- June 6, 2020
- Posted by: Ganeshcbani
- Category: Blog
Looking to borrow money but don’t know where to start? Check out our list of the best online loan providers – they’ll help you get the money you need without any hassle.
Online Personal Loan
Personal loans are a way of responding to financial needs in an emergency. This is an unsecured loan and can be used for marriage costs, medical payments, dream holidays or renovations of your home. Regardless of your financial ambitions, In Bank Personal Loan offers you the ideal solution.
A bank’s personal loan helps you meet your diverse financial needs. You can use loans of up to Rs 20 lakh and meet personal requirements, which can occur in any lifetime. The fast approval process makes it easy for you to borrow. You can also collect the funds within 10 seconds with our instant personal loan online services.
Eligibility criteria and Required Documents for Personal Loan
| Personal Loan Eligibility | ||
| Criteria | Salaried | Self-Employed |
| Age | 21 years to 60 years | 22 years to 55 years |
| Net Monthly Income | Rs.15,000 | Rs.25,000 |
| CIBIL Score | Above 750 | Above 750 |
| Minimum Loan Amount | Rs.50,000 | Rs.50,000 |
| Maximum Loan Amount | Rs.25 lakh | Rs.30 lakh |
| Documents Required for Personal Loan | ||
| Requirements | Salaried Individuals | Self Employed |
| Proof of Identity | Passport, Voter’s ID, Driving License or PAN Card | Passport, Voter’s ID, Driving License or PAN Card |
| Proof of Residence | Passport or utility bills | Passport or utility bills |
| Proof of Income | Bank statement of salary account for the past two years | Audited financial statement of the past two years |
Various types of Indian personal loans
Your loan can be used for any purpose as long as it is legal. However, certain lenders offer different loan products for the purpose mentioned in the loan application by the borrower.
These are the different types of personal loans which can be used in India on the basis of their use:
Wedding Personal Loan: as the name suggests, a loan offered specifically for the cost of a wedding is a wedding loan.
Personal Home Renovation Loan: A Home Renovation Loan will cover your home repair or renovation costs.
Personal holiday loan: holiday loans are designed especially for holidays. You can use a loan for your holiday and pay the costs later through easy EMIs.
Pensioners’ Personal Loan: a loan that is offered specifically to retirees is known as a pension loan.
Personal loan for festivals: some lenders only offer a personal loan for festivals. You can apply for a festival loan if you are looking for a loan to arrange a festival.
Before you apply, do not forget to check the eligibility criteria for different types of personal loans.
How do I check the status of the personal loan?
There are two main ways to test your loan application status. Most lenders offer both online and offline modes to keep track of your loan status.
Online Mode: Most lenders can log on to their official portal to help you track the status of your credit application. For this purpose, you can use the application number or reference number issued by the lender. On the other hand, you can log in to your website and track your loan application directly if you have applied for a loan through a third-party aggregator website.
Offline Mode: You can also track your personal application through offline means if you are not comfortable using the online platform. You should visit your loan provider ‘s office and check your loan application status. On the other hand, you can also use your help line or customer care number to connect with your lender over the phone.
For both of these methods, you should provide a few basic information, such as your name and application number or reference number.
