A personal loan is the best option to get access to funds in case of an emergency. Once you fulfill the necessary Personal Eligibility Criteria, you can meet any expense like medical emergency, travel needs, education fees, etc. with this simple, unsecured loan.
| Occupation | Salaried employees, self-employed professionals, self-employed non professionals, and business owners |
| Age | Minimum 21 years at loan application and maximum 65 years at loan maturity |
| Monthly income | 20,000 |
| Job/business continuity | 2 years continuous job or 3 years continuity in business |
| ITR | Last 2 years IT returns |
| Credit score | 700 & above |
You can consider applying for a personal loan for a marriage in your family, to bear educational expenses, for vacation abroad, debt consolidation, home renovation, or any other purposes.
Generally, the minimum loan amount is around 50,000,and the maximum amount can go up to 50 Lakhs depending on your eligibility. The banks like to have a personal discussion with borrowers before approving higher Personal Loan limits.
The banks do not have any collateral to fall back on in case of default. The only recourse available to the banks is to file a civil suit in the court of law.
