A personal loan is an unsecured type of credit that lenders provide to borrowers based on their creditworthiness.
Personal loans, unlike secured loans such as car loans or home loans, serve no specific purpose. Personal loans can be used to fund any personal expense, such as home renovations, unforeseen medical expenses, education, a dream vacation, etc.
The eligibility criteria for obtaining a personal loan are as follows:
1. An Indian citizen who is over the age of 21
2. Should be employed for at least one year
3. A CIBIL score of 650 or higher
4. Should earn more than Rs.15,000/- per month, which should be reflected in the bank statement
The following are the necessary documents for applying for a personal loan.
PAN Card, Aadhaar Card, Address proofs like utility bills or rental agreement, Bank statements, Income proofs like salary slip.
Please note that a borrower may request additional documents based on your profile and their rules and regulations.
Through the Cashecredit subscription plan, you can process for a personal loan at our partnered NBFCs.Apply Now
Your personal loan will be approved within 1-7 days after you submit your application and the required documents. The final approval will be based on your profile and the NBFCs' eligibility criteria. The disbursement will take place a couple of days after that.
Yes, the CIBIL score is one of the key factors lenders consider when approving a loan.
You can claim tax benefits when you use personal loan funds to invest in a business or buy or renovate a home. However, this may vary depending on a variety of other factors. For more information, please contact your CA or tax advisor.
Totally! You can apply for a personal loan online at our partnered NBFCs using our subscription plan.
Yes! Personal loans can be used to cover the cost of your wedding or any other personal expenses.
Yes! Personal loans can be used to cover the cost of your wedding or any other personal expenses.