A personal loan is an unsecured type of credit that lenders
provide to borrowers based on their creditworthiness.
Personal loans, unlike secured loans such as car loans or
home loans, serve no specific purpose. Personal loans can be used to fund any
personal expense, such as home renovations, unforeseen medical expenses, education,
a dream vacation, etc.
The eligibility criteria for obtaining a personal loan are
as follows:
1. An Indian citizen who is over the age of 21
2. Should be employed for at least one year
3. A CIBIL score of 650 or higher
4. Should earn more than Rs.15,000/- per month, which should be reflected in the
bank statement
The following are the necessary documents for applying for a
personal loan.
PAN Card, Aadhaar Card, Address proofs like utility bills or rental agreement, Bank
statements, Income proofs like salary slip.
Please note that a borrower may request additional documents based on your profile
and their rules and regulations.
Through the MoneySmallFinance subscription plan, you can process for
a personal loan at our partnered NBFCs.Apply Now
Your personal loan will be approved within 1-7 days after
you submit your application and the required documents. The final approval will be
based on your profile and the NBFCs' eligibility criteria. The disbursement will
take place a couple of days after that.
Yes, the CIBIL score is one of the key factors lenders
consider when approving a loan.
You can claim tax benefits when you use personal loan funds
to invest in a business or buy or renovate a home. However, this may vary depending
on a variety of other factors. For more information, please contact your CA or tax
advisor.
Totally! You can apply for a personal loan online at our
partnered NBFCs using our subscription plan.
Yes! Personal loans can be used to cover the cost of your
wedding or any other personal expenses.
