Personal Loan Eligibility & Documents Required

To facilitate the availability of quick loans online, Poonawalla Fincorp has basic Personal Loan eligibility criteria and documents requirement. You can apply for the loan and receive a high-value, multi-purpose sanction in only a few clicks after you meet all the Personal Loan eligibility criteria. Please note that submitting the required documents and meeting all the eligibility criteria is crucial for your loan application to be approved. If you fail to meet the criteria or do not have the documents required for Personal Loan, your application may be rejected.

Personal Loan Eligibility Criteria

Qualifying for the Poonawalla Fincorp Personal Loan is relatively easy. You don’t have to meet a long list of Personal Loan eligibility criteria to get loan approval. This makes the loan easy to avail, thus reducing delays that could affect disbursal of the loan amount.

All applications are assessed based on 5 main Personal Loan eligibility criteria, which are:

Factor	Personal Loan Requirements
Age	Applicants should be a minimum of 24 years old at the time of loan application and a maximum of 57 years old.
Citizenship	Applicants must have Indian citizenship.
Employment	You must have a full-time job at Central Govt, PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP or companies which are listed internally to get a Poonawalla Fincorp Personal Loan.
Work Experience	Applicants must have job experience of at least 1 years with at least 1 months stable employment at the current job.
Monthly Income	Applicants must have a monthly net take home salary of at least ₹30,000.

In addition to this, you are required to have a good Credit score and credit history. By meeting these few requirements, you can get a Personal Loan online in no time!

List of Documents required for Personal Loan

To apply for a Poonawalla Fincorp Personal Loan, applicants are required to submit a few important documents. There is no tedious paperwork involved during the loan process. The documents required for a Personal Loan include KYC proof, address proof, income proof, and additional documents if required as per Poonawalla Fincorp’s internal requirement. Make sure you provide correct documents so that we can process your loan application in the shortest possible time.

When applying for a Personal Loan, you will need to submit the following list of documents:

Document Category	Personal Loan Documents Required
KYC Documents	Aadhaar/ PAN Card
Current Address Proof	Passport/ Utility bills/ Rent Agreement
Income Documents	Latest salary slip
Financial Documents	Salary Credit Bank Statement for the last 3 months
Employment Proof	Official mail id confirmation /Emp ID Card ( in case official mail id confirmation is not possible)

Do note the above-mentioned Personal Loan documents list is indicative. Additional documents may be required during loan processing.

There are a host of factors that affect your Personal Loan eligibility. Here’s a breakdown of these factors to highlight their importance during loan applications.

Age

Work Experience

Monthly Income

Credit Score

Age:

Applicants’ age indicates their ability to repay the loan and manage the debt comfortably based on the number of working years ahead and behind of them. If the applicant is below the minimum age cut-off, they may not have enough experience with loans or may not have the enough income to support EMIs. Similarly, if the applicant is beyond the maximum age limit, they may be close to retirement and may not have enough working years left to pay the EMIs.

Work Experience:

Applicants with more work experience are usually considered to have a financially secure future as compared to an applicant who has recently started working.

Monthly Income:

Your income is assessed for two major reasons. Firstly, to know whether you can afford the EMIs for the loan amount you seek. Secondly, to determine your disposable income considering all your other existing obligations. For instance, applicants with a debt-to-income ratio greater than 50% are less likely to get loan approved because they are already servicing a great deal of debt.

Credit Score & History:

A credit score is one of the most important factors that affect your Personal Loan eligibility. A credit score depicts your credit history i.e., your loan repayments and other credit card payments history. A high credit score shows that you have been repaying your debts on time. This means that you will most likely repay your loan EMIs on time as well. On the other hand, a poor credit score shows inconsistent credit behavior, which may result in loan rejection. However, you can improve your credit score by making timely repayments.

How can I check Personal Loan online eligibility details?

For checking Personal Loan eligibility all you have to do is visit the official Poonawalla Fincorp website, and click on the ‘Eligibility & Documents’ tab. You will find all eligibility requirements clearly listed, as well as the loan documents needed for a Personal Loan.

What are the eligibility criteria for a Personal Loan?

All applicants must be Indian nationals, between 24 and 57 years of age, have a monthly income of at least ₹30,000, have job experience of 1 year, and have current employment continuity at an approved company for at least 1 months.

What are the documents required for a personal Loan?

Applicants must submit basic KYC, income, financial, and employment-related documents. Access the full Personal Loan documents required to apply online here.

Can I get a Personal Loan without a salary?

No, you are required to submit latest salary slip as part of the Personal Loan application process in order to take your loan application ahead.

Which proof of income is accepted for a loan application?

You need to submit below documents as proof of income :