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Personal Loan Eligibility And Documents

  • Overview
  • Eligibility & Documentation
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    • 1

    Tata Capital offers flexible personal loan options to suit your unique needs, whether you are looking for home extension or want to explore the world. However, to apply for a loan and to repay it on time, you need to provide a basic proof of employment and income with adequate identity proof. 

    Eligibility & Documentation

     

    Eligibility

    You need to meet some basic conditions to be eligible for a Personal Loan. Following are the general Personal Loan eligibility factors:

     

    Documentation

    You need to submit:

    The documents required to establish your credentials like Voter Card, Aadhaar Card.

    Proof of identity and proof of residence.

    Income documents – salary slip for the last three months.

    Documents Required for Personal Loan

    Photo Identity Proof

    A copy of your Voter ID / Passport / Driving License / Aadhaar Card

    Income Proof

    A copy of your Bank statements for the last six months

    Salary Slips

    A copy of your Salary Slips for the last three months 

    Address Proof

    A copy of your Ration Card / Electricity Bill / Passport

    Employment Certificate

    A certificate stating one year of continuous employment

    What are the Factors Affecting Your Personal Loan Eligibility?

    Personal loan eligibility can be greatly affected by factors such as your income, age, CIBIL score, job stability, and even work experience.

    How to improve your Personal Loan Eligibility?

    Follow these tips to improve your Personal Loan Eligibility –

    • Get Rid of Debts – Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting
    • Maintain a good CIBIL Score – Try to build a CIBIL score above 750
    • Do not apply for multiple loans simultaneously – Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness
    • Choose a longer loan tenure – Opt for a longer repayment tenure that will  allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.
    • Add Co-applicants – A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

    What is the Eligibility criteria and documents required for salaried individuals?

    A salaried person can get a personal loan with Tata Capital by meeting the following eligibility criteria –

    • The applicant’s age must be between 22 to 58 years
    • The applicant must have a monthly income of at least Rs.15,000
    • The applicant must have at least one year of work experience

      Documentation
    • The documents required to establish your credentials like Voter Card, Aadhaar Card.
    • Proof of identity and proof of residence.
    • Income documents – a copy of your bank statements for the last 6 months
    • Employment Certificate - a certfiicate stating 1 year of continuous employment

    What is the Eligibility criteria and documents required for self - employed individuals?

    A self-employed person can get a personal loan with Tata Capital by meeting the following eligibility criteria –

    • The applicant’s age must be between 22 to 58 years
    • The applicant must have a monthly income of at least Rs.15,000
    • The applicant must have at least one year of work experience

      Documentation
    • The documents required to establish your credentials like Voter Card, Aadhaar Card.
    • Proof of identity and proof of residence.
    • Income documents – salary slip for the last three months.

    What is the maximum Personal Loan you are eligible for?

    The maximum amount of Personal Loan that can be availed depends on the income of the person. You need to have a minimum income of ₹ 15,000 per month. You would be eligible for a maximum loan of ₹ 25,00,000.

    EMI Calculator

    Pre-Payment Calculator
    FAQs

    Personal loan can be availed by those who meet the following eligibility criteria –

    • Age – must be between 22 to 58 years

    • Monthly Income – must be at least Rs. 15,000 per month

    • Job Stability – The applicant must be in the same job for the past six months

    • Work Experience – The applicant must have a minimum of one year work experience 

    Out of all factors, monthly income and credit score play the greatest loans in affecting your personal loan eligibility. Before extending a personal loan, lenders want to be assured of your ability to pay your EMIs on time, thereby ruling out any risks of defaulting. As a result, the higher is your income, the higher will be your personal loan eligibility. 

    The following are needed to be submitted for personal loan eligibility by self-employed individuals –

    • Proof of Existence of Business – Tax Registration copy/Company Registration License/Shop Establishment Proof

    • Identity Proof documents – Passport/Voter’s ID/PAN Card/Driving License

    • Residence Proof documents – Passport/Aadhar Card/Utility Bill/Ration Card

    • Bank Account Statements – Savings and Current account statements for the past one year

    • Income Tax Returns filed for the preceding year 

    A self-employed person can get a personal loan with Tata Capital by meeting the following eligibility criteria –

    • The applicant’s age must be between 22 to 58 years

    • The applicant must have a monthly income of at least Rs.15,000

    • The applicant must have at least one year of work experience

    Your credit health is one of the most important indicators of your ability to pay back your personal loan. Tis credit health is determined by your CIBIL or Credit score. Hence, the higher your CIBIL score (preferably 750 higher), the greater will be your personal loan eligibility. 

    The minimum salary requirement for availing a personal loan with Tata Capital is Rs. 15,000.

    The following are the basic document proofs you need for availing a personal loan –

    • Photo Identity Proof – Copy of your Voter’s ID/Passport/Driving License/Aadhar Card

    • Income Proof – Copy of past six months’ bank statements

    • Address Proof – Copy of your Ration Card/Electricity Bill/Passport

    • Salary Slips – Copy of your past three months’ salary slips

    • Employment Certificate – stating one year of continuous employment 

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    WHY CHOOSE US

    CUSTOMIZED PRODUCTS
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    EASY APPLICATION PROCESS
    STRONG AFTER SALES SERVICE

    INSIGHTS ON PERSONAL LOANS