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Personal Loan - Documents Required & Eligibility
A personal loan is a type of loan that one can take if they are in need of some extra funds
A personal loan is a type of loan that one can take if they are in need of some extra funds. For example, if you need quick medical treatment that may be expensive and is not covered in your health insurance, then instead of running from pillar to post to accumulate funds, you can apply for a personal loan. An emergency situation is not the only time you can use a personal loan. If you have a large expense coming up, like a wedding or paying for education fees, then you can take a personal loan for the same.
Once the loan is disbursed, you have to start the repayment process by paying your EMIs every month.
Applying for a personal loan has never been easier. You can simply apply for a personal loan by visiting any lenders website and filling out the personal loan form. We have summarized the loan application process below:
Alternatively, you can also visit the physical address of your lender and fill out the form and submit it along with the documents at the branch.
Personal loans are processed quickly and can be dispersed in a matter of hours to a few days. If your loan is pre-approved, then you can also get it in seconds.
Every lender that gives personal loans has its own set of eligibility criteria and policies that they adhere to. However, the basic eligibility criteria for personal loans may be similar. We have listed down some of the criteria that you must fulfil to be eligible for a personal loan.
If you want to check your personal loan eligibility, you can easily do so on the lenders website by using a personal loan eligibility calculator.
When you apply for a personal loan, you need to know what are the documents required for personal loan. You will be asked for relevant documents that you must submit along with your loan application. Let us look at the list of documents required for a personal loan
First and foremost, you will need to submit your KYC documents to the lender so that they can assert your identity. These are:
Apart from KYC documents, you will also be required to submit documents that prove your income. Lenders need to be sure that you have a steady source of income and can repay your loan. Hence they will need income proofs. Proof of income documents are:
Thus, a personal loan can be a good option if you are looking for funds in a quick time. One of the biggest advantages of a personal loan is that it is an unsecured loan. You do not need to provide any collateral or security for the loan. But the flip side to this advantage is that your financial stability should be good enough, and you must have a steady flow of income. Additionally, your credit history and credit score must be excellent. The documents mentioned above will provide these details to the lender, and hence they can make a decision on your loan.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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