Personal Loan

A personal loan is a loan that requires no collateral or security and requires minimum documentation. This loan’s amount can be used for any reasonable financial need. However, you must repay it in accordance with the bank’s agreed-upon terms, just like any other loan.

TYPES OF Business LOANS WE PROVIDE

Personal Loan

Apply For Loan

Get a business loan eligibility:-

Prepare a business strategy, know your credit score, do some market research on accessible business loan alternatives, and keep the paperwork ready before applying for the loan.

Common documents required:-

Business proof, income proof, partnership deed for partnership firm, articles of association, memorandum of association, board decision, PAN card, etc.

Criteria for business loan approval:-

Applicants must be between the ages of 21 and 65 according to the ITR, a minimum business turnover and a minimum yearly turnover will be required.

Features and Benefits Of Personal Loan

Here are some of the essential advantages and benefits of personal loans that you everyone must know. These features will help you while you apply for a Personal Loan at Insta Loan Service.

1. Hassle-free Application

The hassle of visiting a bank and the documentation procedure consumes a significant amount of time. Furthermore, applicants are often confused about what to affix while applying. Therefore, at Insta Loan Services, you have to fill out a simple application form and submit the documents mentioned below.

2. Flexible Tenor

The duration of the personal loan repayment will be based on the amount of loan you’re taking, the interest rate, and loan eligibility. Furthermore, personal loans at Insta Loan Services have flexible duration where you can pay without getting into any debt trap.

3. Complete Professional Support

With Insta Loan Services, you get dedicated professionals and their entire time. Furthermore, you can put across any question or query until you get complete satisfaction. Also, you can have free advice from our professionals on processes like repayment, interest rate, and others.

4. Low-Interest Rates

If you are a working individual or self-employed, you can acquire a personal loan with a low annual interest rate. Furthermore, we guarantee tailored personal loan arrangements with no hidden fees and low-interest loan consolidation.

Eligibility

When you apply for personal loans, ensure you meet all of the essential criteria. This will help you get your loan application and verification process through. Furthermore, the eligibility for salaried and self-employed people to apply for personal loans is mentioned below.

Salaried and Self-employed Individuals

Age: The age of the person applying for a personal loan must be at least 21 years old. Also, if you are a government employee with a pension, you can apply for a personal loan. However, the age bar is up to 70 years. If you work for a private company, then you can only use it until you reach the age of 60.

Employment: You can only apply for personal loans if you work for a public sector undertaking company, government institution, or public company such as private limited companies or limited companies when it comes to your employment. Furthermore, you can apply if you work for a proprietorship firm such as an individual proprietorship or a HUF, a partnership firm such as an LLC, a multinational corporation, or an institution administered by a proprietorship firm.

Documents: You’ll need to provide identity proof(copy of passport/ voter ID card/ driving license/ Aadhaar card). The secondary document is address proof. In addition, you have to provide the bank statement for the past 3 months, plus the two latest salary slips.

Credit score: 750 and above to raise the chances of availing a personal loan.

Self-employed Individuals

  • Age: When applying for a housing loan, you must be at least 23 years old and no more than 70 years old. Furthermore, you can seamlessly apply for a house loan if you are a CA, a qualified doctor, and an architect. Plus, if you are a business owner, a partner in a partnership firm, a corporation director, or a sole proprietor.
  • Documents: You must provide your application form, KYC documentation, bank statements from the previous six months, ITRs from the last two years, and collateral documents.

Query Related to Personal Loan :-

Occupation

Self-employed professionals, salaried employees, business owners, and self-employed non-professionals. 

Age

At the time of loan application, you must be at least 21 years old, and you must be 65 years old when the loan matures.

Monthly Income

20,000

Business/job continuity

2 years in the same profession or 3 years in the same business.

ITR

IT returns for the last two years.

Credit score

700 & above

KYC Documents

  • Aadhar Card
  • PAN Card
  • Passport
  • Driving License
  • Registered Rent Agreement
  • Voter ID 

Income Documents- Salaried

  • Salary slips from the previous six months.
  • Return on IT and Form 16 for the last two years. 
  • Account statements from the last three months that show your salary credits and other sources of income.
  • Certificate of employment from the present employer.

Income Documents- Self-employed

  • Financial statements, including Profit & Loss statement and Balance sheet.
  • IT Returns for the previous two years.
  • Proof of business income like a statement of the bank account. 
  • Proof of doing business such as GST Registration.

Other Documents

  • Application form of personal loan.
  • Processing fee cheque. 
  • Recent passport-sized photographs. 
  • The bank has the final decision on whether or not to approve a loan. Personal Loans are rejected for a number of reasons. 

     

    • It’s possible that you owe a lot of money. Bringing in a co-borrower could be a good choice. As a co-borrower, your working partner can join. You can also close some of your loans to minimize your current liabilities.

     

    • It’s possible that you have a bad credit score. Examine your credit report and go over it thoroughly. Your report may contain mistakes. If necessary, dispute them and take the required actions to correct your credit report. To be eligible for a Personal Loan, you must have a credit score of 650 to 700.
  • You can get loans of up to Rs.50 lakh. However, the maximum loan amount is determined by the lender and the borrower’s eligibility.

Pre-approved personal loans are short-term loans provided by banks to a chosen group of customers. These loans have minimal documentation requirements and do not require any collateral or security.