Check your personal loan eligibility
A financial crisis can occur at any time. It could be in the form of a road accident, illness, or job loss.
Salaried professionals often look for a trusted and legalised funding option to deal with a financial emergency that can arise due to such situations.
A personal loan can be your lifeline if you need a lump sum of cash immediately. However, do check personal loan eligibility before applying.
Read on to learn more about personal loans and how they can help you in your moments of dire need.
Basic Facts of personal loans
A personal loan is an amount you borrow from lending institutions to cover sudden unexpected expenses. It is an unsecured loan, meaning you don’t need to provide any collateral to be eligible.
When you borrow money in the form of a personal loan, you sign a contract with the loan provider.
The contract defines the amount you pay back in installments over time. Your loan provider charges interest on the principal amount.
A vehicle or medical loans granted to pay for something specific. With a personal loan, however, you can spend the money in any way you wish.
Uses of a personal loan
Here are a few things you might use a personal loan for:
Home Renovations
After living in your home for some years, it is bound to deteriorate. A personal loan can pay for the renovation, taking the burden off your wallet.
Dream Holiday
Plan a dream holiday for you and your family and pay for it through a personal loan. You can pay for the expenses in easy instalments as per the agreed tenure.
Medical Emergency
In case of a medical emergency, don’t be caught unawares! Access to a personal loan for medical emergency can cover all the extra expenses that medical insurance doesn’t.
Consolidate a Debt
You might have many debts and find it difficult to keep track of your financial liabilities.
You can consolidate all your liabilities into a single payment with the help of a personal loan and sort out your life.
Wedding Expenses
Indian weddings tend to be expensive. But with a personal loan, you can make your wedding a memorable event by taking care of each and every detail.
Higher Education
Higher Education costs are phenomenal today, especially if it is a professional course or degree.
With a personal loan for Education, you can upgrade your qualification while on the job and get that long-awaited promotion.
Requirements for personal loans
You need to check personal loan eligibility to ensure a loan if the need arises. Being eligible reduces the delay or chances of rejection.
Here are the basic requirements of personal loans if you were to apply to a lending institution like Clix Capital:
- The applicant should be an Indian citizen
- Experian credit score of 630 or above
- Loans only available to salaried employees
- Minimum salary of INR 20,000
- You should be aged between 21-58 years of age
- You should have been employed for at least one year and have worked for at least six months in your current employment.
- Loan amounts are available for up to INR 10 lakhs.
You can go to the Clix Capital website to check personal loan eligibility. You will find every detail that will help you plan better in case you need a personal loan.
Documents Required for personal loans
Other than the eligibility requirements you must fulfil, the lending institution will ask you for certain documents.
Here are the main documents that you should keep ready before applying for a personal loan:
- Identity proof like Aadhaar Card or PAN Card
- Address proof like Aadhaar Card, Voter ID, passport, or driving licence
- Income proof including last three months’ salary slip or current year’s Form 16
Rest assured that a personal loan can save you from complex financial situations. But it’s important to check personal loan eligibility before you apply for a loan to avoid rejection.
Clix Capital is a new-age lending institution with online personal loan processes. They are known for providing quicker and faster loans with minimum documentation.
So, if you need sudden cash in an emergency, apply on their website and get an instant loan to cover your costs.
We hope this small article helped you understand how to meet the eligibility for a personal loan!
