A personal loan is the financial aid that allows us to borrow money from the banks, but have to pay some amount to the bank as an interest rate. The process is fast and simple. There are many banks and non-banking financial institutions (NBFCs) who provide a personal loan at a very low-interest rate. The rate of interest varies according to the banks. It is an unsecured loan where no security is given to the bank and the loan amount can be used to meet the financial requirements of the people. These funds can be used for any medical emergency, marriage expenses, increasing the infrastructure of the business and other requirements.
Need for Personal Loan Indore
A personal loan is a loan that can be used for different purposes like paying debts, going for a holiday, paying tuition fees and many more. It provides a solution to all problems of financial needs and cash urgently. This loan seems to be attractive as you need not deposit any assets to the lender.
Personal Loan Indore Eligibility
Personal Loan does not apply to everyone, and there are some eligibility criteria on the basis of which bank provides a loan to the applicant. There are two categories of applicants:
There are different eligibility criteria for both applicants.
- The minimum age of the applicant should be 21 years and maximum of up to 60 years.
- If the applicant is residing in a metropolitan city, then they should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
- The applicant should have the work experience of the last three years, and the salary should come in their account only.
- The applicant must have a good credit score, and it should be more than 700.
- The applicant has to submit their bank statement for the last three months and the salary slip of the last six months.
- The minimum age of the applicant should be 25 years and maximum up to 65 years.
- The applicant should file ITR for the last three years.
- The credit score of the applicant should be good, and no debt should be left due.
- The ITR should be of Rs. 2.5 Lakhs per annum at least.
- If the applicant has a business than his business should be running from the last three years.
Personal Loan Indore Documents
- Identity proof: It includes Aadhaar card, Passport, Voter card, Driving license.
- Residence proof: It includes Updated Passbook, Aadhaar card, Passport, Voter card, Driving license, ration card. And if the applicant is living in a rented apartment, then they have to submit their rental agreement, electricity & water bill which has to be in the name of the applicant and the address of the owner.
- Two colored photographs
- The applicant has to submit their PAN card which is an essential document under the KYC formality.
- If the applicant is a salaried one, then they have to submit their salary slip of the last three months and the bank statements of the last six months.
- And if the applicant is a self-employed then they have to submit the ITR of the last three years and registration of their business should be done.
Salary slips of last 3 months & bank statements of the last 6 months
ITR of 2.5 lac minimum for last 3 years
Identity Proof: Aadhaar Card/Pan Card/Voter Id/ Driving License/ Passport
Address Proof: Aadhaar Card/Pan Card/Voter Id /Passport/Driver License and if the person is living in a rented apartment then rental agreement, electricity & water bill and owner’s address
Two colored photographs
credit score above 650
Personal Loan Indore Interest Rate
The interest rate may vary from person to person as it depends upon the salary and CIBIL score of the applicant. The interest rate of personal loan starts from 10.75% per year.
Personal Loan Indore Tenure
The tenure of the personal loan is from 1 year to 5 years.
Personal Loan Indore Features
- The Loan amount depends upon the income and repayment capability of the person.
- It is a multi-purpose offer that can be used for almost all financial problems of life.
- No need to put any property or asset as Collateral to the lender.
- No cosigner needed.
Benefits of getting a loan through Dialabank
- Lowest interest rates.
- Instant Approval in 2 hrs.
- Easy Documentation and flexible loan tenure.
- Get a dedicated helpline for your loan enquires.
It is the largest city of Madhya Pradesh. Indore was described as the commercial capital of the state by the Economic Times. Indore is also considered as education hub of the state and first city to have campuses for both, Indian Institute of Technology and Indian Institute of Management. Indore has been elected as the cleanest city of India two years in a row.