Frequently Asked Questions

Personal loans are unsecured forms of credit that lenders provide solely based on the borrower's creditworthiness.

No, because personal loans are granted based on the borrower's creditworthiness and income, no collateral is required to obtain a personal loan.

The main factors that influence the approval of a personal loan are the applicant's CIBIL score, income and stability, and age.

Unlike secured loans, such as home or auto loans, personal loans have no set purpose of use. Therefore, personal loans can be utilized for any personal purpose, including funding a wedding or further education, covering unforeseen costs, paying for medical bills, and consolidating debt.

The applicant must be at least 21 years old and have a monthly income of Rs.15,000/- or more.

The documents that are required to apply for a personal loan are:

• PAN Card
• Aadhaar Card
• Income proof like Form 16 or salary slip
• Bank statement that reflects the monthly income
• Address proof like utility bill or rental agreement.

Please note that additional documents may be requested by the lender based on the profile and the lender's rules and regulations.

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To apply for a personal loan, you usually need to have a credit score of 650 or higher.

After you submit your application and the required documents, your personal loan will be approved within 1-7 days. However, please note that the final decision will be based on your profile and the eligibility criteria of the NBFCs. The disbursement will take place a couple of days after that.

Only if the personal loan is utilized to invest in a business or to renovate a home. This, however, may vary depending on a number of other factors. Please contact your CA or tax advisor for more information.