Personal Loan Eligibility Details

A personal loan is an unsecured advance offered by both banks and non-banking financial corporations to any eligible individual. It is very important to be aware of your personal loan eligibility details as this will simplify and quicken your application process. Each bank has separate minimum criteria for income, age, employment type, credit score, job status, etc. You will need to meet these criteria in order to apply for a personal loan from a particular lender.

Personal Loan Eligibility

Eligibility criteria varies across lenders depending on the borrower’s profile and relationship with the bank. General requirements and limits are outlined below:

 

Documentation required for a Personal Loan:

Am I Eligible for a Personal Loan?

Being unsecured advances, lenders do not wish to take on very risky clients. Eligibility depends different factors:

• Income: Higher the income and the more stable it is the better the chances for approval
• Repayment ability: This related to the borrower’s financial profile i.e. expenses, assets and liabilities. Too many claims on his/her disposable income reduces loan-servicing ability.
• Existing EMIs: Existing loan obligations reduce creditworthiness unless the borrower displays a strong ability to take on additional debt.
• Credit Rating: Financial history plays an important role in ascertaining a borrower’s creditworthiness

Personal Loan Eligibility of Top Indian Banks:

The top banks in India such as SBI, HDFC, ICICI, and Axis bank offer personal loans at reasonable and affordable interest rates. You can apply for a personal loan from any of the following banks provided you fulfil their personal loan eligibility requirements. However, instead of personally visiting the banks to get a personal loan, you can straightaway go to antworksmoney- an online portal for all your financial needs and queries. At antworksmoney you can check, compare and choose the best personal loan scheme based on your requirement.

SBI Personal Loan Eligibility

State Bank of India offers personal loans for both salaried, self-employed individuals and pensioners. Under its personal loan segment, you can apply for three different types of personal loans, provided you fulfil SBI Personal Loan Eligibility criteria.

SBI offers – Xpress Credit Personal Loan, SBI Saral Personal Loan, and Loans to Pensioners.

Documents required

You need to furnish the following documents if you are an existing SBI customer:

• Passport size photograph
• Address proof for self-employed individuals and professionals. Self-employed individuals can submit shop and establishment certificate or Lease deed or Telephone Bill address proof.
• Recent salary slips and Form 16 for salaried individuals.
• IT returns for the last two financial years for both self-employed individuals and working professionals.

A new customer has to furnish identity card and address proof in addition to the above mentioned documents.

HDFC Personal Loan Eligibility

HDFC bank offers personal loans to help you accomplish various needs without experiencing financial worries. It has a speedy approval process with easy documentation. HDFC offers you competitive pricing and maintains transparency in the whole process. You can get your personal loan disbursed in 2 days. HDFC’s personal loan products are available at highly competitive interest rates. For HDFC account holders, the bank offers special benefits, interests rates and charges. For women employers, it has special personal loan offers. You can check your HDFC Personal Loan Eligibility at antworksmoney and instantly apply for it online.

Documents Required:

Personal loan eligibility in HDFC is based mainly on your income and age. However, documentation differs from person to person. Normally, the following documents are required to be submitted:

• Identity proof (you may submit any of the following documents – passport, voter ID card or driving license).
• Address proof (you may submit any of the following documents — ration card, telephone bill, electricity bill, rental agreement or passport).
• Recent 3 months bank statement or 6 months bank passbook
• Your recent salary slips.

ICICI Personal Loan Eligibility:

ICICI bank offers personal loans for various purposes such as education, house renovation, holidays, wedding, buying gadgets etc. Under the ICICI personal loan eligibility process, you can get multi-purpose loans with flexible tenures and rates. You can pay your loans in easy installments and also repay through auto debit, ECS and PDC facilities. The bank maintains an easy documentation process with instant processing. The privilege banking customers are eligible for personal loan up to Rs.15 lakhs with flexible repayment option of 12-60 months. Instead of visiting the bank, you can check your ICICI bank personal loan eligibility at antworksmoney and apply for it directly, online.

Documents required:

There is a difference in documentation for salaried and self-employed individuals to apply for personal loans at ICICI bank. Salaried employees need to furnish the following documents:

• 2 passport size photographs.
• Identity proof: It could be any of the following documents ( passport, driving license, voters ID or pan card).
• Address proof: It could be any of the following documents (lease agreement, utility bill which should not be more than 3 months old or passport).
• Bank statement of the last 3 months.
• Last 3 months’ salary slips.

A self – employed person needs to submit the following documents:

• Address proof ( It could be any of the following documents : recent utility bills, lease agreement).
• KYC documents ( You can submit either your identity proof, or DOB proof or address proof).
• Income proof of the last two years.
• Recent 6 months bank statement.
• Address proof of your office.
• Proof of office ownership.
• Proof of continuity of business.