Personal loans are a form of installment credit. Unlike a credit card, a personal loan delivers a one-time payment of cash to borrowers. Then, borrowers pay back that amount plus interest in regular, monthly installments over the lifetime of the loan, known as its term.

The loan amount is determined based on factors like your age, income, credit score and job type.

You must have a regular source of income to avail a personal loan whether you are a salaried individual, self-employed business person or a professional. A person’s eligibility is also affected by the company he/she is employed with, his/her credit history his/her residential location and other factors as per the lender’s criteria.

Personal loans feature tenure of 1 year to 5 years or 12 to 60 months. In rare cases, shorter or longer personal loan tenures may be allowed by the borrower on a case by case basis.

Income proof (Salary Slip for salaried/recent acknowledged ITR for self-employed)

• Address Proof Documents

• Identity Proof Documents and others

Once you get approved for a personal loan, you may either receive an account payee cheque/draft equal to the loan amount or get the money deposited automatically into your savings account electronically.

It can be between 12 months to 36 months depending on the applicant’s requirement.