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Personal Loan Eligibility and Documents
What is Personal Loan Eligibility Criteria?
You need to fulfil some basic conditions to be eligible for a Personal Loan. Both salaried, as well as self-employed individuals, are eligible for a personal loan. The criteria can differ a bit across different financial institutions. Some general eligibility factors are -
- Whether salaried or self-employed, you need to be in the age group of 21-58 years old.
- In terms of Business Continuity, for salaried persons, you should be in the same job for 6 months and overall work experience of 2 years. For self-employed, you need to be in the business for minimum 3 years with a work experience of 3 years.
- You must draw a minimum income of Rs. 20,000 per month
To check your eligibility please visit "Personal Loan Eligibility Calculator"
What documents are needed to avail for a personal loan?
Basic documentation is required for availing a Personal loan. The table below puts the list of documents required for salaried individuals, self-employed individuals, and people with Businesses.
|Criteria||Salaried individuals||Self-employed individuals||Business people|
|Identity proof||Voters ID /Passport/Driving License, etc.||Voters ID /Passport/Driving License, etc.||Voters ID /Passport/Driving License, etc.|
|Address proof||Ration Card/Electricity Bill/ Passport, etc.||Ration Card/Electricity Bill/ Passport, etc.||Ration Card/Electricity Bill/ Passport, etc.|
|Bank statements||Bank Statement for the last 3 months||Banks Statement for the last 6 months||Banks Statement for the last 6 months|
|Employment certificates/Business Continuity documents||2-year Employment continuity document||Proof of highest professional degree||Proof of Continuation: Trade License/Sales Tax Certificate/Establishment. Certified copy of Partnership Deed, Memorandum of Association(MOA), Article of Association(AOA) and Board Resolution|
|Salary slips/ITR filings||Salary slips for last 3 months||Latest Income Tax Return(ITR) along with the computation of income, Balance sheet(B/S) and Profit & Loss(P&L) for the last 2 years certified by a CA.||Latest Income Tax Return(ITR) along with the computation of income, Balance sheet(B/S) and Profit & Loss(P&L) for the last 2 years certified by a CA.|
How to Check Personal Loan Eligibility?
A Personal loan is a viable option during any contingency situations or to plan a holiday. However, to apply for a loan and also repay the loan on time, you need to provide a basic proof of employment and income with adequate identity proof. In case you are self-employed or own a business, you need to provide the required bank details to show the stability of your business and income.
You can check your eligibility for a Personal loan on the Eligibility Calculator. At Tata Capital, we believe in extending a loan with minimal paperwork, reasonable interest rate and flexi EMI payment structure.
What is the maximum personal loan you are eligible for?
Personal loan should be cautiously taken, as per the cash flow that you can extend. The maximum amount of personal loan also depends on the income of the person.
- Salaried individuals: If you are a salaried person, you need to have a minimum income of Rs. 20,000 per month. You would be eligible for a maximum loan of Rs. 15, 00,000.
- Self-employed professionals: With a minimum income of Rs. 2,00,000 per annum, a self-employed professional can get a maximum loan of Rs. 20,00,000.
- Businessmen/women: With a minimum income of Rs. 2,00,000 per annum, a self-employed professional can get a maximum loan of Rs. 15,00,000.
Personal Loans are originated and serviced by Tata Capital Financial Services Limited and are at its sole discretion. Flexi EMIs are applicable for salaried individuals only. Terms and conditions apply.
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