Getting a personal loan is not that hard but you have to choose right institution for it and which is not easy now days. Out there are financial institutions who are giving personal loan on high interest rate and also those financial institutions who are giving personal loan on right interest rate.

Benefits of Personal Loan–

•  Minimum documentation.
• You don’t have to disclose the reason why you are taking it.
• The interest rate is not so high.
• It makes your credit score high if you repay it timely.
• The interest rate is fixed.
•  The disbursal time of a personal loan is very fast. If you meet the all eligibility criteria it takes 72 hours.
• Last but not least you don’t need any guarantor for this loan.

Eligibility of Personal Loan-

• Minimum age of 21 years and maximum of 60 years.
• Minimum 2 years of work experience if self employed minimum 2 years of business experience.
• Minimum income 25,000
• Minimum CIBIL  score 650
• The applicant should have an account in this bank.

Documents require for approving personal loan 

KYC Documents

• Pan Card
• Adhaar Card
• Voter’s ID
• Passport  Size Photo

Income Documents

• Salaried: Last 3 years of PAYSLIPS, 6 months’ salary account bank statement.
• Self – employed: IT files of last 2 years, Financial Documents, last 6 months primary account statement of company.
• Installments applicant is currently paying, all the numbers of credit cards and credit limit applicant has.

Proof of Employment 

•  Form 16 or appointment letter of 2 years earlier.

Now we will discuss all the points of how to get personal loan on lowest interest rate-

Credit Score- A good credit score always helps to get loan at lowest interest rate, which means you must have credit score between 750-900. A good credit score always shows your trustworthiness in front of bank or ay financial institutions.

NET Salary- You must check your net home salary before applying personal loan if you apply for a loan amount of 8lakhs and your net salary is  14,000 your interest rate will be high but if you apply for  a loan of 2lakhs your interest rate will be low. So borrow as your need but not so much and always check your net salary.

Tenure- Tenure really matters on interest rate. Interest rate will be low if you take a loan for a long time. Though repay time of a personal loan is 1year to 6years. 

Last but not least the right financial institution- You have to chose right financial institution before taking a loan. Now we are giving top 10 financial institutions who give loans at the best interest rate.