How to personal loans work
9 reasons to get a personal loan
1. Debt consolidation
Best for : Those with lots of high-interest debt.
Takeaway : Using a personal loan to pay off high-interest debt, like credit card debt, allows you to consolidate multiple payments into a single payment with a lower interest rate.
2. Alternative to payday loan
Best for : Borrowers with bad credit looking to avoid high-interest predatory loans.
Takeaway : Personal loans are cheaper and safer than payday loans.
3. Home remodeling
Best for : Those looking to finance a small to mid-sized home improvement project or upgrade.
Takeaway : A personal loan can help you fund a home improvement project if you don’t have equity in your home and don’t want to borrow a secured loan.
4. Moving costs
Best for : A long-distance move or those anticipating thousands of dollars in expenses.
Takeaway : If you can’t immediately afford all of the expenses associated with a long-distance move, a personal loan can help you cover those costs.
5. Emergency expenses
Best for : Those in need of unexpected or emergency funds.
Takeaway : Because they can be disbursed so quickly, personal loans are a good way to cover an emergency or unexpected expense.
6. Appliance purchases
Best for : Those looking to make a bigger household purchase now to save time and money in the future.
Takeaway : A personal loan can help you get new appliances as soon as you need them.
7. Vehicle financing
Best for : People looking to purchase a new vehicle and those who don’t want to use the vehicle as collateral through an auto loan.
Takeaway : Using a personal loan is better than depleting your savings or emergency funds when paying for larger expenses.
8. Wedding expenses
Best for : Those looking to finance wedding expenses.
Takeaway : A personal loan can help you finance all of your wedding expenses upfront, which can help you avoid dipping into your savings or emergency fund.
9. Vacation costs
Best for : Those paying for a lavish or larger vacation.
Takeaway : If you’re comfortable paying off your vacation for a number of years, a personal loan can help you get to your dream destination.
Personal Loan Eligibility
Credit Score : 750 or aboveSalary: Min. Rs. 15,000 per month for salaried
customersIncome : Min. Rs. 5 lakh annual for self-employed customers
Employment Stability : At least 2 years with Min. 1 year in the same profession & Min. 2 years for self-employed professionals
Employment Type : Salaried employees working with reputed organizations, MNCs, Private and Public Limited Companies, Govt. organizations, PSUs, and large enterprises.
*The personal loan eligibility criteria mentioned above is generic in nature and actual eligibility factors may differ from one lender to another.
Documents Required for Personal Loan
IDENTITY PROOF (any one)
ADDRESS PROOF (any one)
Aadhar card and Driving license
Voter ID / Electricity bill /
Water bill / Telephone bill
Proof of 5 years of businesscontinutity
( for self-employed individuals )
how to apply for a Personal Loan
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