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A personal loan is an unsecured financial institution based on criteria such as employment history, repayment capacity, income level, occupation, and credit score. A personal loan is also known as a consumer loan, which is a multi-purpose loan that can be used while any personal needs or emergency.
Many applicants specify on their respective websites the eligibility criteria they must meet to have their loan application approved. You can also use the Personal Credit Eligibility Calculator tool, which you can find on the websites of banks and financial institutions or you can check that on our website loanskubera.com.
Most banks/financial institutions allow borrowers to choose between 1 to 5 years based on their convenience.
- The person must be an Indian resident.
- They must be self-employed or salaried.
- The applicant must have minimum age of 21 to maximum age of 65.
- They must have a 750 cibil score.
- Minimum 1-year experience in a work role.
- Their monthly income should be a minimum of 15,000.
- If they are self-employed they must have 20,000 income.
- Filled application.
- Passport size photo.
- Signature of the applicant.
- Proof of identity.
- Age proof.
- Address proof.
- Income proof.
- Financial statements.
- Employment certificate.
- Work experience letter.
- Latest salary slips.
- Last 6 months bank statements.
The things that you should check before applying for personal loans are credit, cibil score, tenure to pay, repayment flexibility, interest rates, processing fees, customer services and etc.
You can reduce your EMI for personal loans by maintaining a credit score of 750. This is the thing where you can get a better discount.
Log in to loanskubera.com and fill out our personal credit eligibility to get a list of all available personal loans banks along with information about the applicable interest rate, processing fees, and some other charges such as pre-payment charges. Using this data, you can easily compare different personal loan options available with multiple banks and NBFCs.
Personal loans are provided by all leading banks and many NBFCs. HDFC Bank, IndusInd Bank, Citibank, Axis Bank, Fullerton India, Capital First, State Bank of India and Associates, Indian Bank, Karnataka Bank, Standard Chartered Bank, and many others are some of the leading lenders.
Personal loans generally do not have tax benefits, however, if you take out a personal loan for home renewals/down payment, you are eligible for income tax deduction under section 24. However, this tax benefit is limited to the interest on the loan and not the principal amount. Also, you must provide proper receipts to claim the exemption.