Personal Loan Eligibility Details and Required Documents

Personal Loan Eligibility & Documents Required

Loan up to 30 Lakh | 100% Digital Process | Quick Approval

Poonawalla Fincorp offers a Personal Loan with simple eligibility criteria and minimal documentation. You can apply for the loan and receive a higher amount at a competitive interest rate in a few clicks. To ensure a smooth loan application experience, submit all the required documents correctly.

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Personal Loan Eligibility Criteria


All applications are assessed based on 5 main eligibility criteria:

Factor Personal Loan Requirements
Age Applicants should be at least 22 years old at the time of loan application and a maximum of 57 years old.
Citizenship Applicants must have Indian citizenship.
Employment Applicants must have a full-time job at Central Govt, PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP, or companies listed internally.
Work Experience Applicants must have at least 1 year of job experience and at least 1 month of stable employment at the current job.
Monthly Income Monthly net take home salary of at least ₹30,000.

In addition to this, you must have a good credit score and credit history.

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List of Documents Required for Personal Loan


There is no tedious paperwork involved. While applying for a loan, you need to submit the following documents:

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

Note: The above-mentioned list of documents is indicative. Additional documents may be required during loan processing.

Factors that affect your loan eligibility are:

Age Requirement


Work Experience Required

Work Experience

Monthly Salary Required

Monthly Income

Credit Score

Credit Score & History

Document Required LogoAge:

Applicants’ age indicates their ability to repay the loan and manage the debt comfortably based on the number of working years ahead and behind them. If the applicant is below the minimum age cut-off, they may not have enough experience with loans or may not have 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.

Document Required LogoWork Experience:

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

Document Required LogoMonthly Income:

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

Document Required LogoCredit Score & History:

A credit score is one of the most critical 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 you have repaid your debts on time. This means that you will most likely repay your loan EMIs on time. On the other hand, a poor credit score shows inconsistent credit behaviour, 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 criteria?

For checking loan eligibility all you have to do is visit the official Poonawalla Fincorp website and click on the ‘Eligibility and Documents’ tab. You will find all eligibility requirements listed.

What are the eligibility criteria for a Personal Loan?

All applicants must have Indian citizenship, between 22 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 month.

What are the documents required for a Personal Loan?

Applicants must submit basic KYC, income, financial, and employment-related documents. You can access the list of documents required on our eligibility and documents page.

Can I get a Personal Loan without salary slips?

No, you cannot get a loan without submitting your salary slips. You are required to submit latest salary slip as part of the Personal Loan application process.

Which proof of income is accepted for a loan application?

You need to submit the following as proof of income:

  • Latest salary slips.
  • Last 3 salary credit bank statements original PDF, which should not be more than 15 days old.

Note: The above list of documents is indicative in nature, and you might have to submit more documents based on requirements.

How do lenders decide on Personal Loan eligibility?

Lenders evaluate several factors to determine loan eligibility. These criteria help them assess the borrower's creditworthiness and ability to repay the loan. While specific eligibility requirements may vary among lenders, the following factors are typically considered:

  • Credit Score: A credit score reflects the borrower’s credit history and repayment track record. A higher credit score indicates a lower risk for lenders, increasing the chances of loan approval.
  • Income and Employment Stability: Lenders assess the borrower's income level and stability to ensure they have a regular source of income to meet repayment obligations.
  • Debt-to-Income Ratio: This ratio compares a borrower's monthly debt obligations to their monthly income. Lenders prefer a lower debt-to-income ratio, indicating that the borrower has sufficient income to manage additional loan repayments.
  • Loan Amount and Tenure: The loan amount and tenure also affect eligibility. Lenders may have specific criteria regarding the maximum loan amount they are willing to offer based on the borrower's income and financial situation. Additionally, longer tenures may impact eligibility, as lenders consider the borrower's age and retirement plans.
  • Existing Financial Obligations: Lenders evaluate the borrower's existing debt, such as credit card balances, other loans, or EMIs. These obligations impact the borrower's ability to take on additional debt and may affect their eligibility.
  • Repayment History: Lenders may review the borrower's past repayment behavior on existing loans or credit cards. Consistent, timely payments enhance eligibility, while a history of defaults or late payments may adversely impact it.
  • Relationship with the Lender: Some lenders consider the borrower's existing relationship with them, such as holding a savings account or fixed deposit. A long-standing relationship and good banking history can positively influence loan eligibility.

Can I get NOC after loan settlement?

Yes, it is possible to obtain a No Objection Certificate (NOC) after settling a loan. A loan settlement refers to the process of fully repaying the outstanding loan amount, typically through a negotiated agreement with the lender. Once the settlement amount is paid, you can request an NOC from the lender as proof that the loan has been settled and there are no further obligations.
Here's what you need to know about obtaining an NOC after loan settlement:

  • Loan Settlement Process: Loan settlement typically involves negotiating with the lender to reach an agreement on the repayment terms. This may involve a partial payment of the outstanding amount or a discounted lump-sum payment. Once the settlement amount is paid as per the agreed-upon terms, the loan is considered settled.
  • Requesting a NOC: After settling the loan, you can request a NOC from the lender. The NOC serves as a legal document that certifies the closure of the loan account and states that you have fulfilled all financial obligations related to the loan. It confirms that there are no pending dues or liabilities.
  • Importance of a NOC: The NOC is an essential document that serves as proof of loan settlement. It is recommended to obtain the NOC from the lender as it provides assurance and clarity regarding the status of your loan. The NOC can be useful for various purposes, such as updating credit records, applying for new loans, or providing evidence of debt clearance.
  • Application Process: To obtain the NOC, you need to submit a formal request to the lender. The application may require specific details such as your loan account number, personal information, and proof of the loan settlement. It's advisable to contact the lender directly to inquire about their specific application process and documentation requirements.
  • Timelines and Fees: The time taken to receive the NOC may vary depending on the lender's internal processes. Some lenders issue the NOC immediately after loan settlement, while others may take a few days or weeks. Additionally, some lenders may charge a nominal fee for issuing the NOC, so it's important to clarify any associated charges beforehand.

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