Exploring the realm of personal loan represents a pivotal stride in realizing diverse financial ambitions, be it the consolidation of debts, the pursuit of advanced education, home renovations, or addressing unexpected financial obligations. However, comprehending and meeting the prerequisites for personal loan eligibility is important in this financial journey.
These eligibility criteria and the requisite documentation serve as the portals that grant access to the funds essential for turning your objectives into reality.
What is a personal loan?
These personal loans are accessible instantly through a loan application. This adaptable financial resource enables individuals to secure funds for their financial requirements without collateral. The endorsement and conditions of the loan are contingent on the borrower’s financial circumstances and creditworthiness.
These loans, which are not backed by collateral, can be promptly obtained without extensive documentation, all thanks to a paperless procedure. The application is processed within a day, making this an ideal solution if you’re seeking an emergency loan.
What requirements must be satisfied for personal loan eligibility?
The following are the personal loan eligibility criteria to get a loan from Stashfin:
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Verification of Nationality and Address
To initiate the loan application, prospective borrowers must furnish valid documentation confirming their Indian citizenship and current address.
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Minimum Age Requirement
Applicants must meet a minimum age threshold of 18 years to qualify for the loan.
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Mandatory Monthly Income
Loan eligibility hinges on a minimum monthly income of Rs 15,000. Submission of the most recent three months’ salary slips and bank statements is obligatory.
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Internet Banking Accessibility
Loan seekers should have active access to Internet banking linked to their salaried account.
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Positive Credit Record
To establish their creditworthiness, applicants must hold a favourable credit score. A commendable repayment history heightens the likelihood of swift loan approval and reasonable interest rates.
What are the benefits of personal loans?
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Flexibility
Personal loans provide versatility, allowing individuals to allocate the funds for various purposes, including debt consolidation, home improvement, medical expenses, education, travel, or unforeseen emergencies. Borrowers enjoy the freedom to utilize the funds based on their specific needs.
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Absence of Collateral Requirement
It usually falls into the unsecured category, meaning there is no need for collateral, such as a house or car, to back the loan. This characteristic broadens their accessibility to a broader spectrum of borrowers.
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Steady Interest Rates
Numerous personal loans offer fixed interest rates, ensuring that the interest rate remains consistent for the duration of the loan. This simplifies budget management, as borrowers can count on a stable monthly payment that doesn’t vary.
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Consistent Repayment Durations
Personal loans are structured with unchanging repayment terms, typically within two to seven years. This predictability aids borrowers in effectively planning and managing their financial obligations.
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Swift Approval
They commonly undergo a relatively speedy approval process, and once approved, the funds are promptly disbursed. This renders them well-suited for addressing immediate or urgent financial requirements.
How to avail a personal loan?
You can avail a personal loan from us by following a very few easy steps:
- Get the app from the Play Store/App Store
- Sign up using your mobile number
- Add your details to check your credit limit
- Complete KYC and you are good to go!
Conclusion
Personal loans serve as flexible financial instruments, enabling individuals to pursue various financial goals, encompassing debt consolidation, realizing dreams, and managing unforeseen financial hurdles.
In the domain of personal loans, where financial aspirations and responsibilities converge, fulfilling the prerequisites and furnishing the personal loan eligibility transcends mere protocol; it serves as the gateway to a realm of financial opportunities and a route toward a more promising and secure future.
