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We have all come across situations of financial crunch. Most of us can repay over some time. However, a higher amount makes a situation complex. Asking from friends and family can potentially spoil the relationships. Reaching out to financial institutions for a personal loan is the best proposition.
What is the eligibility of a Personal Loan?
Every financial institution has its specified criteria for personal loans. Here is a general guideline basis of our experience.
| Age | 23 years - 65 years |
|---|---|
| Profession Type | 1. Employee |
| Credit score | Above 650 |
| Minimum Monthly Income | 1. Metros - ₹25,000 2. Non-Metros - ₹20,000 |
| Loan Eligibility | Upto ₹50 Lacs As Per Applicant's Credit Profile |
| Work Profile | Continuation of 6 Months |
What are the documents for an instant personal loan?
Here are the documents needed by salaried professionals. The respective lenders may ask for specific documents as per their requirements
- An identity proof issued by the government- Voter ID Card or PAN Card.
- Address proof like Aadhar Card, Passport and Utility Bills.
- Latest bank statement of the past three months
- Last three-month salary slips
Here are the documents needed by self-employed professionals. The respective lenders may ask for specific documents as per their requirements.
- An identity proof issued by the government like Voter ID Card and PAN Card.
- Address proof like Aadhar Card, Passport and Utility Bills.
- Latest bank statement.
- Last three years' income tax returns.
- Audited balance sheet and profit and loss statements.
Why Personal Loan?
An instant personal loan is a saviour in modern times. We often come across various situations which require urgent financial assistance. In times like these, one can opt for an instant personal loan. A financial emergency could arise from a medical emergency, school or college admission requirements, urgent travel or buying something necessary.
Who Provides Personal Loans?
Traditionally, people borrowed from friends, family or other resourceful people. However, such borrowing can be risky, has high-interest rates and can potentially spoil relationships. Financial institutions like Banks and NBFCs help people to borrow money without destroying relationships. The modern enablers like The Loan Hub help people get access to instant personal loans.
Benefits of Personal Loan
- A personal loan does not need any collateral or property documents.
- A personal loan is evaluated based upon the income and credit profile of the applicants.
- An applicant does not need to visit the branch for verification or submit multiple documents in person.
- Applicants can get instant personal loans by applying online. The process is transparent on leading platforms like The Loan Hub.
- Unlike business loans, instant personal loans are not for a specific purpose.
Personal Loan Eligibility
Every financial institution has its respective norms for calculating personal loan eligibility. However, broadly we can capture the eligibility as per the following:
- Age - Above 23 years and below 65 years
- Employed Professional
- A Credit Score above 650
- A monthly income of INR 25000 in metro cities and INR 20,000 in other cities.
- Six Months of continuous employment
- Loan eligibility is as per credit profile with an upper limit of INR 50 Lacs.
How to Improve Personal Loan Eligibility?
Following guidelines help to improve the eligibility of instant personal loans.
Here are a few Dos and DONTs to improve personal loan eligibility.
- Check eligibility criteria for a personal loan on respective bank portals or get the complete eligibility criteria for top lenders on The Loan Hub. Adhering to eligibility criteria reduces the chances of loan rejection.
- Understand your loan eligibility before applying. The Loan Hub provides a free tool to check loan eligibility for instant personal loans.
- Ensure payment of monthly installments on time.
- Maintain a credit utilization ratio of 30% or less.
- Avoid multiple Personal Loans. Opt for a personal loan balance transfer if a need arises.
- Applying for loans with multiple lenders reduces the credit score. The Loan Hub provides a single platform to check instant personal loan eligibility with top lenders.
How to get the best personal loan interest rate?
Apply on The Loan Hub to compare the personal loan interest rate from top Banks and NBFCs.
What are the documents for an instant personal loan?
Here are the documents needed by salaried professionals. The respective lenders may ask for specific documents as per their requirements.
- An identity proof issued by the government like Voter ID Card and PAN Card.
- Address proof like Aadhar Card, Passport and Utility Bills.
- Latest bank statement of the past three months.
- Last three-month salary slips
Here are the documents needed by self-employed professionals. The respective lenders may ask for specific documents as per their requirements.
- An identity proof issued by the government like Voter ID Card and PAN Card.
- Address proof like Aadhar Card, Passport and Utility Bills.
- Latest bank statement.
- Last three years&aps; income tax returns.
- Audited balance sheet and profit and loss statements
How to Compare Personal Loans?
One can compare instant personal loans by checking the criteria like interest rate, tenure and charges. Applicants should check for real-time comparison on The Loan Hub. Here is a sample comparison chart.
| Financial Institution | Interest (% P.A) | Loan Amount (INR Lacs) | Processing Fee (Up to % of Loan Amount) | Part Payment (Up To) | Pre Payment Charges | Lock-In (No. of Months) | Tenure (Up To Months) |
|---|---|---|---|---|---|---|---|
| IDFC First Bank | 10.49 - 18 | 40 | 2 | 40% of Amount Annually | 4% on Remaining Principal | 6 | 60 |
| HDFC Bank | 10.25-18 | 50 | 1.5 | 25% of Remaining Principal | 4% on Remaining Principal | 12 | 72 |
| ICICI Bank | 10.5-16.75 | 40 | 1.5 | NA | 5% | 6 | 60 |
| Axis Bank | 10.25-17 | 30 | 1.5 | 25% of Remaining Principal | 4 | 12 | 60 |
| Kotak Bank | 10.99-20 | 30 | 2 | NA | 5% | 12 | 60 |
| TATA Capital | 12.5-19 | 25 | 2.5 | 25% of Remaining Principal | 4% | 6 | 72 |
| IndusInd | 11.49-20 | 20 | 2.5 | NA | 4% | 12 | 60 |
| Aditya Birla | 12.99-20 | 50 | 2 | NA | 4% | 12 | 84 |
| Bajaj | 13.5-18 | 25 | 2 | NA | 4 | 1 | 60 |
| Yes Bank | 10.75-16.99 | 25 | 1.5 | 20% of Remaining Principal | NA | 12 | 72 |
Why choose The Loan Hub for Instant Personal Loans?
- Compare Loan Offers : Applicants can compare the loan offers from top Banks and NBFCs.
- Avail best Interest Rate : The comparison of instant personal loans allows an applicant to choose a loan with the best personal loan interest rate.
- One-Stop Platform : The Loan Hub offers end to end loan completion from application to sanction and disbursal of the instant personal loan.
- Quick Application : The Loan Hub has a robust technology platform that offers intuitive applications with complete online fulfilment.
- Complete Privacy : The Loan Hub is not in the business of selling databases, ensuring your data stays protected.
- Free Guidance : The Loan Hub is an authorised partner of top Banks and NBFCs, offering free loan comparison and guidance from a dedicated loan manager.
How to Apply for an Instant Personal Loan on The Loan Hub?
- The Loan Hub offers a simple loan application process.
- Check eligibility by entering personal details and requirements.
- Compare offers from top Banks and NBFCs.
- Choose the best offer and apply online.
- The loan gets sanctioned. Complete the documentation for disbursal.
Compare and apply for instant personal loans on The Loan Hub and get the best loan offer now.