Personal Loan Eligibility Criteria & Documents Required
Minimal Requirements | Quick Processing | Easy Approvals
To facilitate the availability of quick loans online, Poonawalla Fincorp has simple and easy-to-meet criteria. The personal loan eligibility and document requirements are simple and basic hence completely stress-free. So long as you maintain steady income and have a good history with credit in the past, you can enjoy quick and easy approval.
Do note that meeting all these terms is crucial for your application. Based on the initial assessment, your application will be processed and along with the loan terms. If you fail to meet the criteria or do not have the personal loan eligibility documents, your application may be rejected.
Personal Loan Eligibility Criteria
|Age||Age Should be minimum 22 years at the time of loan application and maximum 58 years at the time of loan maturity|
|Citizenship||Applicants must have an 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 income of at least Rs.20,000|
Documents Required for Personal Loan
|KYC||Aadhaar/ PAN Card.|
|Current Address Proof||Passport/ Utility bills/ Rent Agreement.|
|Income Documents||Latest salary slip.|
|Financial Documents||Bank account statement and salary credit statement of the past 3 months.|
|Employment Proof||Employment certificate and degree certificate for professionals such as chartered accountant, doctor, or company secretary.|
Do note the above-mentioned documents are indicative. Additional documents may be required during loan processing.
Understand The Factors That Affect Personal Loan Eligibility
All lenders have a set of criteria for 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 application.
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.
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 more preferred because they have maintained employment and may be presumed to continue doing so for the foreseeable future.
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.
Frequently Asked Questions
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, or a bank statement that reflects the same information.