Low interest rate personal loans from a wide range of lenders

Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi-purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes and more. Moreover, there is no restriction for the amount borrowed and can be used for any purpose they want. In fact, a personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured.

All in all, a personal loan can offset any temporary financial crisis.

Overdraft (Flexi Loan)
Overdraft (Flexi Loan)

No collateral required

One of the benefits associated with an online personal loan is that it is unsecured in nature. This means you don’t need to pledge any collateral for your loan. 

Features and benefits

Overdraft (Flexi Loan)

Multipurpose in nature

It is multipurpose in nature and can be used for anything. Other forms of credit when taken are for a specific purpose and can be used only for the same. For example, a home loan is used for purchasing a house whereas a car loan is taken to buy a car. However, a personal loan can be taken to offset any immediate requirements.

Overdraft (Flexi Loan)

Easy Approval

You can get personal loans that are quick and easy in approval. This is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thus reducing time in the verification process.

Overdraft (Flexi Loan)

Minimal Documentation

In this age of digitisation, the process of verification and documentation has now become short. This is applicable for an instant personal loan as they are fast in disbursal and require minimum documents for approval.

Overdraft (Flexi Loan)

Personal Loan Eligibility

Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:

  • Age - 21 years – 55 years

  • Employment Type  -  Salaried

  • Credit score - 750 or above with a good credit history

  • Minimum Net Income  - ₹ 20,000 (In - Hand Salary)

  • Loan Amount - Up to ₹40 lacs depending on the credit profile

  • Work Experience  - Salaried Employed at current company for at least 6/12 months