Salaried individuals aged 21–60 years with a stable income and a good credit score (typically 700+) are eligible for a personal loan. Self-employed professionals may also qualify based on income proof and business stability.
Salaried individuals aged 21–60 years with a stable income and a good credit score (typically 700+) are eligible for a personal loan. Self-employed professionals may also qualify based on income proof and business stability.
Most banks and NBFCs offer personal loans ranging from ₹50,000 to ₹50,00,000 depending on your income, credit score, employment type, and repayment capacity. Higher loan amounts may require additional documentation.
Common documents include identity proof (Aadhaar, PAN), address proof, income proof (salary slips or ITR), bank statements for the last 3–6 months, and passport-size photographs. Requirements may vary by lender.
Yes, most lenders allow prepayment or foreclosure of personal loans. However, some may charge a prepayment penalty (typically 2–5% of the outstanding principal). RBI guidelines prohibit foreclosure charges on floating-rate loans after a lock-in period.