Personal Loan
Loan
WHAT IS PERSONAL LOAN?
Personal Loan is an unsecured loan that can be used for a variety of end uses, including medical treatment, home renovation, travel, wedding, and any other urgent financial need.
Personal Loan does not require any collateral or security and can be obtained with minimal documentation. Just like most loans, however, it must be repaid in monthly instalments.
You can use it to fund any expense including education, a wedding, a trip, home renovation, medical expenses, and even to buy a gadget. You can even use the money to help out with the day-to-day expenses in case of a cash flow crunch.
You can get a re-payment tenure that suits your needs. And then you have to make the payments in equated monthly instalments or EMI. This instalment amount is calculated using the loan amount, the payment tenure, and the interest rate.
How to Check Eligibility for Personal Loan
You need to be sure that you are eligible for a Personal Loan, before you consider applying for one.
The eligibility criteria dictate that you can apply for a Personal Loan if:
- You are a salaried doctor, or a CA, or an employee of any private limited company or a Public-Sector undertaking (including Central, State and Local bodies).
- You are within the age range of 21 to 60 years.
- You have held a job for at least 2 years, with a minimum of 1 year with the current employer.