Personal Loan in India: Complete Guide to Eligibility, Documents and Benefits | Loansathi.in
Personal Loan in India: Complete Guide to Eligibility, Documents and Benefits | Loansathi.in
In India, a personal loan is a fast and flexible way to arrange funds without collateral. Whether it’s a medical emergency, wedding expense, study cost or home renovation — personal loans provide quick access to money. This detailed guide covers what personal loans are, key features, eligibility, documents, benefits, tips to improve approval odds and how Loansathi.in simplifies the entire process.
What is a Personal Loan?
A personal loan is an unsecured loan — no need to pledge property or gold. Lenders evaluate your income, employment and credit history to decide approval. Typical loan amounts range from ₹50,000 to ₹25,00,000 depending on profile and lender policy.
Key Features
- Loan Amount: ₹50,000 – ₹25,00,000
- Tenure: 12 – 60 months
- Interest Rate: From 10.5% p.a. (lender dependent)
- Processing: Quick with minimal paperwork
- Collateral: Not required
Eligibility Criteria
- ✔ Age: 21–60 years
- ✔ Minimum monthly income: ₹15,000
- ✔ Employment: Salaried or Self‑Employed
- ✔ Credit Score: 700+ preferred for best rates
- ✔ Stable job or business with verifiable income
Documents Required
For Salaried Applicants
- PAN Card & Aadhaar Card
- Salary slips (last 3 months)
- Bank statements (last 6 months)
- Employment proof / office ID
- Address proof (utility bill / rental agreement)
For Self‑Employed Applicants
- PAN Card & Aadhaar Card
- Business registration proof (GST / Shop Act / License)
- ITR for last 2 years
- Bank statements (last 12 months)
- Business address proof
Benefits of a Personal Loan
Personal loans are multi‑purpose and quick. Key advantages:
- Use for any purpose: wedding, education, travel, medical
- No collateral — unsecured facility
- Fast disbursal (often within 24–48 hours)
- Flexible repayment tenure (1–5 years)
- Timely repayment can improve your credit score
Why Choose Loansathi.in?
- Compare multiple banks & NBFCs in one place
- Customized EMI plans based on your income
- Full support for documentation & verification
- Faster approvals with transparent charges
- End-to-end assistance until disbursal
Steps to Apply (Simple)
- Visit Loansathi.in or chat on WhatsApp.
- Expert analyzes your profile (income, CIBIL).
- Documents are prepared & verified.
- Application is filed to selected banks/NBFCs.
- Get update within 24–72 hours; disbursal post approval.
Tips to Improve Approval Chances
- Maintain credit score above 700
- Keep EMI-to-income ratio under 40%
- Submit updated & valid documents
- Avoid multiple applications at once
- Clear existing debts before applying
FAQs
What is the minimum income required?
Most lenders expect at least ₹15,000 monthly income. Loansathi.in helps smaller earners explore suitable options.
How long does disbursement take?
Usually within 24–48 hours after approval and document verification.
Do I need collateral?
No — personal loans are unsecured and do not require property or gold mortgage.
Can self‑employed people apply?
Yes — with valid business proof, ITRs and bank statements, self-employed applicants are eligible.
Conclusion
Get Started
Visit: www.loansathi.in
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