What is the Criteria to Avail a Personal Loan? What are the Advantages & Disadvantages?


One has surely heard the popular saying “The only thing predictable about life is its unpredictability”. Emergency needs are the norm in life. Renovation of one’s home and emergency hospitalisation expenses have to be borne at the right time and personal loans help to tide over the crisis. Personal loans are just the right loan at the right time.

What is a personal loan?

Personal loans are unsecured loans given by banks and non banking financial institutions which allow the borrower to obtain funds without offering any security as a guarantee. These loans are available for both the salaried and the self employed. These kinds of loans as they are unsecured in nature offer a higher degree of risk to the lender. To compensate this risk the lender charges a higher rate of interest. A good credit history is a must in order to get these loans sanctioned. These kinds of loans are mainly used for foreign travel, marriage expenses, emergency hospitalisation expenses, educational expenses and so on.

What is the criteria for obtaining a personal loan?

  • This type of loan is generally availed by salaried individuals, self employed professionals such as doctors, engineers, chartered accountants, contractors and self employed non professionals.
  • The minimum age for obtaining a personal loan is 21 years and the maximum age is around 58-60 years for a salaried employee. For a self employed individual the maximum age can extend up to 65 years.
  • The minimum monthly income necessary to avail these loans from banks is in the range of INR 10000-15000.Some banks have a higher income criteria in the range of INR 20000-25000.The minimum monthly income is similar for both salaried and the self employed.
  • The borrower needs to be in his or her current residence for at least a year. Certain banks specify a requirement of 2 years
  • A salaried employee is sanctioned an amount in the range of INR 50000-INR 20 Lakhs. For a self employed individual the loan amount sanctioned is around INR 1 Lakh-INR 20 Lakhs. Loans will be dispersed in a time frame of 4-7 days.
  • The tenure of a personal loan can be around 1-7 years.
  • The processing fee is around 2-2.5% of the loan amount sanctioned. Pre payment charges are 4-5% of the principal amount outstanding and also depends on the lender, loan amount and the time period.
  • A salaried employee should hold his current job for a period of 1-2 years. Certain banks ask for a confirmed employee status. The self employed individual should be in the current business for a minimum time frame of 1-2 years.
  • The documents required for a salaried employee are an identity proof, photograph, pan card, residence proof, salary slip and form 16.For the self employed the last 2 years ITR,6 months bank statement ,proof of business, business profile, degree certificate,3 years CA audited balance sheet and a profit and loss account.

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