Is Personal Loan a Right Choice for you?
We all sometimes face financial crises in our life. Personal Loan helps us to overcome from that face of life. Personal Loan is an Unsecured Loan availed by the applicants to fulfil their financial desire. It can be the best option for People who wants to fund their expenses.
Personal Loan helps you to face your medical bills, renovation, marriage expenses etc. As they are Unsecured Loan, there is no need for any collateral or cosigner to avail this loan.
Eligibility criteria of Personal Loan
There are some eligibility criteria for all banks. There are two categories of the applicants that are described one by one
- For the Salaried Applicants, the minimum age required is 21 years to maximum 60 years.
- Applicants of the Metropolitan city should have an income of at least 18,000.
- Applicants of the Non-Metropolitan city should have an income of 12,000.
- The salary of the applicant should come to their respective bank accounts only.
- Good CIBIL Score is needed as you only get Personal Loan based on CIBIL Score. It should be more than 700.
- The salary slip of the applicant of the previous six months is also required if you want to apply for the Personal Loan.
- For the Self-employed Applicants, the minimum age required is 25 years to a maximum of 65 years.
- The applicant should file the ITR for the last three months. It is mandatory.
- The ITR should be at least Rs 2.5 lakh per annum.
- The Loan will be approved if you have a good credit score, so you should have a good credit score, and your debts should be clear.
Benefits of the Personal Loan
No need of collateral: For availing the Personal Loan there is no need of any guarantee. It can be provided to you based on your CIBIL Score.
Improves Credit Limit: Personal Loan improves your Credit Limit. It depends only on your Credit limit on how much amount of Loan you will get from the bank.
Easy to apply: The Procedure of the Central Bank of India Personal Loan is very easy. You have to give your documents and follow the eligibility criteria of Personal Loan. With the online portals, it became so easy to apply for Personal Loans.