As an individual who is looking for the best personal loan in India, it can get difficult to compare Banks by visiting each website. Hence to make matters more easy for you, we have created a list that include personal loan interest rates from Top Banks and NBFCs in India. With the help of this list, you can compare personal loans and find the best deal that can help you solve all your problems and expenses.
Personal loans are titled as multipurpose loans in India. This is because you can use the loan amount for any reason. Personal loans are meant to make your life easy and hence no matter what is the reason you need it for, this loan will always help you clear all problems. You can choose to opt a personal loan for these reasons:
Banks offer instant personal loans to an individual who fulfill the eligibility set. This criterion varies from bank to bank and the borrower profile. Banks and NBFCs provide instant personal loans by dividing their customer's profession and their income history. You can refer the following table for a complete understanding of personal loan eligibility:
| Minimum age limit | Minimum age limit |
| Maximum age limit | 58 to 68 years |
| Employment type | Salaried individual, Business individual, Self employed professional etc |
| Income limit | Rs. 15,000 for non metro cities and Rs 20,000 for metro cities |
| Loan Tenure | 12 - 72 months |
When it comes to applying for a personal loan, there is a simple list of documents that you need to furnish in advance. What we like about a personal loan is the easy documentation process. Being unsecured, no property documents are needed to be kept as collateral. This helps any individual to apply for this loan without any hassle. Anyway, here are some of the documents that are required to apply for a personal loan:
| For Salaried Employees | For Self Employed Borrowers: |
|---|---|
| Identity Proof | Identity Proof |
| Aadhar Card | Aadhar Card |
| Passport | Passport |
| Driving License | Driving License |
| Voters ID | Voters ID |
| PAN Card | PAN Card |
| Address Proof: | Address Proof: |
| Passport | Passport |
| Any utility bills | Any utility bills |
| Aadhar Card | Aadhar Card |
| Rental Agreement | - |
| Ration Card | - |
| Income & Bank Statement: | Income & Bank Statement: |
| Form 16 & Salaried slips since past 3 months | Last 2 years ITR |
| Minimum 6 months bank statement | Balance sheet |
| - | Profit and Loss for last 3 years certification by a Chartered Accountant |
| Additional documents you can give: | Additional documents you can give: |
| Cheque - Processing fees | Cheque - Processing fees |
| 2 passport-size photographs Duly signed and filled application form | 2 passport-size photographs Duly signed and filled application form |