A personal loan is an unsecured loan given to an eligible loanee to serve his monetary requirements. Its vantage point is that it doesn’t require a collateral. Hence, it enables an individual to avail of a personal loan at the time of his personal need. Depending on a loanee’s age, monthly take-home income and proper documentation, he may meet the personal loan eligibility criteria as set by lender banks. The age limit for availing the loan approximately ranges between 21 to 60 years.
Although personal loan eligibility criteria may slightly vary from bank to bank, here is a list of general documents required by loan providers.