FAQs

  • What is a personal loan?
  • How can a personal loan be useful?

    A personal loan can be used for a variety of purposes, including paying for unexpected expenses, paying medical bills, funding higher education, home renovation, a dream vacation, and more.

  • What documents are required to apply for a personal loan?

    The documents needed to apply for a personal loan are:

    • Aadhaar Card
    • PAN Card
    • Bank statement that reflects the applicant’s income
    • Income Proofs like salary slips, form 16, etc.
    • Proofs of residency

    Please note that the bank may ask for additional documents based on their policy guidelines and the client’s profile.

  • What is the minimum age to apply for a personal loan?

    The minimum age to apply for a personal loan is 21.

  • How much should an applicant earn to be eligible for a personal loan?

    The minimum salary an applicant should earn is Rs.15,000/- per month.

  • Is the CIBIL score important for applying for a personal loan?

    Yes, the CIBIL score is an important factor to consider when applying for a personal loan because it reflects financial history, such as repayment of loans, etc.

  • How long will it take to process my personal loan?

    Your personal loan will be approved within 1 to 7 days of submitting your application and all required documents. Your profile and the bank’s eligibility criteria will determine your final approval/loan sanction. Disbursement will take place a couple of days after that.

  • Can I get tax benefits on a personal loan?

    Only if you invest in a business or buy or renovate a residential property. For more information, please contact your CA or tax advisors.