Personal Loan
What is a Personal Loan?
A personal loan is a financial product that provides individuals with the flexibility to borrow funds for various personal needs without requiring collateral. It is an unsecured loan that can be used for purposes such as consolidating debt, funding a large purchase, managing unexpected expenses, or financing a special event.
Eligibility for a Personal Loan
To qualify for a personal loan, individuals typically need to meet the following criteria:
Age: Applicants must usually be between 21 to 60 years of age.
Income: A stable income source, either salaried or self-employed, is essential to demonstrate repayment capacity.
Credit Score: A good credit score (generally above 700) increases the chances of approval.
Employment History: A consistent work history with a reputable employer or stable business performance for self-employed individuals.
Loan Amount
Minimum Loan Amount: ₹1,00,000 is typically the minimum amount that can be borrowed.
Maximum Loan Amount: The maximum amount depends on factors like the applicant's income, credit score, and repayment capacity, often extending up to ₹50 lakhs or more, depending on the lender.
By understanding the eligibility requirements and evaluating one’s financial needs, individuals can leverage personal loans to achieve their goals effectively.