A personal loan can be used for any personal reason, like consolidating high-interest debts, paying unexpected expenses, funding a dream vacation, pursuing higher educations, renovating home, etc.
The documents that are required to apply for a personal loan are:
- PAN Card
- Aadhaar Card
- Address Proof - like rent agreement or utility bill
- Bank Statements- should reflect your monthly salary
- Income Proof - Form 16 or payslips
Please note that a lender may ask for additional documents based on their policies and your profile.
A CIBIL score of 650 or more is considered ideal for applying for a personal loan.
The eligibility criteria for applying for a personal loan are the following:
- The applicant’s age should be more than 21 years.
- The Applicant should earn at least Rs.15,000/- per month.
- The job stability should be at least 1 year.
Only when you utilize the funds for certain reasons, like investing in a business or renovating a home. For more details on tax benefits, contact your CA or tax advisor.
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