Personal Loan

Eligibility & Documents Required

 

 

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Check Our Easy Eligibility Criteria & Minimal Documentation Requirement

To facilitate the availability of quick loans online, Credit Success has basic Personal Loan eligibility criteria and documents requirement. You can apply for the loan and receive a high-value, multi-purpose sanction in only a few clicks after you meet all the Personal Loan eligibility criteria. Please note that submitting the required documents and meeting all the eligibility criteria is crucial for your loan application to be approved. If you fail to meet the criteria or do not have the documents required for Personal Loan, your application may be rejected.

Required Eligibility Criteria & Documents For Personal Loan

Personal Loan Eligibility Criteria

Qualifying for the Credit Success Personal Loan is relatively easy. You don’t have to meet a long list of Personal Loan eligibility criteria to get loan approval. This makes the loan easy to avail, thus reducing delays that could affect disbursal of the loan amount.

All applications are assessed based on 5 main Personal Loan eligibility criteria, which are:

Factor
Personal Loan Requirements
Age
Applicants should be a minimum of 22 years old at the time of loan application and a maximum of 57 years old.
Citizenship
Applicants must have Indian citizenship.
Employment
You must have a full-time job at Central Govt, PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP or companies which are listed internally to get a Credit Success Personal Loan.
Work Experience
Applicants must have job experience of at least 1 years with at least 1 months stable employment at the current job.
Monthly Income
Applicants must have a monthly net take home salary of at least ₹30,000.

In addition to this, you are required to have a good Credit score and credit history. By meeting these few requirements, you can get a Personal Loan online in no time!

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List of Documents required for Personal Loan

To apply for a Credit Success Personal Loan, applicants are required to submit a few important documents. There is no tedious paperwork involved during the loan process. The documents required for a Personal Loan include KYC proof, address proof, income proof, and additional documents if required as per Credit Success internal requirement. Make sure you provide correct documents so that we can process your loan application in the shortest possible time.

When applying for a Personal Loan, you will need to submit the following list of documents:

Document Category
Personal Loan Documents Required
KYC Documents Aadhaar/ PAN Card
Current Address Proof
Passport/ Utility bills/ Rent Agreement
Income Documents Latest salary slip
Financial Documents
Salary Credit Bank Statement for the last 3 months
Employment Proof
Official mail id confirmation /Emp ID Card ( in case official mail id confirmation is not possible)

 Do note the above-mentioned Personal Loan documents list is indicative. Additional documents may be required during loan processing.

Factors Affecting Personal Loan Eligibility

There are a host of factors that affect your Personal Loan eligibility. Here’s a breakdown of these factors to highlight their importance during loan applications.

Age

Applicants’ age indicates their ability to repay the loan and manage the debt comfortably based on the number of working years ahead and behind of them. If the applicant is below the minimum age cut-off, they may not have enough experience with loans or may not have the enough income to support EMIs. Similarly, if the applicant is beyond the maximum age limit, they may be close to retirement and may not have enough working years left to pay the EMIs.

Work Experience

Applicants with more work experience are usually considered to have a financially secure future as compared to an applicant who has recently started working.

Monthly Income

Your income is assessed for two major reasons. Firstly, to know whether you can afford the EMIs for the loan amount you seek. Secondly, to determine your disposable income considering all your other existing obligations. For instance, applicants with a debt-to-income ratio greater than 50% are less likely to get loan approved because they are already servicing a great deal of debt.

Credit Score & History

A credit score is one of the most important factors that affect your Personal Loan eligibility. A credit score depicts your credit history i.e., your loan repayments and other credit card payments history. A high credit score shows that you have been repaying your debts on time. This means that you will most likely repay your loan EMIs on time as well. On the other hand, a poor credit score shows inconsistent credit behavior, which may result in loan rejection. However, you can improve your credit score by making timely repayments.

Frequently Asked Questions

How can I check Personal Loan online eligibility details?

For checking Personal Loan eligibility all you have to do is visit the official Credit Success website, and click on the ‘Eligibility & Documents’ tab. You will find all eligibility requirements clearly listed, as well as the loan documents needed for a Personal Loan.

What are the eligibility criteria for a Personal Loan?

All applicants must be Indian nationals, between 22 and 57 years of age, have a monthly income of at least ₹30,000, have job experience of 1 year, and have current employment continuity at an approved company for at least 1 months.

What are the documents required for a personal Loan?

Applicants must submit basic KYC, income, financial, and employment-related documents. Access the full Personal Loan documents required to apply online here.

Can I get a Personal Loan without a salary?

No, you are required to submit latest salary slip as part of the Personal Loan application process in order to take your loan application ahead.

Which proof of income is accepted for a loan application?

You need to submit below documents as proof of income :

  • Latest salary slip
  • Last 3 salary credit bank statement original PDF which should not be more than 15 days old
  • Above list of the documents are indicative in nature and you might have to produce more documents based on requirement.
Can I borrow money online with this loan?

Lenders evaluate several factors to determine Personal Loan eligibility. These criteria help them assess the borrower’s creditworthiness and ability to repay the loan. While specific eligibility requirements may vary among lenders, the following factors are typically considered:

Credit Score: A borrower’s credit score plays a crucial role in loan eligibility. It reflects their credit history and repayment track record. A higher credit score indicates a lower risk for lenders, increasing the chances of loan approval.
Income and Employment Stability: Lenders assess the borrower’s income level and stability to ensure they have a regular source of income to meet repayment obligations. Employment history and stability in the current job are considered, as a consistent income stream reduces the risk of default.
Debt-to-Income Ratio: This ratio compares a borrower’s monthly debt obligations to their monthly income. Lenders prefer a lower debt-to-income ratio, indicating that the borrower has sufficient income to manage additional loan repayments.
Loan Amount and Tenure: The loan amount and tenure also affect eligibility. Lenders may have specific criteria regarding the maximum loan amount they are willing to offer based on the borrower’s income and financial situation. Additionally, longer tenures may impact eligibility, as lenders consider the borrower’s age and retirement plans.
Existing Financial Obligations: Lenders evaluate the borrower’s existing debt, such as credit card balances, other loans, or EMIs. These obligations impact the borrower’s ability to take on additional debt and may affect their eligibility.
Repayment History: Lenders may review the borrower’s past repayment behavior on existing loans or credit cards. Consistent, timely payments enhance eligibility, while a history of defaults or late payments may adversely impact it.
Relationship with the Lender: Some lenders consider the borrower’s existing relationship with them, such as holding a savings account or fixed deposit. A long-standing relationship and good banking history can positively influence loan eligibility.
Can I get NOC after loan settlement?

Yes, it is possible to obtain a No Objection Certificate (NOC) after settling a loan. A loan settlement refers to the process of fully repaying the outstanding loan amount, typically through a negotiated agreement with the lender. Once the settlement amount is paid, you can request a NOC from the lender as proof that the loan has been settled and there are no further obligations.
Here’s what you need to know about obtaining a NOC after loan settlement:

Loan Settlement Process: Loan settlement typically involves negotiating with the lender to reach an agreement on the repayment terms. This may involve a partial payment of the outstanding amount or a discounted lump-sum payment. Once the settlement amount is paid as per the agreed-upon terms, the loan is considered settled.
Requesting a NOC: After settling the loan, you can request a NOC from the lender. The NOC serves as a legal document that certifies the closure of the loan account and states that you have fulfilled all financial obligations related to the loan. It confirms that there are no pending dues or liabilities.
Importance of a NOC: The NOC is an essential document that serves as proof of loan settlement. It is recommended to obtain the NOC from the lender as it provides assurance and clarity regarding the status of your loan. The NOC can be useful for various purposes, such as updating credit records, applying for new loans, or providing evidence of debt clearance.
Application Process: To obtain the NOC, you need to submit a formal request to the lender. The application may require specific details such as your loan account number, personal information, and proof of the loan settlement. It’s advisable to contact the lender directly to inquire about their specific application process and documentation requirements.
Timelines and Fees: The time taken to receive the NOC may vary depending on the lender’s internal processes. Some lenders issue the NOC immediately after loan settlement, while others may take a few days or weeks. Additionally, some lenders may charge a nominal fee for issuing the NOC, so it’s important to clarify any associated charges beforehand.

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