What are the Requirements for applying for a Personal Loan

1. What are the Requirements for applying for a Personal Loan An instant personal loan can be perfect for; A medical emergency, an urgent cash requirement, some travel plans, a great sale and or much-needed house improvements etc. Often we need money to meet our unexpected financial obligations and getting a quick personal loan is the easiest and fastest solution. You can easily apply for a fast personal loan online and serve your monetary needs immediately. Since many providers are available it helps you to reach the best deal that suits you well while applying for a personal loan. All these online personal loan providers have various eligibility criteria and requirements to meet. These requirements may vary by lender but a few things remain the same everywhere when it comes to documentation. Who can apply for a loan? What must be your age to apply for a loan? How much can you borrow? How to assess your income and repayment capacity? There are many such questions that form a base for your loan and its repayment terms. Following are the mandatory five documents or requirements that you must

2. meet while applying for an instant personal loan that gives an answer to all these questions. Top 5 Personal Loan Requirements 1. Identity Proof: In India, most lenders prefer to have two identity checks before giving you a quick personal loan. Whether you are an Indian citizen of over 18 years or not are the two factors that are taken into account while checking your identity proof. To complete this procedure you can present any of the two identity proofs from the list here- ● Passport ● Driving license ● Aadhar Card ● Income Tax PAN card ● Defence/Paramilitary CSD-issued card ● Ration Card ● Post O?ce Passbook You can also visit the o?cial website of the Indian government to check out the application and accepted identity proofs. While you are taking a fast personal loan it is necessary that the record you attach must be a photo identity proof. 2. Address Proof: In addition to your identity proof address proof comes next to observe your stable housing situation. Your address proof is also useful for postal communication where correspondence can happen between you and your lender. Many documents are suggested as address proof by the government of India and the following are a few of them- ● Voter ID ● Aadhar Card ● Passport ● Driving License ● Lease or Rental Agreement ● Utility Bills (water, electricity, telephone bills etc.)

3. 3. Credit History: Credit history is one of the most important requirements that a lender observes along with your application before approving your fast personal loan. Your credit history represents your repayment behaviour with past loans and highlights your financial health. It tells the lender if you have been repaying your loans on time without any default or not. The credit history constitutes your DTI ratio which is the factor between your income and financial liabilities used for evaluating you as a potential borrower. A credit score is another major part of it that varies between 300-900 points and is directly proportional to the approval of a loan. The higher your credit score, the better the chances of getting approval on your quick personal loan. Hence before you apply for a loan go through your credit history and try to rectify discrepancies if any to win instant personal loan approval. 4. Bank Statement: Your bank statement is the detailed cash flow of your various bank accounts. The amount debited from and credited in your account, sources of income and area of expenses, along with savings and deposits in your account compiled to make your bank statement. It’s yet another indicator of your financial health and tells the lender if you can a?ord another credit liability or not. The front page of your bank passbook added with a copy of the latest entries are the main records that form this requirement. You can also generate a separate bank statement using the mobile app, or website or by physically visiting your bank. 5. Income Proof: Your income, source of income and nature of employment are some more crucial factors that form the requirements for getting a fast personal loan. Your earnings help in calculating your DTI ratio which tells if you can bear another financial liability or not. Nature of employment whether permanent, part-time or temporary helps a lender to know the stability of your income. And the type of job decides the eligibility criteria that whether you are a salaried employee, self-employed or other. Every lender o?ers loans to a particular segment of people and with the type of your source of income, it is established. For e.g. FlexSalary is an NBFC-backed credit provider that gives an instant personal loan in form of a line of credit

4. exclusively to a salaried employee. Hence to show your income in its nature and type, your salary slip is required for approval. If you are a salaried employee with a minimum monthly salary of Rs. 8,000 you can apply for a line of credit of up to Rs. 2,00,000 at FlexSalary. With its large credit limit and relaxed eligibility criteria, it can make a perfect alternative to a fast personal loan with many other great features as well. How FlexSalary is the Best Alternative for a Quick Personal Loan? 1. Online application: You can apply for a FlexSalary line of credit 24*7 using its mobile app or the o?cial website. It's also suitable for emergency cash needs because without going anywhere you can avail of credit. 2. Minimal documentation: FlexSalary has a minimal documentation requirement. Only with your Aadhar card, PAN card, Salary slip, bank statement and passport-sized photograph; approval is given. 3. Instant approval: Instant approval is given at FlexSalary after the online KYC for verification. No physical verification is done and the procedure is completed through a video call. 4. Quick credit: Once verified and approved quick credit disbursal is done at FlexSalary. Within 24 hours of application, you can avail of the cash in your account. 5. Easy renewal: At FlexSalary easy renewal is possible even after part repayment making it perfect as a lifetime credit support. While FlexSalary is suitable for emergency cash needs and you can choose it over an instant personal loan its repayment is equally smooth. In flexible payback options, you can keep repaying your dues since no fixed EMIs are mandatory here.