Eligibility Criteria and Documents Required for a Personal Loan

Here is a list of the eligibility and documentation requirements for a personal loan available on Bajaj Markets

Salaried Individuals - Check your Loan eligibility!

Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation! Apply Now

It is essential to check the eligibility criteria and the documents required before applying. Your age, work experience, employment type, CIBIL score, and several other factors are checked when evaluating your personal loan eligibility.

The documents you need to submit for taking a personal loan often include your income, age and address proofs. These requirements are consistent among all lenders, whether you choose to apply online or in person. These documents are checked by the lender to verify and assess your credibility. Submitting the right documents in the requested format speeds up the processing of your loan.

Eligibility Criteria for a Personal Loan

Some common requirements, that most lenders on Bajaj Markets require you to fulfil for a personal loan include:

Eligibility Criteria	Details
Nationality	Indian
Age	18 years or above
Employment Type	Salaried or Self-employed
CIBIL Score	600 or more
Monthly Income	At least ₹10,000
Work Experience	At least 12 months

Documents Required to Apply for a Personal Loan

To prove your eligibility for a personal loan, you are usually required to submit some essential documents. These typically include:

Identity Proof

Address Proof

Employment Proof

Income Proof

Here is a comprehensive list of documents salaried applicants are usually asked to submit when applying for a personal loan on Bajaj Markets:

Type of Proof	Details
Identity Proof	PAN card Voter ID Aadhaar card Passport Driving licence
Address Proof	Passport Aadhaar card Utility Bills (Water/electricity/gas bills) Ration card Driving licence Property documents Electricity bill Maintenance bill
Income Proof	Last 3 months’ salary slips Last six months’ bank statement Proof of employment from your existing employer
Photograph	One passport-size colour photograph

If you are self-employed, the paperwork you need to submit may differ. Here is a complete list of common documents most lenders ask you to furnish as a self-employed applicant:

Type of Proof	Details
Identity Proof	PAN card Voter ID Aadhaar card Passport Driving licence
Address Proof	Passport Aadhaar card Utility bills (Water/electricity/gas bills) Ration card Driving licence Property documents Electricity bill Maintenance bill
Business Ownership Proof	Property documents Maintenance bill Electricity bill
Business Existence Proof	Maintenance bill Property documents Electricity bill Tax registration copy
Income Proof	Last two years of ITR, including computation of Income, audit report, balance sheet, etc. Last 12 months of the bank statement of your business account
Photograph	One passport-size colour photograph

It is important to note that personal loan documents required for self-employed individuals must be verified by a chartered accountant.

You may be asked to submit some additional documents alongside the ones mentioned above. Be sure to reach out to your loan provider to understand all the personal loan requirements thoroughly before applying. This will help you avoid delays.

Personal Loan Eligibility Criteria of Lenders on Bajaj Markets

In the table below, you will find the specific eligibility requirements of each lender on Bajaj Markets. Check this to assess your loan eligibility to make informed financial decisions:

Lenders	Eligibility Criteria
Bajaj Finance	You must be a citizen of India You must be a salaried individual You must fall under the age bracket of 21 to 65 years You must be an employee of a private company, a public company, or an MNC of repute Your minimum monthly salary should be ₹25,000 You must have a CIBIL score of 685 or above
CASHe	You must fall under the age bracket of 21 to 40 years You should be a salaried individual and a resident of India You must have a monthly salary of at least ₹18,000 You must have a good credit score
Federal Bank	You must fall under the age bracket of 21 to 55 years You must have a CIBIL Score of 730 or above Your eligibility will be determined based on the ‘Federal Bank credit policy’
Fibe	You must be a resident of India Your age must be between 21 and 55 years You must be a salaried individual If you live in a metro city, you must have a monthly income of at least ₹18,000 If you reside in a non-metro city, you should have a minimum monthly income of ₹15,000
Finnable	You must be a salaried employee You must fall under the age bracket of 21 to 60 years You must have work experience of at least 6 months and be working with your current employer for at least 3 months You must have a minimum monthly income of ₹20,000 if you are a resident of a Tier 1 city If you live in a Tier 2 city, you should have a salary of at least ₹15,000 per month
IIFL Finance	You must be a resident of India You must fall under the age bracket of 19 to 60 years If salaried, you must have a minimum monthly salary of ₹15,000 If self-employed, you must have a bank balance of at least ₹8,000 You must have a CIBIL score of at least 700 or above
InCred	You should be a salaried employee You must be a legal resident of India Your age must be above 21 years Your monthly income must fall under the range of ₹15,000 to ₹50,000
Kissht	You should be either a salaried or a self-employed individual You should fall under the age bracket of 18 to 60 years You should have a monthly income of at least ₹15,000
Kotak Mahindra Bank	You should be a salaried individual working with an MNC, public limited company, or private limited company Your age should be within the range of 21 to 60 years Your monthly income should be: ₹20,000 (for an employee of Kotak Mahindra Bank) ₹25,000 (for Kotak Mahindra Bank salary account holders) ₹30,000 (for other banks'/NBFCs' salary account holders) You should have a graduate degree You must have a work experience of at least 1 year You must be a resident of the current city for at least one year You should have a CIBIL score of at least 750 or more
KreditBee	You must be a citizen of India You must be above 21 years Your net monthly salary must be at least ₹10,000 Your Aadhaar Card must be linked to your mobile number
L&T Finance	You must be an Indian citizen with valid ID proof You must be between 23 and 55 years of age
moneyview	You should be a salaried or self-employed individual You must be between 21 and 57 years You must have a monthly salary of at least ₹13,500 Your salary/income should be credited to your bank account You should have a minimum bank balance of ₹10,000
mPokket	You must be an Indian citizen You must be more than 18 years old You must have a minimum monthly income of ₹9,000 Your income must be credited into your bank account and not in cash form
Muthoot Finance	You must be a salaried employee working in a Public Sector Unit (PSU) or any reputed organisation Your age must be between 23 and 60 years If residing in a metro city, the minimum net monthly income must be between ₹20,000 – ₹30,000 per month (subject to the employer) If residing in a non-metro city, the minimum net monthly income must be between ₹15,000 – ₹25,000 per month (subject to the employer)
Olyv	You should be either salaried or self-employed You must fall under the age bracket of 21 to 50 years If salaried, you must have a monthly income of at least ₹20,000 If self-employed, you must have a minimum monthly income of ₹25,000
PaySense	You must be a citizen of India Your age must be between 21 and 60 years Your minimum net monthly income must be ₹20,001 if you reside in a metropolitan city and ₹18,001 if you live in any other city You should have a credit score of 700 or more You must be either a salaried or a self-employed individual
Privo	Your age must be between 21 and 57 years You must have a minimum monthly income of ₹20,000 You must have a CIBIL score of at least 700 or more You must be an Android user
SMFG India Credit	You must be between 21-60 years You must be a salaried employee in a private limited company or public sector undertaking Your monthly income should be at least ₹25,000 if you reside in Mumbai/Delhi and ₹20,000 if residing elsewhere in India You should have a minimum work experience of 1 year, and 6 months experience in the current company, if salaried You should have a CIBIL score of 750 or more
Upwards	You must be over 21 years of age You should be a salaried individual with a minimum monthly salary of ₹20,000 You must have work experience of at least 2-3 years You should be an Indian resident
YES BANK	You must fall under the age bracket of 21 to 60 years You must be a salaried individual working in a public sector or private sector organisation You must have a minimum net monthly income of ₹20,000 if residing in a Tier-1 city and ₹15,000 if living in a Tier-2 or Tier-3 city You should have a credit score of 700 or more
Zype	You must be at least 18 years old You must be a salaried individual You must have a valid Aadhaar card and PAN card

*Disclaimer: The mentioned criteria are subject to change at the lender’s discretion.

Factors That Affect Your Personal Loan Eligibility Criteria

Here are some factors which may impact your eligibility for a personal loan:

Annual Income

Your income from your job or business helps the lender decide your repayment capabilities

Type of Residence

Whether you live in a rented or owned home helps the lender understand your financial situation

City of Residence

Lenders check where you live to estimate your cost of living

Employer/Organisation

Your company’s reputation and employment tenure demonstrates your job stability to the lenders

Debt-to-Income (DTI) Ratio

Lenders assess your debt-to-income ratio to determine if you can manage the repayment of a new loan

Credit Score

Your credit score shows how well you manage your loans and other forms of credit. Late payments can lower your score and make it difficult to get a loan.

Relationship with the Bank

If you already have an account with the bank, you might get a loan at better terms, since they are aware of your financial history

How to Improve Your Personal Loan Eligibility

Some common tips you can follow to improve your eligibility for a personal loan are as follows:

Pay your EMIs, credit card bills, and other dues on time
Take measures to improve your CIBIL score
Highlight all your sources of income
Avoid making multiple loan applications at once
Close your old credits and loans to enhance your DTI ratio

Disclaimer

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.

Is it mandatory to submit original ID and address proof documents when availing a personal loan?

No. You can submit photocopies of the KYC documents. However, keep the original documents handy in case they are required for cross-verification.

Is the list of documents required for a personal loan the same across lenders?

With the majority of the lenders, the documents required remain the same. However, based on the personal loan application process, banks and NBFCs may ask you to submit additional documents as well.

Can I apply for a personal loan without a PAN card?

A PAN card is mandatory to apply for a personal loan according to the tax laws. However, you can apply for a personal loan amount below ₹50,000 without a PAN card.

How many salary slips do I need to submit for a personal loan?

If you are a salaried individual, you need to submit salary slips for the last three months when availing a personal loan. This is because lenders evaluate your in-hand salary to assess your loan terms and repayment ability.

Is a salary certificate required for a loan?

A salary certificate is not mandatory, but some lenders may request it.

Do banks verify payslips?

Banks use salary slips to verify your monthly and net income. They verify the details of the recent payslips with bank details and employment proof to assess your personal loan eligibility.

What are the post-sanction or pre-disbursement documents I may need to submit?

After the loan sanction, you need to submit a duly signed loan agreement, ECS form, post-dated cheque, standing instruction (SI) request and margin money receipt. You can add these to your personal loan documents list as well.

Is it possible to carry out the personal loan documentation process online?

With the online application process, you can attach soft copies of your documents on the lender’s digital platform. For offline applications, you may need to submit documents physically.

What is the alternative to salary slips?

If you do not have a salary slip, you can submit a salary certificate issued by your employer. In addition, some lenders may allow bank statements to be submitted as proof of income.

Is Form 16 mandatory for a personal loan?

Yes. Form 16 is a mandatory personal loan document required for salaried applicants as it gives lenders details of deductions and taxation on your income.

Which documents can be submitted as an income proof?

Commonly accepted income proof documents include salary slips, income tax return filings, bank statements, and employer-issued salary certificates.

How long does the documentation process take?

The personal loan documentation process typically takes a few days. However, the exact duration may vary depending on the lender and submission time of the required documents.