Personal loan is a loan product that is designed to meet all the personal requirement of the people. People can use the amount disbursed under this loan for any purpose such as the wedding of the daughter, education of the children, home renovation, business requirements or even for tours and travels.
It is the fastest and quickest means of arranging funds on the credit basis. As it is an unsecured loan, no collateral or security is to be presented. Also, the borrower doesn’t have to specify the end use of the loan amount. Very fewer documents are required to avail this loan facility. Therefore, it is considered a hassle-free loan and is known as signature loans. There are various lenders that provide a personal loan in India.
Each lender has the different lending policy and eligibility criteria. The borrower must check the eligibility parameters before applying for a personal loan. The personal loan eligibility criteria of few banks are given below:
Personal Loan SBI-
SBI offers a personal loan to the salaried and pensioners to serve their needs under the names- Xpress Credit Personal Loan and SBI Pension Loan. The eligibility criteria and documents required for both the schemes are mentioned below:
Xpress Credit Eligibility Criteria:
Personal Loan HDFC-
The applicants meeting the following standards are eligible to avail personal loan from the HDFC Bank:
The personal loan eligibility criteria are as follows:
Personal Loan ICICI Bank
The ICICI bank personal loan to both the salaried and self-employed individuals. The eligibility criteria and rate of interest for the categories are mentioned below-
Eligibility Criteria & Documentation for Salaried