A personal loan is a kind of Unsecured Loan and helps you meet your current financial requirements. Unsecured Personal Loan is not required to provide any security to the bank in the form of shares or property documents. Personal Loan is provided on the basis of the employer company and credit worthiness of employees. Loan Amount is based on company category and net take-home salary. Personal Loans are flexible with Minimal Documentation , has Fast Approval mechanism and are open for all those who have a secured/regular income, Credit History, CIBIL Score irrespective of the purpose of the application. Unsecured personal loans can be used for a wide variety of purposes , like Children's Education, Medical Emergencies, Wedding Expenses, Home Renovation, Starting a Business or any other Financial Liabilities.
Personal loan is a loan for any individual whether He/she is a salaried or self-employed. Every Banks/NBFC has its own criteria to fund. For salaried it is very much specific that the salaried individual must have 12 months job continuity with salary credits directly in bank account. Advancers also check the company listing category of salaried persons. For self employed if customer is drawing regular salary from his/her company give comfort to lender. Financial Institutions also check banking turnover which should be maintaining regular debit & credit entries. Along with this business continuity of minimum 3 years should be there.
Documents Required to apply Personal Loan
You must submit a set of documents that lenders require when approving a personal loan application. Here are the details for the documents needed for a 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 |
How to Apply
Till few years back taking a loan was a tedious process. Now, applying for a loan is not a problem anymore. You do not need to visit various banks anymore. We have partnered with various banks who will provide you personal loan at attractive interest rates without any hard-core procedure. We help you in doing research and choose the best for you. Nesta India makes this process easy and quick for you.
If you are looking for loan and want it to be stress free process then get the best assistance from our team.