A Brief Guide To Avail A Personal Loan For Salaried

Many lenders and financial institutions now have a mobile app and a web portal that you can use to apply for a personal loan. Some NBFCs have strict loan eligibility criteria. Private banks and PSUs have similar requirements. You can get this loan if you have a good income source, a good credit score, and a credit utilization ratio under 30%.

Then, you need to visit the Google Play store and check the lending apps, the maximum loan they offer, the repayment tenure, the Personal Loan Rates, the annual percentage rate, and the processing fees. Then choose the one you like and apply for the loan. Due to the number of lending startups in India, they offer quick disbursements to earn trust and reputation. They adhere to soft eligibility requirements for getting customers.

Documents Required

The following table has a list of common documents required for online approval of personal loans:

Salaried Individuals	Self-Employed Individuals
Proof of age and identity	Proof of age and identity
An application for a personal loan is filled out completely and accompanied by a photograph.	A completed application for personal loans with a photo
PAN Card	PAN Card
Proof of residence: Passport, driving license, voter ID, landline/postpaid	A passport, driver’s license, voter ID, postpaid/landline bill, and utility bills (electricity, water, gas) must be presented as proof of residence.
Statements from your bank for the last three months (preferably your salary account)	Last 3 months’ bank statements (preferably your salary account)
Payslips for the last three months	Last three months’ salary slips
Income tax returns for the last three years or Form 16	Balance Sheets and Profit and Loss Statements are CA certified or audited for the last three years
	Income Tax Returns computations from the past 3 years

How to Apply

Fill in the given online application form with your personal information, employment information, and financial information
For instant approval, choose the loan amount and repayment period
We will contact you as soon as possible
To the representative, submit all necessary documents
After the loan is approved, receive the disbursement within 24 hours