Personal Loan
A personal loan is a type of loan offered with minimal documentation and without requiring security or collateral. The funds from this loan can be used for any reasonable financial purpose. Repayment must adhere to the terms established by the bank, similar to other loans.
Eligibility
At MDG Financial Services, we help you assess your eligibility for personal loans from top banks and NBFCs across India. While eligibility criteria can vary slightly from one lender to another, here are the general requirements:
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Age: Applicants should typically be between 21 and 58 years old. However, age limits may differ slightly based on the lender.
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Employment Type and Status: Most lenders require that salaried applicants have stable employment with an organisation. You should have at least 1 year of total work experience, with minimum 6 months in your current job. Consistent income from the profession is essential to demonstrate financial stability.
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Income Requirements: Minimum income requirements generally vary based on your city of residence and the loan provider. You need a minimum monthly income of ₹12,500 to be eligible for a personal loan. A higher income may improve loan eligibility and increase the loan amount you qualify for.
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Credit Score: A good credit score, 700 and above, is preferred by most lenders. This score shows your creditworthiness and can improve your chances of approval. If you have a lower score, don’t worry; we can help you explore options.
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Current Financial Obligations: Lenders assess your debt-to-income ratio to ensure you can comfortably manage additional loan payments. Having fewer existing financial commitments may enhance your eligibility.
Documents Required
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Proof of Identity (Aadhar Card, PAN Card, Voter ID Card)
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Registered phone number
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Registered e-mail address
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Bank Statement (Past 6 months)
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Income Proof (Past 3 months salary slips for salaried, past 2 years ITR is preferrable)