Frequently Asked Questions

The common documents required for a personal loan are:
1. PAN Card
2. Aadhaar Card
3. Proof of Address: Utility bills, Rental Agreement
4. Proof of Income: Salary slips, Balance Sheets, Income tax returns, or Form 16.
5. Bank statements

Unlike other secured loans, such as a home or car loan, a personal loan has no predetermined purpose of use. Thus, if you want to use the loan for business purposes, you can.

Your credit score plays a crucial role in your personal loan application. Lenders evaluate your creditworthiness by reviewing your credit score and credit history. A higher credit score indicates good financial habits and increases your chances of getting a loan at a competitive interest rate. While a lower credit score may result in a higher interest rate or rejection of the loan application.

Yes, you can apply for a personal loan online, eliminating the time-consuming traditional process. Click here to apply.

Personal loans provide no tax benefits. However, if the loan is used for a specific purpose defined by the Income Tax Act, such as home renovation, investing in a business, or education expenses, you may be eligible for tax breaks on the interest paid. It is advisable to consult a tax professional or CA for detailed information.

The main factors that lenders consider when approving loans are the applicant's age, income, credit history, and job stability.