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Apply Personal Loan – Your Dream, Our Support
A personal loan is a type of unsecured loan that helps you fulfill your dreams and manage urgent financial needs — without needing to pledge any collateral.
Whether you want to plan your dream wedding, go on a vacation, renovate your home, pay for medical expenses, or even consolidate debt — a personal loan can give you instant access to funds with flexible repayment options.
Since it’s based on your income, credit score, and repayment capacity, approval is quick, and the amount is directly credited to your bank account.
At Shugam.com, we help you get the right personal loan — fast, easy, and hassle-free — so your dreams don’t have to wait.
Who Needs a Personal Loan in India?
Eligibility Criteria for Personal Loans
Before applying for a personal loan, it’s important to understand whether you meet the lender’s basic eligibility requirements. While each bank or NBFC may have slightly different criteria, here are the common eligibility conditions most follow:
1. Applicant’s Age
Minimum: 21 years
Maximum: 60 years (at the time of loan maturity)
2. Employment Type
✅ Salaried Individuals (working in private/public sector or MNCs)
✅ Self-Employed professionals (doctors, CAs, freelancers, consultants)
✅ Business Owners (if applying for a personal loan and not a business loan)
3. Minimum Monthly Income
Generally between ₹15,000 to ₹30,000 (depending on city & lender)
Higher income may be required in metro cities
4. Work Experience / Business Vintage
Salaried: At least 1 year of total work experience, with 6 months in current job
Self-employed: At least 2–3 years in the same business/profession
5. Credit Score (CIBIL Score)
A minimum CIBIL score of 650–750 is recommended
Higher score = Better chances of approval and lower interest rates
6. Stable Source of Income
Regular salary or business income ensures EMI repayment ability
Bank statements and salary slips are used to verify this
7. Existing Loan Burden
If you already have multiple EMIs or credit card debt, lenders may be cautious
A low debt-to-income ratio (ideally under 40%) is favorable
8. Residential Status
Applicant must be an Indian citizen or resident
Some lenders also require stable residence proof (owned or rented)
💡 Tip:
Even if you don’t meet one or two criteria, you can still get a personal loan by:
Applying jointly with a co-applicant
Showing additional income sources
Applying through a loan expert like Shugam.com for better options
Documents Required for Personal Loan Application
To apply for a personal loan, you’ll need to submit a set of documents that help the lender verify your identity, income, and repayment capacity. Here’s a complete list of documents typically required by banks and NBFCs in India:
1. Identity Proof (Any One)
PAN Card (mandatory)
Aadhaar Card
Voter ID
Passport
Driving License
2. Address Proof (Any One)
Aadhaar Card
Utility Bills (Electricity/Water/Gas – not older than 2 months)
Passport
Rental Agreement
Bank Statement with address
3. Income Proof (Based on Employment Type)
For Salaried Individuals:
Last 3 months’ salary slips
Last 6 months’ bank statements showing salary credit
Latest Form 16 or Income Tax Return (ITR)
For Self-Employed Individuals:
Last 2–3 years’ ITRs
Profit & Loss account and Balance Sheet (CA-certified)
Last 6–12 months’ business bank statements
GST Registration or Business License
4. Employment Proof
Employee ID card (optional but helpful)
Appointment letter or job confirmation letter
Business registration certificate (for self-employed)
5. Photographs
Recent passport-size photographs (usually 1–2)
6. Loan Application Form
Duly filled and signed loan application form with all required declarations
Why They Need It:
When you apply for a personal loan, lenders must assess your ability and intent to repay the loan on time. Since personal loans are unsecured (no collateral), financial institutions rely heavily on documentation to make lending decisions.
Here’s why each document is important:
1. Identity Proof (PAN, Aadhaar, etc.)
To verify your legal identity and avoid fraud. PAN is mandatory for tracking your financial profile and credit history.
2. Address Proof
Helps confirm your current residence for communication, verification visits, and records. Stable residency builds trust.
3. Income Proof (Salary Slips, ITRs, Bank Statements)
To evaluate your repayment capacity. Lenders check your monthly income, regular salary credits, and overall cash flow.
4. Employment Proof / Business Documents
Verifies the stability of your job or business. Lenders prefer applicants with a steady income source and work history.
5. Photographs
Used for application forms, ID verification, and digital or physical documentation purposes.
6. Loan Application Form
Captures all essential loan details like amount, tenure, purpose, and applicant consent. This is the official request to the lender.
Why Choose a Personal Loan Expert In India?
Getting a personal loan may seem easy — but choosing the right lender, getting the best interest rate, ensuring quick approval, and managing paperwork can become overwhelming. That’s where a personal loan expert makes all the difference.
Here’s why working with a loan expert in India is a smart choice:
1. Quick & Hassle-Free Approval
Loan experts know what lenders look for.
They help you prepare the right documents, avoid mistakes, and get approvals faster.
2. Access to Multiple Banks & NBFCs
Instead of going bank to bank, experts match you with the best lender based on:
Your credit score
Income
Loan amount
Repayment capacity
3. Best Interest Rates & Terms
Experts can negotiate lower interest rates and flexible EMIs.
You get a loan tailored to your budget and goals.
4. Customized Loan Solutions
Whether it’s for a wedding, travel, home renovation, or emergency, experts suggest the right product from the right lender.
5. Saves Time & Effort
No need to visit multiple branches or fill lengthy forms.
Loan consultants take care of the end-to-end process — saving you days of effort.
6. CIBIL Support
Worried about a low credit score?
Experts suggest ways to improve your eligibility or find lenders who accept lower CIBIL scores.
7. Transparent Advice
No hidden charges. No false promises.
Genuine loan experts provide honest advice and full cost breakdowns.
8. Post-Loan Support
They don’t disappear after approval.
You get ongoing support for repayments, top-ups, or loan restructuring if needed.