Features and Benefits of Our Personal Loan
A personal loan is an unsecured form of borrowing, meaning it doesn’t require any collateral or security. This offers great flexibility since there are no restrictions on how the loan is used.
Here are several ways a personal loan can be beneficial:
- Debt Consolidation: Combine multiple debts into one loan, potentially lowering your interest rate, which helps save money and simplifies debt management.
- Home Renovation: Use a personal loan to finance home improvements, which can increase the value of your property and enhance your living space.
- Medical Expenses: Personal loans can help cover unexpected medical costs, such as emergency surgeries or hospital stays.
- Emergency Expenses: Whether it’s an urgent medical expense or a car repair, a personal loan can provide quick relief in times of financial need.
Personal Loan Eligibility and Documents
Find out the necessary criteria for applying for our Personal Loan below.
Eligibility Criteria for Personal Loan
To be eligible for a personal loan, you need to meet the following criteria:
- Age between 21 and 60 years
- Minimum net monthly income of ₹15,000 for salaried or self-employed individuals, with annual transactions of at least ₹20 lakhs
- Credit score of 650 or higher
- Acceptable debt-to-income ratio
- Stable employment history
- A good credit score and repayment track record
- Must be a resident of India
Documents Required to Apply for a Personal Loan
- Identity Proof: Passport, Voter ID, Driving License, PAN Card, Aadhaar Card
- Proof of Residence/Address: Passport, Voter ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card
- Age Proof: Passport, Voter ID, Driving License, PAN Card, Aadhaar Card
- Income Proof: Last 1-year bank statement, 3 months’ salary slips
- Employment Proof: Employment Certificate, Office Address Proof
- GST or VAT Registration (for Self-Employed Applicants)
- Photograph: Passport-size photograph
- Business Proof (for Self-Employed Applicants): Business registration documents like partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.
- Income Tax Returns: Past 2-3 years’ tax returns to verify income and tax payment history
EMI Calculator for Personal Loan
An EMI calculator is a helpful tool that lets you estimate your monthly loan repayments over a specific period. By using the Ruloans Personal Loan EMI Calculator, you can plan your finances more effectively and assess your loan eligibility. You can also compare various loan options through the calculator.
Fees and Charges for Personal Loan
Fees and charges associated with personal loans may vary depending on the lender and individual circumstances. The table below provides a general overview of common fees and charges for personal loans.