Personal Loans are a form of unsecured loan taken by individuals from a bank to meet their personal needs.
No limitation on end use:
- One of the benefits associated with personal loan is that there is no restriction on its way of usage. It is multipurpose in nature and can be used for various purposes for e.g. wedding purposes, child’s education, financial or medical emergencies or for even going on a vacation unlike other loans which are specific in nature.
It is multipurpose in nature and can be used as per the personal requirements of the individual like repayment of debts, child’s education, marriage purposes,family vacation or even in cases of medical emergencies and so on. There is no restriction on the amount borrowed or for the purposes the amount to be used.However personal loan is provided on the basis of criteria like income level,credit and employment history, repayment capacity, etc.
Each Bank or NBFCs provide personal loans on the grounds of different criteria and eligibility requirements. However there are some most commonly used criteria by the banks to get an online loan approval for salaried and self- employed individuals and they are listed below:
| Age | 18/21 years - 60/65 years |
|---|---|
| Employment Type |
|
| Credit score | 750 or above with a good credit history |
| Minimum Net Income (Monthly) |
|
| Loan Amount | Up to ₹50 lacs depending on the credit profile |
| Work Experience |
|
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