Frequently Asked Questions

  • 1. What can you do with a personal loan?

    A personal loan can be used to fund almost any personal financial need, including medical emergencies, education, home improvements, and debt consolidation.

  • 2. What are the personal loan eligibility requirements?

    Eligibility requirements for a personal loan are:

    For Salaried Professionals:

    • Minimum Age: 21 Years

    • Minimum Salary: Rs.15,000 Per Month (Should reflect in bank statement)

    • Minimum Job Duration: 1 Year

    For Self-Employed:

    • Minimum Age: 21 Years

    • Income Tax Return Of Minimum 1 Year

    • Minimum 1 Year into Business

  • 3. What documents do I need to apply for a personal loan?

    The following are the general documents needed to apply for a personal loan.

    For Salaried Employees:

    • Aadhaar Card

    • PAN Card

    • Residence Proof: Rent agreement or Utility bills

    • Bank Statement

    • Income Proof: Salary Slips or Form 16

    For Self-Employed Individuals:

    • Aadhaar Card

    • PAN Card

    • Residence Proof: Rent agreement or Utility bills

    • Bank Statement

    • Balance Sheet

    • Income Computation

    • Service Tax Registration, License, Registration Certificate

    • Income Tax Returns

    Based on your profile and the guidelines, the lender may request additional documents.

  • 4. Does your credit score matter when you apply for a personal loan?

    Yes, your credit score is an important consideration during the loan application process. It is one of the most important factors used by lenders to determine your creditworthiness.

  • 5. What can I do to improve my chances of being approved for a personal loan?

    To increase your chances, keep a good credit score, have consistent income, and provide accurate documentation during the application process.

  • 6. Do personal loans have any direct tax advantages?

    No, personal loans do not provide any direct tax benefits. However, if you use a personal loan to invest in your business, renovate your home, or pay for your education, you may be able to deduct the interest. For more information, please contact your CA or tax advisor.

  • 7. In addition to credit scores, what other factors do lenders consider when approving personal loans?

    In addition to the credit score, lenders take the applicant's age, income, and job stability into account.