Availing a Personal Loan as an additional back-up is something you could consider if you find
yourself in a tough spot. Some people take Personal Loans to consolidate their credit card debt.
You too can do this and pay off your existing credit card outstanding amount.
MyLoanOnDemand has products which offer Personal Loans for home renovation as well as
consumer durables like a television or a refrigerator - the possibilities are endless.
A decade or so ago, taking a Personal Loans was not common. Now, with rising incomes and
increased competition among banks to improve their credit portfolios, Personal Loans have
become more accessible to get. There are various advantages of taking Personal Loans. Banks
these days offer attractive interest rates as well as the flexibility of repayment.
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Personal Loan Eligibility
Personal loans are provided by most of the banks/NBFCs but with different eligibility
requirements and needs. However, there are some certain criteria’s that are common for all the
financial institutions. Hence, to avail a personal loan, the applicant should meet these
requirements and also it is advisable to check your eligibility before applying for a personal loan.
The eligibility criteria to get an online personal loan approval for salaried and self-employed
individuals are listed below for better understanding:
Age 21 years - 60/65 years
Employment Type
1. Salaried
2. Self-Employed professionals
3. Businessman
Credit score 750+ or with a good credit or cibil score history
Minimum Net Income
(Monthly)
15,000(non-metro cities)
20,000( metro cities)
Loan Amount Up to 40-50 lacs depending on the credit profile and the applicants
profile.
Work Experience
Salaried
Employed at current company for at least 6/12
months
Self-Employed
Business tenure of at least 3 years (continuous)
ITR of last 3 years
Documents Required for a Personal Loan
The common documents which are required for an online personal loan approval are given
below:
For Salaried Individuals
1. Identity & Age Proof
2. Completely filled personal loan application with photograph
3. PAN Card
4. Residence proof - Passport driving license, Voter ID, postpaid/landline bill, utility bills
(electricity/water/gas)
5. Bank statements for the last 3 months (preferably your salary account)
6. Salary Slips of last 3 months of the current company
7. Form 16 or Income Tax Returns of last 3 years if govt. employee
For Self-Employed/ Business Individuals
1. Identity & Age Proof
2. Completely filled personal loan application with photograph
3. PAN Card
4. Residence proof - Passport driving license, Voter ID, postpaid/landline bill, utility bills
(electricity/water/gas)
5. Bank statements for the last 6 months (preferably your salary account)
6. Salary Slips of last 3 months
7. Last 3 years Income Tax Returns with computation of Income
8. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
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