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Things to know before Availing a Personal Loan

Personal loan is a viable option for individuals looking to acquire funds to suffice their financial obligations. Ideally, you can avail a personal loan whenever you are in need of extra funds. But this, also means you must meet the lender’s eligibility criteria.

Today, leading NBFCs offer high value Personal Loan with less interest rate and flexible tenure to eligible applicants. Besides, being unsecured loan in nature it can be availed without having to pledge any collateral/ security/ guarantor towards it.

Here are other factors which you must meet in order to be able to take the loan -

1) Credit score

A good CIBIL score of 750+ or more is what is needed to obtain an appreciable personal loan. Besides, with a good score you may also get a chance to negotiate loan terms with your lender. So, you can pitch for a higher loan amount at lower rate of interest.

2) Income source

Having a good income source is also what is needed to avail the personal loan. The criteria states that you must have job stability for at least three years to avail a loan of your choice.

3) Eligibility criteria

You must meet the Personal Loan eligibility criteria of the lender too to get the loan. Major lenders provide a simple criteria which includes that the individual -

  • Must be between 23 to 58 years of age.
  • They must be a salaried individual employed with a MNC, public or private company, and
  • They must be a residing citizen of India.

4) Documentation
The process requires basic minimum paperwork such as given below -

  • KYC documents
  • Employee ID card
  • Salary slips of last two months
  • Bank account statements of last three months
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