Personal Loans

Banks offer instant personal loans to an individual who fulfill the eligibility set. These criteria varies from bank to bank and the borrower profile. Banks and NBFCs provide instant personal loans by dividing their customer's profession and their income history. You can refer the following table for a complete understanding of personal loan eligibility:
Minimum age limit21 to 28 years Maximum age limit58 to 68 years Employment type Salaried individual, Business individual, Self employed professional etc Income limit Rs. 12,000 for non metro cities and Rs 16,000 for metro cities Loan Tenure12 - 60 months 

Easy availability everywhere:
The main reason why an Instant Personal Loan is very famous with the masses is because of its easy availability. Major Banks give this loan to everyone living in India who work on salary basis. A personal loan can be acquired at the lowest interest rates within 24 to 48 hours* of loan application being submitted along with the required documents.

Minimum documentation needed:
The best feature of a personal loan is that it requires minimum documentation. Because this is an unsecured loan, you don't need to keep any property as mortgage with Bank. Most of the documents are KYC related and hence is easy to acquire. You can give these documents and get the loan approved. This is the reason why personal loans are approved quickly without any kind of hassle.

Pre-approved offers:
The best part of Personal loans is that Banks often give pre approved offers online with attractive interest rates to the customers that have an account with them. As a customer, you can be receiving these offers and get the loan amount instantly within your account.

Quicker loan approval:
Most of the lenders give personal loans to people who work on salary and don't need a lot of documentation. In terms of online personal loan approval, they get approved quickly as this approval takes not more than one to two working days. The mechanism of approving personal loan with lowest interest rates is known to be quick, efficient and hassle free.

Multipurpose loan:
The amount from an instant personal loan can be used for practically any kind of immediate purpose. That's what makes it multi-purpose. Yes, an individual can use it for a wedding, sort medical expenses, house renovation etc as per your needs. The main fact is that you can mainly use a personal loan to overcome any of your immediate needs. Borrowers can apply and access the loan amount without disclosing the loan purpose to Banks.