A personal loan is versatile and can be used for a variety of purposes, such as medical emergencies, home renovations, travel expenses, education, weddings, or even consolidating other debts.
The eligibility requirements to apply for a personal loan are as follows:
For salaried:
For Self-Employed:
The documents that are required to apply for personal loans are:
Please note that the lender may ask you for additional documents in accordance with their rules and regulations.
Personal loans do not usually offer tax benefits. However, if you use the loan for certain purposes, such as home renovation or business investments, you might be eligible for deductions under specific sections of the Income Tax Act. For more information, please contact your CA or tax advisor.
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A good CIBIL score indicates creditworthiness and increases your chances of loan approval. It also helps you get better interest rates.
Applying for a personal loan online saves you a significant amount of time and effort because it can be done from the comfort of your home.