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Know Your Personal Loan Eligibility Checklist 2020

· personal loan,personal loan online

In recent times, a personal loan has emerged as a viable option for many to cover their urgent and other requirements. Some of the biggest reasons for applicants considering it are higher loan amounts, flexible tenor, quick approval and easy eligibility.

If you wanted to apply for a personal loan anytime soon, then you don’t have to worry about going through too many formalities. If you have a strong cibil score, repayment and income record, then you can get the loan approval.

But before you do that, it would be good to go through the personal loan eligibility conditions. Why? It will smooth your experience of getting a hassle-free approval.

Personal loan eligibility checklist at a glance

Here is the standard personal loan eligibility that most of the leading lenders would like you to meet. Take a look:

  • The age of the applicants must be under 23 and 55 years.

  • You must be a residing citizen of India.

  • You ought to be employed with an MNC, Public or a Private Limited Company

Documents required for a personal loan at a glance

Along with the personal loan eligibility, you will also need to submit some basic documents to complete it. Have a look:

  • Your KYC documents

  • The Employee ID Card of the company where you are employed at

  • Last 2 months’ Salary Slips

  • Salaried bank account statements of the last 3 months

Along with the personal loan eligibility checklist, you should also ensure to have a credit score of 750 or above. It should also be supported with a consistent employment history of 1-2 years.

Must Read: Need of Knowing Your Personal Loan Eligibility Before Applying

If you can match these personal loan eligibility aspects, then you will find no issues in getting the loan approval. And you can also get the quicker money disbursement. All the best!

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