The necessary criteria to acquire a 5-lakh Personal Loan have become more stringent in recent times. So, while the number of institutions offering Personal Loans has increased, there are more eligibility requirements that applicants must adhere to. If you are planning to take out a 5 lakh Personal Loan, then the first step is ensuring that you meet the eligibility criteria.
5 Lakh Personal Loan Eligibility Criteria
Listed below is a standard criterion you can expect almost any lender to demand if you are looking for a 5 lakh loan. Make sure that you check the requirements of your particular lender to ensure that you meet all the requirements. If the first financial institution you consider approaching for a loan has a strict criterion, you can consider finding an alternative.
- The applicant must be a salaried employee
- Should have work experience of at least one year
- Should be working in the same organisation/company/institution for a minimum of 6 months.
- Individuals must meet specific income criteria: Kotak Bank Salary Account holders require a minimum net monthly income of Rs. 25,000, while non-Kotak Bank Salary Account holders need a minimum net monthly income of Rs. 30,000. Kotak Bank employees must earn a minimum net monthly income of Rs. 20,000 to qualify for the account.
- Must be more than 21 years of age.
- The applicant must be an Indian.
Documents Needed to Apply for a Personal Loan
- Identity Proof: You can use any government-issued photo ID such as your Aadhaar card or driver’s license.
- Age Proof: You can use your Aadhaar Card or driver’s license as proof of age as well.
- Residential Proof: It is recommended to provide residential proof with a home that is not rented or leased.
- Employment Proof: You can use your pay slips or pay stubs as evidence of proof of employment.
- Loan Purpose: Some lenders require applicants to submit a letter along with the application. The application must state the reason you seek a loan. You can apply for a loan for any purpose.
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What To Look for Before You Apply for a Personal Loan?
If you fulfil the eligibility criteria for a 5 lakh loan, then it is best to look for a lender who offers convenient and suitable features as part of the loan. Here are some features you should aim to receive:
A hassle-free loan application procedure: Many financial institutions now offer an application procedure that is quick and easy to complete, allowing you to save time and effort.
Instant disbursal: Find a financial institution that offers instant disbursal of loans to save time.
Freedom to use the loan funds as desired: A reputed lender will allow you to use the funds from the Personal Loan as you see fit. This means that you can use the funds for home renovation, weddings, education, vacations, and a variety of other personal reasons.
Doesn’t ask for collateral: If you fulfill the eligibility criteria, then a reputed lender will not ask you to provide any collateral.
Offers flexible repayment terms: The online lender of your choice must have flexible loan terms, enabling you as a borrower to select a tenure period that best suits your needs.
An Alternative Option: Loan Apps
Another option you can avail of to receive a loan of up to 5 lakh is through a loan app. Some loan apps offer this amount along with other benefits to potential applicants. Oftentimes, the application process is simple. If you decide to go this route, make sure to conduct sufficient research so that you can find a loan that offers the best terms and conditions.
Conclusion
Receiving a 5-lakh personal in today’s banking scenario is not impossible. If you smartly manage your finances and possess the appropriate documentation, you can get one quite easily.