A CIBIL score of 650 or higher is considered good when applying for a personal loan.

The documents that are required to apply for a personal loan are:

• PAN Card
• Aadhaar Card
• Address Proof like Rental agreement or Utility bill
• Income proof like Payslips or Form 16
• Bank statements that reflect your monthly salary

Please note that a lender may ask for additional documents depending on their policies and your profile.

The factors that are considered during personal loan approval are:

• Credit score
• Monthly Income
• Age
• Current liabilities
• Job stability

By applying for a personal loan online, you can save a considerable amount of effort and time, given that you can apply for a loan from the comfort of your home.

You are eligible to apply for a personal loan if you meet the following criteria:

A Salaried Professional:

• Age: 21 years or more
• Monthly salary: Monthly income of at least Rs.15,000 (should reflect in bank statements)
• Job Stability: At least 1 year

A Self-Employed Individual:

• Age: 21 years or more
• Income Tax Return: Minimum of 1 year
• 1 Year business stability

Only if you are using the funds to start or invest in a business or renovate your home. For more information on tax benefits, we advise you to contact your CA or tax advisor.