Loans Providers
Personal Loans in India
Personal loans are unsecured loans provided by financial institutions to individuals for various personal financial needs such as home renovation, wedding expenses, medical emergencies, education, travel, etc. Here are some details about personal loans in India:
Eligibility Criteria:
- Minimum age of the applicant should be 21 years
- Maximum age at loan maturity should be 60 years
- Minimum monthly income requirement varies from lender to lender
- Good credit score is preferred
Interest Rates:
The interest rates on personal loans in India are usually higher compared to secured loans like home loans or car loans. The interest rate typically ranges from 10% to 22% depending on the lender, loan amount, and tenure.
Tenure:
The repayment tenure for personal loans in India usually ranges from 1 year to 5 years. Some lenders may offer longer tenure options based on the loan amount and applicant's profile.
Documentation:
- Proof of identity (Aadhaar card, passport, driving license, etc.)
- Proof of address (utility bills, Aadhaar card, rent agreement, etc.)
- Income proof (salary slips, bank statements, income tax returns, etc.)
- Recent passport size photographs
Application Process:
Applying for a personal loan in India can be done either online or by visiting the nearest branch of the lender. The applicant needs to fill out the application form, submit the required documents, and undergo the verification process. Once approved, the loan amount will be disbursed to the applicant's bank account.