Personal Loan Eligibility Criteria

To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.

• Age should fall under the range of 21 years to 60 years
• Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs  
• Credit score must be above 650
• Debt-to-income ratio
• Employment stability
• Maintained a good credit score
• Clear repayment history
• Must be a Resident Citizen of India

Documents required to apply for Personal Loan

• Identity Proof  - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

• Proof of Residence or Address Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card 

• Age Proof -  Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

• Income Proof - 1 year Bank statement, 3 months Salary Slips

• Employment Proof - Employment Certificate, Office address proof

• GST or VAT Registration for Self-employed

• Photograph - Passport-size photographs

• Business proof - Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.

• Income tax returns – Documents of the past 2-3 years to verify income and tax payment history

Fees and Charges for Personal Loan

The fees and charges of personal loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to personal loans:

Particulars

Charges

Loan Processing Fees

4999/- to 5% of Loan Amount

Loan Cancellation

Usually 3000 to 5% of Loan Amount

Stamp Duty Charges

150/- to 300/-

Legal Fees

As per actuals

Penal Charges

Usually 2% per month

EMI / Cheque Bonus

Approx 499/- to 599/-

Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.