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Personal finance
Personal Loan
Check personal loan options for planned expenses or urgent needs, with clear eligibility and document guidance.
Before you start
Personal Loan Eligibility and Document Guide
Income, job or business stability, current EMIs, and credit history are commonly checked for a personal loan.
Important before you apply
Key points to consider for Personal Loan
Check these points carefully before choosing an option or starting your application.
Check your total EMI
Include current EMIs before deciding how much new EMI you can pay.
Choose the right tenure
A longer tenure may reduce EMI but can increase the total interest paid.
18 eligibility points
Eligibility Criteria
See the basic conditions normally checked before you can apply.
Eligibility Criteria - Indian Market Baseline
Applicant
- Resident Indian, subject to lender policy.
- Salaried and/or self-employed, depending on lender.
- Minimum age commonly 21 years.
- Maximum age commonly around 58-60 for salaried personal-loan products; self-employed products can extend higher. Keep lender-specific.
- Stable income and repayment ability.
Income
- Market examples from major lenders start around Rs. 15,000 monthly for some applicants and can be Rs. 25,000 or higher for new customers / metro locations.
- Income threshold should be product/lender/city configurable.
Employment / business
Salaried
- Commonly at least 1 year of work experience, often with continuity at the current employer.
Self-employed
- Commonly 2-3 years of business/professional continuity.
Credit
- 700+ is a good multi-lender pre-screen target.
- Some lenders may consider lower scores; 725-750+ generally improves approval/pricing.
- Existing EMI burden / FOIR is important. A FOIR around 40%-50% is often considered healthy, but each lender has its own limit.
22 document points
Document Requirements
Check which clear and valid documents you should keep ready.
Document Requirements
Common
- Completed application
- PAN
- KYC identity/address OVD
- Recent photograph / live selfie
- Signature verification where required
Salaried
- Latest 2-3 salary slips
- Last 3-6 months salary-bank statements
- Latest Form 16, if required
- Employee ID / appointment or employment-continuity proof, if required
Self-employed
- ITR, commonly last 1-2 years (some lenders ask more)
- Audited balance sheet and P&L where required
- 6-12 months bank statements
- Business/profession continuity proof
- GST / business-registration / office-address proof, where applicable
Conditional
- Existing loan statements
- Rent agreement/utility bill if current address differs
- Co-applicant documents
- eNACH / repayment mandate
Simple steps
Apply for a personal loan in three steps
Follow these three simple steps.
Check your eligibility
Review the income, age, credit, and document points for a personal loan.
Compare current options
Check the available lender options, total cost, EMI, and important terms.
Apply and track
Continue in your secure account and follow every application update.
Reference Basis
These public sources were checked for this guide. Rules can change, so open the source for the latest official information.