Personal Loan Eligibility Details and Required Documents

Personal Loan Eligibility Criteria & Documents Required

Loan up to 30 Lakhs | Complete Online Process | Quick Approval

To facilitate the availability of quick loans online, Poonawalla Fincorp has simple and easy-to-meet Personal Loan eligibility criteria. The Personal Loan documents required and eligibility criteria are simple and basic, hence completely stress-free. So long as you maintain a steady income and have a good history with credit in the past, you can enjoy quick and easy approval. You can apply for the loan and receive a high-value, multi-purpose sanction in only a few clicks. You can get authorized for a Personal Loan with competitive and personalized terms in minutes and authorize online disbursement. From loan planning using the online EMI calculator to loan application, Personal Loan eligibility check, online all the loan criteria Personal Loans, disbursement, and repayment, we optimize every step of this journey to ensure you have the greatest borrowing experience possible.

Do note that meeting all the documents required for a Personal Loan along with the terms is crucial for your application. Based on the initial assessment, your application will be processed along with the loan terms. 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 requirements:
Qualifying for the Poonawalla Fincorp Personal Loan is effortless. You don’t have to meet a long list of Personal Loan eligibility criteria to get approval. This makes the loan easy to avail and process, thus reducing delays that could affect disbursal.

    All applications are assessed based on 5 main Personal Loan amount eligibility criteria, which are:
  • Age
  • Citizenship
  • Work experience
  • Employer category
  • Monthly income

In addition to this, you are required to have a good Credit score and credit history. By meeting just these few requirements, you can get a Personal Loan online. Apply for one by filling these details in the online form and get approval in no time!

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Personal Loan Eligibility Criteria

Factor Personal Loan Requirements
Age Age should be a minimum of 22 years old at the time of loan application and a maximum of 58 years old at the time of loan maturity.
Citizenship Applicants must have Indian citizenship.
Employment Applicants must have a full-time job at a public/private limited company or an LLP.
Work Experience Applicants must have job experience of at least 1 year with at least 2 months’ stable employment at the current job
Monthly Income Applicants must have a monthly net salary of at least ₹20,000
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Personal Loan Documents Required


Individuals may benefit from Personal Loans as a source of funds. Individuals must present a specific set of documentation when applying for a Personal Loan, which varies by lender and also depends on whether the applicant is salaried, self-employed, retired, or a non-resident Indian (NRI).

Document Category Personal Loan documents required
KYC Aadhaar/ PAN Card
Current Address Proof Passport/ Utility bills/ Rent Agreement
Income Documents Latest salary slip
Financial Documents Salary Credit Bank Statement for latest 3 months
Qualification Proof Degree certificate for professionals such as chartered accountant, doctor, or company secretary

Do note the above-mentioned Personal Loan documents list are indicative. Additional documents may be required during loan processing. Applicants must submit basic KYC, income, financial, and qualification-related documents.

All lenders have a set of eligibility criteria for Personal Loan applicants to meet, and your application is assessed based on several factors. Here’s a breakdown of these factors to highlight their importance during loan applications.

Applicants’ age indicates their ability to repay the loan and manage the debt comfortably based on the number of working years ahead of them. If the applicant is below the minimum age cut-off, they may not have enough experience with loans or have the 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:
Lenders assess an applicant’s work experience to check job and income stability. Applicants who are new to their posting or have recently switched to a new company may not be as stable as someone with experience and stable employment. Applicants with more experience are preferred because they have maintained employment and may be presumed to continue doing so for the foreseeable future.

Monthly income:
Your income is assessed for two major reasons. First, to know whether or not you can handle 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 approved because they are already servicing a great deal of debt.

Credit score & history:
For unsecured loans, lenders heavily rely on your credit profile. It helps them assess your creditworthiness based on your past dealings. Typically, the CIBIL score required for loan approval is 750, but some lenders may approve an application if the score is 650 or higher. This is because your score is based on your credit history, and you can’t maintain a good or excellent CIBIL score if you’ve defaulted or mismanaged credit in the past.

How can I check personal loan online eligibility details?
Learning how to check personal loan eligibility details is simple. All you have to do is visit the official website, and click on the ‘Eligibility & Documents’ tab. You will find all requirements clearly listed, as well as the loan documents for a personal loan.

What are the eligibility criteria for a personal loan?
All applicants must be Indian nationals, between 22 and 58 years of age, have monthly income of at least Rs.20,000, have job experience of 1 year, and having employment continuity at an approved company for at least 2 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 list online.

Can I get a personal loan without salary?
No, you are required to submit salary slips as part of the personal loan eligibility criteria in order to process your application.

Which proof of income is accepted for a loan application?
You can submit either your latest salary slips of the past 3 months, and a bank statement that reflects the same information.

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