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Which bank has the easiest personal loan approval?

 There are various Personal Loan Providers like ICICI Bank, HDFC Bank, Fullerton India, Kotak Mahindra Bank and many more.

Personal Loan is one of the finest financial products that have easy and fast approval. If all the necessary documents meet the eligibility criteria and prior verification is done then you can even get instant approval.

Ideally, it would be unfair to say a particular bank is better than the other.

The personal funds can be used as per your discretion, there is no restriction as to how the funds should be brought to use. If you have a good credit score you can negotiate on interest rates, loan amount, repayment options, other benefits, etc.

The basic eligibility criteria for all banks are:

•    CIBIL must be 750+

•    You must be working. (Salaried or Self Employed)

•    Salary should be credited in a bank account

•    Work Experience should be 3 years.

There are various determinants that have a significant impact on your personal loan application:

•    Credit Score

•    Employability

•    Work Continuity

•    Age of Borrower

The various document required for availing a personal loan are:

FOR SALARIED INDIVIDUALS

1) KYC Documents: PAN Card, Aadhar Card, Driving Licence, Voter ID, Passport, Registered Rent Agreement

2) Income Documents:

• Salary slips for the previous 6 months

• Bank Statement for the last 3 months

• Employment Certificate from current employer

FOR SELF-EMPLOYED

1) Financial Statements of the business

2) IT Return for the last 3 years

3) Bank Statement: Proof of continuity of business

4) Other Documents like loan application form, GST certificate

 

When selecting a bank, follow these tips to grab the best offer:

1) Know your Credit Score

Credit Score is a numerical figure which gives a reflection of your past repayment history. Ideally, a score of 750+ can help you get a Personal Loan with good attributes.

Don't worry if you don't meet this threshold.

 

2) Compare Loans

There are various costs associated with Personal Loans. You should compare interest rates offered, terms and conditions and other additional aspects.

Also, consider all the costs associated with the procurement of the loan and thereafter. The various costs include processing fee, Documentation Charges, Stamping Charges, and other associated costs.

 

3) Negotiate with the lender

If your Credit Score is meeting the eligibility, you can negotiate with the lender of interest rates, loan amount, loan term, EMI and other repayment options, etc.

 

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