Eligibility Criterion For Quick Personal Loan
The eligibility criterion for quick personal loan is rather simple making it easy for people to secure the loan. A personal loan required no security and there is no need to produce a guarantor. The loans can be obtained much quicker than other loans.
Eligibility For Quick personal loan
- Applicant has to be a resident Indian.
- Must be salaried, self-employed businessman or a self-employed professional.
Salaried Individuals
- They must be above 23 years of age.
- They must be 58 years or below when the loan matures.
- The minimum monthly income has to be 7,000 INR.
- They must have been employed in the same firm for more than a year.
Self-Employed Professionals
- The applicant who wishes to secure quick personal loan has to be above 25 years of age.
- They must be about 65 years or below when the loan matures.
- The net annual income has to be above 90,000 INR.
- Must have been self-employed for more than 3 years and have more than 5 years' experience in the field.
Self-Employed Businessmen
- The applicant has to be above 25 years of age
- They must be about 65 years or below when the loan matures.
- The net annual income has to be above 1, 20,000 INR.
- Must have been self-employed for more than 3 years and have more than 5 years' experience in the field.
Documents Required For Loan Personal Quick
- Photograph
- Proof of identity
- Age proof
- Signature proof
- Proof of address
- Proof of continuity of address
- Telephone ownership proof
For Salaried Individuals
- Proof of employment
- Proof of continuity of employment
- Salary certificate
- Form 16
- Bank statement
- Latest IT returns
For Self-Employed Professionals and Self-Employed Businessmen
- Proof of qualification for self-employed professionals
- Bank statement of last 6 months
- Business address
- Business address continuity proof
- C.A. certified computation of last two years' income
- P&L and balance sheets of last two years certified by a qualified auditor.
- IT returns of the last two years
- Proof of turn over for self employed businessmen, they also need to produce other documents such as sole proprietorship documents etc.
The passport/defence identity card/photo pan card or voter's identity card can be as proof of identity. People also use their photo ration card or their driving license as the proof of identity.
For proof of address the ration card/passport/driver's license or the telephone bill can be produced. People can also use the electricity bill, the voter's ID card or LIC premium as address proof.
Birth certificate, school leaving certificate, LIC premium, passport or driver's license can be used as proof of age.
When applicants who wish to obtain quick personal loan are aware of the documents that are required, they can get them ready and apply for the loan. This makes it easier for them to secure a loan personal quick within 72 hours of getting approval. Do take time to compare rates and terms of various lenders before choosing the lender offering you the best possible terms and rates.
