A personal loan is an unsecured, multi-purpose loan offered by banks or NBFCs, allowing individuals to borrow funds without collateral for needs like travel, medical emergencies, or renovations. Loans typically offer amounts up to ₹35-40 Lakhs, with repayment tenures between 12 and 60 months, processed based on credit score and income.

Key Details of Personal Loans:

Loan Type: Unsecured (no collateral/security required).

• Purpose: Multi-purpose (wedding, travel, medical, home renovation).
• Amount: Ranges from small amounts up to ₹35-40 lakh, depending on the lender.
• Interest Rates: Usually range from 10.99% p.a. upwards, based on credit profile.
• Tenure: Flexible, typically 1 to 5 years (up to 6 years in some cases).
• Disbursal: Often instant or within a few days for pre-approved customers.

Eligibility Criteria:

• Age: Usually, 21 to 60 years.
• Employment: Salaried individuals or self-employed professionals.
• Credit Score: A score of 710 or higher is often preferred.
• Income: Minimum monthly income requirements apply.
• Required Documentation:
• Identity Proof: Aadhaar card, PAN card, Passport, or Driving License.
• Address Proof: Utility bills (electricity/water), Rent agreement, or Voter ID.
• Income Proof: Last 3 months' salary slips, 6 months' bank statements, and Form 16.