Want to apply for Personal Loans but feel confused? Hmmm…Don’t worry, PayMe India is here to clear your doubts. No need to go for lengthy Personal Loan application processes when PayMe India is here! We offer Online Personal Loans in just a few simple steps and you will have the cash available in your bank account within only a day! How cool is that? Now, let us get started and get to know a few things about Personal Loans and how they work.
Factors Affecting Eligibility for Personal Loans
Let us first get an understanding of the factors affecting the eligibility for a personal loan application.
- Credit Score: – Generally, a credit score above 650 is considered to be good by lenders. Even though lenders do give cash loans to people with a bad credit score, the interest rates in this scenario are much higher than in the case of a good credit score.
- Employment Type: – Lenders usually prefer salaried individuals, e.g.: people working in private, government, or multinational companies, and also self-employed people. It is also seen that professions like business owners, teachers, CA’s, and doctors are given more preference.
- Age: – Generally financial institutions offer loans to individuals within the age bracket from 21 years to 60 years. This might depend on the lender to lender.
- Minimum Income: – The criteria in regards to the income is that the minimum income of the applicant should be at least Rs. 15,000. Furthermore, the self-employed individuals applying for the loan need to provide their ITR for proof of income.
Personal Loan Application: Eligibility
Well, firstly, both salaried and self-employed individuals are eligible to apply for personal loans. However, there are a few additional pointers to be kept in mind. They are as listed below-
- Individuals must be within the age bracket of 21 to 60 years.
- The minimum monthly income for the applicant must be INR 15,000.
- Your CIBIL score must be at least 650 and above.
It is necessary to keep these requirements in mind and try to adhere to them for an easy loan application process.
Also, read: How to Get Instant Personal Loan Without Income Proof?
Documents Required to Apply for Personal Loan
At PayMe India, it is our promise to provide personal loans in a very concise manner, with only a minimal number of documents required. On the basis of whether you are a salaried or a self-employed individual, you can find the list of the documents needed below;
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For Salaried Individuals
- Identity Proof (Passport, PAN Card, Driving License, Voter ID)
- Signature Proof (Passport, PAN Card etc.)
- Address Proof (Passport, utility bill – gas or electricity bill, voter ID, driving license, ration card, rental agreement, bank statement)
- Latest three months’ Salary slips Income tax returns OR form 16
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For Self-Employed Individuals
- Identity Proof (Passport, PAN Card, Driving License, Voter ID)
- Signature Proof (Passport, PAN Card etc.)
- Address Proof (Passport, utility bill – gas or electricity bill, voter ID, driving license, ration card, rental agreement, bank statement)
- Income Tax Returns for the last year Business proof (License, registration certificate, service tax registration)
Now that you have gathered all the documents required for the Personal Loan Application, let us move forward and discuss the steps for applying for a Personal Loan.
Steps for Applying for a Personal Loan
- The first step and the easiest one of all is to register yourself on the PayMe India app by entering your mobile number.
- After this, upload your documents online and complete your KYC procedure.
- Provide income proof documents like a bank statement, salary slip (if a salaried individual) or ITR (if self-employed)
- The Loan Amount will be credited into your bank account within the same day that your loan is approved.
Yes, you read the steps right! It is this easy-to-get personal loans from PayMe India. Unbelievable, isn’t it? Well yeah, but it’s the facts!
So, now that you are aware of the basic aspects that are a part of the Personal Loan application process at PayMe India, we hope you were able to see how easy and effortless our service is. With thousands of happy customers, we are climbing the ladder to becoming the best.
So come and be a part of our family. Give us a chance to extend our services to you. It is our promise that you will not be disappointed.
