Frequently Asked Questions

  • 1. What can I use a personal loan for?

    A personal loan can be used to meet almost any personal financial need, including medical expenses, education, home improvements, and debt consolidation.

  • 2. What are the personal loan eligibility requirements?

    The eligibility criteria for a personal loan are:

    For Salaried Professionals:

    • Minimum Age: 21 Years

    • Minimum Salary: Rs.15,000 Per Month (Should reflect in bank statement)

    • Minimum Job Stability: 1 Year

    For Self-Employed:

    • Minimum Age: 21 Years

    • Income Tax Return Of Minimum 1 Year

    • 1 Year Business Stability

  • 3. Which documents are required to apply for a personal loan?

    The following documents are required to apply for a personal loan.

    For Salaried:

    • Aadhaar Card

    • PAN Card

    • Residence Proof: Rent agreement or Utility bills

    • Bank Statement

    • Income Proof: Salary Slips or Form 16

    For Self-Employed:

    • Aadhaar Card

    • PAN Card

    • Residence Proof: Rent agreement or Utility bills

    • Bank Statement

    • Balance Sheet

    • Income Computation

    • Service Tax Registration, License, Registration Certificate

    • Income Tax Returns

    Based on your profile and the guidelines, the lender may request additional documents.

  • 4. Does credit score affect personal loan approval?

    Yes, your credit score is a critical factor in the loan application process. It is one of the most important factors that lenders use to assess your creditworthiness.

  • 5. How can I improve my chances of getting approved for a personal loan?

    To improve your chances, keep your credit score high, earn a consistent income, and provide accurate documentation during the application process.

  • 6. Is there any tax benefit to personal loans?

    No, personal loans do not offer any direct tax benefits. However, if you use a personal loan to invest in your business, renovate your home, or fund your education, you may be able to deduct the interest payments. For more information, please contact your CA or tax advisor.

  • 7. In addition to credit scores, what other factors do lenders consider when approving personal loans?

    In addition to the credit score, lenders take into account the applicant's age, income, and job stability.