What Is A Personal Loan? 

A personal loan is an unsecured loan given by financial institutions based on criteria, such as employment history, income, repayment capability, profession, and credit history. A personal loan is a multi-purpose loan, and it can be used to meet all of your financial obligations. You don’t have to specify the end-usage flexibility for a personal loan. 

What Are the Eligible Criteria  For A Personal Loan?

  • People who can opt for a personal loan are
    • Salaried employees
      • Doctors who are salaried
      • employees of public and private limited companies
      • People belonging to the Government sectors including public sector undertakings, central, and local bodies.
  • The person should live in India 
  • The minimum age to apply for the loan should be 21 years
  • The maximum age at the time of maturity of the personal loan should be 60 years.
  • The person should have a minimum net monthly income of Rs. 15,000
  • Individuals should have had a job for at least 2 years and at least one year with the current employer.

Check and apply for Personal loan Eligibilty.