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A warning sign never precedes financial emergencies. In an emergency, a personal loan can help protect your savings and handle any additional expenditure that might come your way. Personal loans are popular since they require no collateral and are disbursed quickly. However, can everyone apply for a personal loan? This article addresses this question and deliberates on the benefits of personal loans.
Who can apply for a personal loan?
While different banks require borrowers to fulfil different eligibility criteria to apply for a personal loan, IDFC FIRST Bank’s eligibility criteria are easy for anyone looking to apply for a personal loan. The following are the eligibility criteria to apply for a personal loan for a self-employed individual:
- The individual’s business must be operational for a minimum of three years.
- The minimum age requirement for a personal loan is 25 years.
- The maximum age requirement is 65 years at the time of maturity.
As for salaried individuals, the following eligibility criteria must be met to apply for a personal loan:
- The individual must be employed at a private or public company with a baseline minimum turnover, as determined by corporate policy.
- The individual must have at least a year’s worth of work experience and at least six months’ worth of work experience with their current employer.
- The individual’s age must be between 21 and 60 years of age.
- In Mumbai and Delhi, the individual’s salary must be at least ₹20,000. In other regions of India, their salary must be at least ₹15,000.
What are documents required while applying for a personal loan?
You will have to furnish the following documents to apply for a personal loan with IDFC FIRST Bank:
As identity proof:
- PAN (Permanent Account Number) card
- Aadhaar card
- Valid Indian passport
- Valid voter ID
- Valid driver’s license
As address proof:
- Aadhaar card
- Valid Indian passport
- Valid voter ID
- Valid driver’s license
As income proof:
- Bank statements of the past three months in PDF format.
What are the benefits of an instant personal loan?
Here are the benefits of applying for a personal loan or an instant loan:
- Competitive interest rates: You can benefit from competitive interest rates by applying for an instant loan. IDFC FIRST Bank offers competitive interest rates for personal loans up to ₹10 lakh.
- No collateral needed: You need not pledge any collateral to avail yourself of an instant personal loan.
- Flexible repayment: An IDFC FIRST Bank-only feature, a borrower can benefit from flexible repayment terms of up to 60 days if they have applied for an instant personal loan with IDFC FIRST Bank.
- Quick disbursal: An advantage of personal loans is that they are disbursed instantly, unlike other types of loans.
- Online instant personal loans: Personal loans availed online with IDFC FIRST Bank can be availed instantly via a hassle-free and paperless process.
A personal loan is a helpful financial product, although you must check if you can afford it before applying. You can use IDFC FIRST Bank’s personal loan EMI calculator to do so.
