Eligibility Criteria For Personal Loans

Eligibility Criteria For Personal Loans

Financial issues can arise at any time in life. For example, you might be seeking funds to pay for your child’s higher studies, dealing with a medical emergency, or planning a grand wedding. Such situations demand immediate financial assistance, so obtaining an instant Personal Loan online can be a good idea. Thanks to new-age lending institutions like Poonawalla Fincorp, you can get an instant loan at the best interest rates online without hassle.  

However, knowing the criteria for Personal Loan eligibility is always good to make this process smooth and fruitful.  

Here are some basic details for obtaining a Personal Loan easily at attractive interest rates. 

What is the purpose of a Personal Loan?

A quick and easy Personal Loan can be used for 

  • Wedding functions
  • Medical emergencies
  • Higher education
  • Sponsoring a vacation or overseas travel
  • Home renovation or upgradation 

Who can avail of a Personal Loan?

Nowadays, the availability and access to Personal Loans have become easier. With affordable interest rates and quick processing time, individuals can opt for a quick Personal Loan online, if they meet the eligibility criteria.

Steps To Avail a Personal Loan Online

  • Visit www.poonawallafincorp.com and click on the ‘Apply Now’ button.
  • Enter the information required and upload the documents required for KYC verification.
  • Wait for approval after a detailed assessment.
  • Post approval, expect instant loan disbursal.

Tips To Avail Quick Personal Loans

Basic Eligibility Criteria

Personal Loan eligibility criteria include basic details like an applicant’s age, nationality, employment information, etc.

Age>22 years old at the time of applying for a loan <58 years old at the time of maturity
Monthly Income> ₹20,000
EmploymentA full-time job at public/private Ltd. Company or an LLP
Work ExperienceMin.1 year experience with at least two months tenure at current job

Credit Score

  • A robust credit score is mandatory for applying for a Personal Loan.
  • A low credit score may be perceived by lenders as your likely inability to miss your loan payments in future. Therefore, you must improve your credit score before applying for a Personal Loan if you have a poor one.
  • Your credit score should be 750 or above as part of the Personal Loan eligibility criteria set by most financial institutions like Poonawalla Fincorp.

Document Verification

Here are the documents required for approval of a hassle-free Personal Loan from Poonawalla Fincorp.

KYCAadhar/PAN Card
Proof Of AddressPassport, Rent Agreement, and/or Utility Bills 
Employment DocumentsLatest salary slip
Financial DocumentsAccount statements for the last three months
Qualification ProofDegree certificates and employment certificates for doctors, chartered accountants, and company secretary

Interest Rates

One should be mindful of the interest rates applicable before applying for a Personal Loan. With Poonawalla Fincorp, you can apply for instant loans with competitive interest rates.

Here are some frequently asked questions (FAQs)

1. Are Personal Loans available with instant approval?

Yes, a Poonawalla Fincorp Personal Loan is subject to instant approval. So, candidates who fulfil the Personal Loan eligibility criteria are applicable for this benefit.

2. What advantages can Personal Loans offer?

A Personal Loan from Poonawalla Fincorp offers several advantages. It can be used as an emergency or debt consolidation loan, comes on a flexible tenure, a substantial loan amount, and online lending provisions. The best part is that these loans are unsecured, easy to apply for, and have no end-spend limitations.

3. What is the upper limit of the amount for which a Personal Loan can be availed?

With Poonawalla Fincorp, you can avail of a Personal Loan of up to ₹30 Lakh.Whatever your financial need may be, an instant Personal Loan from Poonawalla Fincorp can provide you with prompt funding that offers financial support when it is most needed. Simply check whether you meet the Personal Loan eligibility criteria before you apply.

By Michael Caine

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