What is A
Personal Loan?

Personal Loan is an unsecured credit provided by banks and NBFCs to individuals. A personal loan does not require any collateral or security and the process is simple with minimal documentation. People take personal loans for various purposes like medical emergencies, purchase of household or electronic goods, children's education, wedding expenses, home improvement or for travelling.

Eligibility Criteria

AGE OF THE APPLICANT

Normally between 21 and 60 years of age

INCOME LEVEL

Minimum salary Rs 20000-25000 per month

EMPLOYMENT HISTORY

Minimum employment of 2 years, with 6-12 months with same employer

CREDIT HISTORY

Normally a minimum credit score of 650 is required

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personal loan with ease.

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Documents Required for Personal Loan

Typically the following documents are required to be submitted to the lending institution while applying for a home loan:

Proof of identity

(normally pan card/adhaar card/driving licence, employee id, etc)

Proof of income

(3 months’ salary slip, 6 months bank account statement, 2 years ITR)

Proof of residence

(Electricity bill, gas bill, bank statement, telephone bill etc)

For more detail on documents required or the process, you may connect with our support team at : support@dealplexus.com

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Features & Benefits of Personal Loans

Flexible tenure

The tenure starts from 12 months and can go up to 7 years. Therefore, you can choose a tenure suitable to your finances and needs.

Hassle Free Documentation

For the loan process, banks and financial institutions request you to submit only proof of age, address, bank account details, salary slips, income tax returns, credit history, etc.

No collateral required

These are unsecured loans. Thus, you do not need to provide any collateral as security. This feature of personal loans makes them accessible to everyone with a regular source of income and a good credit history.

Quick Disbursal

Disbursal of Personal loan takes 24 hours to 72 hours.

Additional loan

Applicant can club the income of co-applicant to enhance eligibility

Fixed interest rate

Interest rates normally remain unchanged throughout the loan tenure

Help with debt consolidation

If you have outstanding amounts on high-interest credit cards, you can use personal loan to clear the dues. The interest rates on personal loans are lower than on credit cards. So, you can use the low-interest financial product to pay off high-interest debt.

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Frequently Asked Questions

Which Loan is best for personal use?

When it comes to personal loans, there are several options available in the market that can suit different needs. One option for personal use is an unsecured loan, which doesn't require any collateral. This type of loan comes with a fixed interest rate and a fixed payment period that can range from a few months to a few years, depending on the borrower's creditworthiness and the lender's policies.

Another option is a secured personal loan, which requires collateral in exchange for a lower interest rate. The collateral can be any asset that the lender can sell to recover the loan amount if the borrower defaults.

What are the various types of reasons or uses for which I can take a personal loan?

The reasons for taking a personal loan vary by individual needs. Common reasons include debt consolidation, purchasing a car, home renovation, wedding expenses, vacations, medical emergencies, education financing, starting a business, or investing in the stock market.

Do I have to declare my end use of personal loan to the bank?

Yes, most banks require borrowers to specify their intended use of the personal loan during the application process. This helps lenders assess the appropriateness of the loan use and evaluate repayment likelihood.

What is the normal personal loan interest rate?

Personal loan interest rates depend on factors like credit score, income, employment status, loan amount, and lender policies. Typically, rates range from 6% to 36% annually.

Can I get personal loan without documentation process?

It is practically impossible to get a personal loan without documentation. At minimum, lenders require basic personal details, proof of income, and credit history to evaluate the loan application.

What is the minimum salary for a personal loan?

In India, the minimum monthly salary required for a personal loan typically ranges from ₹15,000 to ₹20,000, depending on the lender, loan type, credit score, and employment status of the applicant.

What are the Documents required for Personal Loan?

When applying for a personal loan, you need to provide documents that prove your identity, income, and address. Commonly required documents include:

  • Government-issued ID card (Aadhaar, PAN, Passport, etc.)
  • Proof of income (salary slips, bank statements, ITR)
  • Proof of residence (utility bills, rental agreement)

What is the minimum period for which I can get a personal loan?

The minimum tenure for a personal loan in India is typically 12 months. However, some lenders may offer shorter terms of 3 or 6 months. Do note that shorter tenures often come with higher EMIs and interest rates.

What is the maximum period for which I can get a personal loan?

The maximum tenure for a personal loan generally ranges from 5 to 7 years, depending on the lender and your repayment capacity.

Can anyone from Dealplexus guide me about personal loan?

Yes, Dealplexus has a team of financial experts who can help you find the most suitable personal loan. They collaborate with multiple lenders to offer competitive rates and flexible repayment options tailored to your needs.

From where can I get a personal loan?

You can get a personal loan from various sources such as traditional banks, NBFCs, credit unions, and online lenders. Dealplexus partners with many of these to help you find the best option.

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