A personal credit is an unsecured credit and assists you to meet your financial requirements. You do not require to pledge any type of collateral or security while applying for personal credit. Money lending companies or financial institutions offer you funds according to your requirements and needs. This type of credit basically assists in managing wedding expenses, travel costs, medical emergency, debt consolidation, home renovation and others.
But in order to apply for this credit type, it is compulsory for the borrowers to fulfill eligibility criteria. Every financial institution has some eligibility requirements which includes- credit score, age, employment status, job status, address proof and income proof etc. It is extremely essential to meet all these eligibility requirements before applying for this credit type.
Why people apply for this advance?
People usually avail this loan type in order to meet a variety of expenses. Some of them are mentioned below-
● It is greatly used to fulfill wedding expenses
● To fulfill the educational requirements of children.
● To meet the employment requirements.
● People also avail this type of credit for home renovation and construction as well.
● To go on a dream vacation.
● This credit also helps in business expansion plans.
Eligibility requirements-
As it is known that eligibility criteria are extremely important in order to avail any type of credit or advance. Every financial institution wants borrowers to meet the eligibility criteria. Here is the eligibility criteria for personal loans for salaried and self-employed individuals are as under-
● Age proof- A borrower’s age should be between 21-60 years in order to avail this advance.
● Salaried individuals, self-employed individuals and non-professionals can avail this credit type.
● Minimum income of individuals or borrowers should be around 4000-20000.
● Individual must have a business experience of at least 2-3 years.
● Your credit score basically plays a vital role in availing credit. Your credit score should be between 350 to 900.
Documents required for this credit-
Here is the complete checklist of documents required for this advance are as follows-
● You must have rightly signed the application.
● Photographs of a borrower for availing this advance.
● Income proof- voter ID, driving license, passport or ration card.
● Proof of address- rental agreement, electricity bill, passport and ration card.
● Income proof- last 6 months of bank statements, current salary certificate and latest salary slip.
● Income tax return (ITR) if paid in form 16.
If you are looking forward to applying for this credit type then first know thoroughly about it. First get to know about the eligibility requirements and meet them rightly in order to avail this credit. Lenders or money lending companies basically offer personal credit to the borrowers at lower interest rates. The amazing thing is you can also “Apply Online Personal Loans” for ease and it will also save your time and money as well. Usually, financial institutions also