How to Apply for a Personal Loan in India?

Finance that can help you afford almost everything from a small purchase to your daughter’s wedding- personal loans are a real lifesaver when you need a lump sum amount. Several financial institutions and banks offer these loans at varying personal loan interest rates, some of which are incredibly affordable.

If you see a considerable upcoming expense that you can’t use your savings for,opt for this loan. Here is a detailed guide on how to apply for a personal loan in India.

Eligibility for a Personal Loan

Before you begin to apply for a personal loan, make sure to qualify on the following eligibility criteria-

  • You must be a salaried or a self-employed individual.
  • Your age must fall between 22and 58 years. However,many lenders may impose a different lower and upper age limit.
  • You must have a monthly income higher than Rs. 15,000.
  • You must have been employed for at least a month before applying for the loan.

Documentation for a Personal Loan

Here is a list of the primary documents youneed while applying for a personal loan:

  • A photo identity proof such as a voter’s ID card, a driver’s license, AADHAR card, passport, etc. These documents are required from both salaried and self-employed individuals
  • For salaried individuals, salary slips
  • For self-employed borrowers, income proof
  • Bank statements of the last six months from both salaried and self-employed applicants
  • An address proof
  • An employment certificate

Depending on your chosen lender, you might have to attach more documents with your completed application form for a personal loan. Ensure that you check your lender’s documentation requirements before applying.

Ready With Your Documents? Here Is What You Should DoNext-

Once you have ensured that you qualify the eligibility criteria and have all the necessary documentation in place, you are ready to fill the loan application form. Here are the next steps you need to take.

  • Fill the personal loan application online or offline depending on your convenience. If any terms of the application confuse you, contact your lender’s representatives or customer servicing team.
  • Use an online personal loan EMI calculator to plan your finances. Enter the personal loan interest rates, amount, and tenure to get an idea of what you will have to spend per month.
  • Finally, submit the application with all documents attached.

Bear in mind that Personal loan interest ratesin India vary significantly for different lending institutions, and it is always better to look for the most affordable and convenient rates. If you too are seeking affordable personal loans, approach Tata Capital. Our personal loaninterest rates start at 10.99%, and the loan amount ranges between Rs. 75000 and Rs. 2500000. With a tenure ranging from 12 and 72 months, we offer you the maximum flexibility during repayment. Moreover, you can fill our loan application both online and offline and call us for help when needed.