Personal loan is the only unsecured loan so the amount is given on the basis of the credit history & ability to repay of the borrower. It helps the borrower to fulfill his/her dreams either it be to buy some appliances or to plan for a holiday. Below are the key points to know before applying for personal loans in Zirakpur.

 Personal Loan Zirakpur 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:

  1. Salaried
  2. Self-employed

There are different eligibility criteria for both applicants.

Salaried Applicant:

  1. The minimum age of the applicant should be 21 years and maximum of up to 60 years.
  2. 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.
  3. The borrower should have the work experience of the last three years, and the salary should come in their account only.
  4. The applicant must have a good credit history, and credit score should be more than 700.
  5. The applicant has to submit their bank statement for the last three months and the salary slip of the last six months.

Self-employed Applicant:

  1. The minimum age of the applicant should be 25 years and maximum up to 65 years.
  2. The applicant should file ITR for the last three years.
  3. The credit score of the applicant should be good, and no debt should be left due.
  4. The ITR should be of Rs. 2.5 Lakhs per annum at least.
  5. If the applicant has a business than his business should be running from the last three years.

 Personal Loan Zirakpur Documents

When the applicant applies for the personal loan after that, they have to submit some of the documents. These are:

  1. Identity proof: It includes Aadhaar card, Passport, Voter card, Driving license.
  2. 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.
  3. Two colored photographs
  4. The applicant has to submit their PAN card which is an essential document under the KYC formality.
  5. 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.
  6. 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.

 Personal Loan Zirakpur Interest Rates

Personal Loan Starts at 10.75% per year. However, it can vary from person to person. It depends on salary and CIBIL Score of the applicant.

 Personal Loan Zirakpur Tenure

The tenure of the personal loan is one year to five years.

About Zirakpur

Zirakpur is referred to as a town located at the outskirts of the famous city Chandigarh. It was considered as a bunch of small village located at the Chandigarh - Ambala Highway. It is a town in Mohali District in Punjab State.

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