The Ultimate Guide to Secured and Unsecured Personal Loans

Eligibility Criteria for an Instant Personal Loan
Age– Age is the first checklist of the lender. One can avail an insta loan only if
the applicant is between 21 to 60 years old.
Income- The income of the applicant is also checked as this is the way how a
lender determines the highest lending amount and the repayment capacity. The
minimum income should be ₹25,000 for salaried persons to avail a personal
loan online.
Employment– The duration of the employment is the next criterion of personal
loan eligibility. A salaried person must be employed for the minimum of 2 years
and a self employed person must have a record of earning at least for 5 years.
Credit Score– Generally a credit score of 750 is considered as eligible for a
personal loan. But if you apply the same from the NBFCs like Finance
Budhha, a person who is new to credit can also avail a personal loan. When
you are new to credit, your credit score will be 0(zero). In such scenarios,
NBFCs work better than banks in terms of availing a loan.
The List of Supporting Documents Required for a Personal Loan
2 passport size photographs.
Identity proof: (passport, voters ID, driving license or pan card).
Address proof: (lease agreement, less than 3 months old utility bill or
passport).
Last 3 months’ Bank statements.
Latest 3 months’ salary slip
Documents to prove the business existence in case of self employed applicants.
The Bottom Line
A personal loan is considered as a boon for the ones who are in an urgent need
of fund. Such loans are easy to avail and can be fit for any kind of use.