the last 6 months
- Employment Certificate – a certificate stating 1 year of continuous employment
What are the Eligibility criteria and documents required for self-employed individuals?
A self-employed person can get a personal loan with Tata Capital by meeting the following eligibility criteria –
- The applicant’s age must be between 22 to 58 years
- The applicant must have a monthly income of at least Rs.15,000
- The applicant must have at least one year of work experience
Documentation
- The documents required to establish your credentials like Voter Card, Aadhaar Card.
- Proof of identity and proof of residence.
- Income documents – salary slip for the last three months.
What is the maximum Personal Loan you are eligible for?
The maximum amount of Personal Loans that can be availed depends on the income of the person. You need to have a minimum income of ₹ 15,000 per month. You would be eligible for a maximum loan of ₹ 25,00,000.
What are the Factors Affecting Your Loan Eligibility?
Personal loan eligibility can be greatly affected by factors such as your income, age, CIBIL score, job stability, and even work experience.