Personal Loan Features
A personal loan is a great way to manage urgent personal expenses or fulfill aspirations without pledging collateral. Whether it’s for a wedding, medical emergency, home renovation, or vacation, Fincrest has you covered.
- Quick approval with minimal paperwork
- Flexible repayment tenures (12 to 60 months)
- Competitive interest rates
- Ideal for salaried and self-employed individuals
- No security or guarantor required
Offers for Customers
3 Unique Variants
Loan of up to Rs. 40 Lakh
Tenure up to 84 Months
No Guarantor / Collateral
No Hidden Charges
Attractive Interest Rates
3 Unique Variants
Loan of up to Rs. 40 Lakh
Tenure up to 84 Months
No Guarantor / Collateral
No Hidden Charges
Offers for Customers
3 Unique Variants
Loan of up to Rs. 40 Lakh
Tenure up to 84 Months
No Guarantor / Collateral
No Hidden Charges
Eligibility Criteria for Personal Loans
To avail of a personal loan, applicants must fulfill certain conditions. Financial institutions evaluate the following key aspects to determine loan eligibility:
- Age Limit: Applicant should be between 21 and 60 years of age.
- Income Criteria: A minimum monthly income of ₹15,000 is required for both salaried individuals and self-employed professionals. Annual business turnover for self-employed should be at least ₹20 lakhs.
- Credit Score: A credit score of 650 or higher is typically required.
- Debt-to-Income Ratio: A healthy ratio is essential to demonstrate repayment capacity.
- Job Stability: Steady employment or business history is preferred.
- Credit Behaviour: A consistent credit history with timely repayments boosts eligibility.
- Residency: Only Indian citizens are eligible to apply.
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Documents Needed for Personal Loan Application
Here is the list of documents usually required while applying for a personal loan:
- Proof of Identity: PAN Card, Aadhaar Card, Passport, Voter ID, or Driving License.
- Address Proof: Aadhaar Card, Passport, Driving License, Voter ID, PAN Card, Electricity or Phone Bill, or Ration Card.
- Proof of Age: Any government-issued ID such as PAN Card, Aadhaar Card, Driving License, Voter ID, or Passport.
- Income Documents: 1-year bank statement and last 3 months’ salary slips (for salaried individuals).
- Employment Details: Employment certificate and office address proof.
- Self-employed Professionals: GST/VAT registration documents and business establishment proof (e.g., partnership deed, MOA, AOA).
- Photograph: Recent passport-sized photographs.
- Tax Returns: ITR filings for the past 2–3 years as income proof.
Personal Loan EMI Calculator
An EMI calculator is an effective financial tool that enables you to estimate your monthly loan repayments over a given tenure. Using the fincrestindia.com, you can:
- Get a clear idea of your EMI in advance
- Plan your monthly budget accordingly
- Check your loan eligibility
- Compare various personal loan options with ease
This calculator simplifies the decision-making process and helps you manage your finances more efficiently.
FAQs
What’s the minimum credit score needed to get approved for a personal loan?
Most lenders prefer a credit score of 750 or above to approve a personal loan, although some may consider applicants with a score of 650+ depending on other eligibility factors.
Is there a minimum income requirement to qualify for a personal loan?
Yes, lenders generally require a minimum monthly income ranging from ₹15,000 to ₹30,000, depending on the bank and the city you live in.
Are retired individuals with a pension account eligible to apply for a personal loan?
Yes, pensioners can apply for personal loans, especially if they have a steady pension income and maintain a pension account with the lending bank.
Can students qualify for personal loans in India?
Generally, students are not eligible for personal loans unless they have a regular source of income or a co-applicant with stable earnings. They may consider education loans instead.
Is it possible to apply for a personal loan while already repaying a home loan?
Yes, you can apply for a personal loan even if you’re repaying a home loan, provided your debt-to-income ratio is within the acceptable range and you have a good repayment record.
Can I get a personal loan without providing a salary slip?
While most banks require salary slips or income proof, some lenders may offer loans based on your bank statements, Form 16, or other income documents.
Is it allowed to use a personal loan for wedding-related expenses?
Yes, personal loans can be used for any legitimate purpose, including wedding expenses, travel, medical bills, home renovation, or education.
Can I take personal loans from two banks at the same time?
Yes, you can borrow from multiple banks if you meet the eligibility criteria and can manage the combined EMIs responsibly.
Are there any fees for repaying a personal loan before the end of the term?
Many lenders charge a prepayment or foreclosure fee, usually ranging from 2% to 5% of the outstanding amount. Some banks waive this fee after a certain period.