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Personal loan

Overview of Personal Loan

A Personal Loan is an unsecured financial solution designed to meet a wide range of personal financial needs without the requirement of collateral. It offers quick access to funds with flexible repayment options, making it an ideal choice for planned or unexpected expenses.

Personal loans can be used for purposes such as medical emergencies, weddings, travel, education, home renovation, or debt consolidation. Offered by banks and NBFCs, these loans come with fixed EMIs, defined tenure, and transparent terms.

At Vidhi Consultancy, we provide expert personal loan advisory by assessing income, credit profile, and repayment capacity to identify the most suitable lenders. Our objective is to secure competitive interest rates, ensure quick approvals, and deliver a smooth, hassle-free borrowing experience.

A well-structured personal loan helps manage immediate financial requirements while maintaining long-term financial discipline.

Benefits of Personal Loan

A personal loan is a convenient and flexible financial solution that helps meet immediate personal financial needs without compromising long-term stability. Key benefits include:

1. No Collateral Required

Personal loans are unsecured, meaning no property or asset is required as security, making them easily accessible.

2. Quick Approval & Disbursement

With minimal documentation and streamlined processes, personal loans offer fast approvals and quick fund disbursement.

3. Flexible Usage

Funds can be utilized for multiple purposes, including medical emergencies, weddings, travel, education, home renovation, or debt consolidation.

4. Fixed EMIs

Personal loans come with fixed monthly installments, enabling better budgeting and financial planning.

5. Competitive Interest Rates

Applicants with strong credit profiles can secure personal loans at attractive interest rates from reputed banks and NBFCs.

6. Flexible Repayment Tenure

Borrowers can choose repayment tenures ranging from 12 to 60 months, based on financial comfort.

7. Improves Credit Score

Timely repayment strengthens credit history and enhances overall creditworthiness.

8. Simple & Transparent Process

Personal loans involve clear terms, minimal paperwork, and transparent fee structures.

At Vidhi Consultancy, we help clients maximize these benefits by identifying the best lender options, optimizing eligibility, and ensuring a smooth end-to-end loan process.

Eligibility Criteria for Personal Loan

Personal loan eligibility is evaluated based on the applicant’s income stability, credit profile, and repayment capacity. While criteria may vary across banks and NBFCs, the following parameters are generally considered:

1. Age Criteria

  • Minimum age: 21 years
  • Maximum age at loan maturity: 58–60 years (salaried)
  • 65 years (self-employed)

2. Employment Status

  • Salaried Individuals:
    Employed with a reputed private company, MNC, or government organization with stable income.
  • Self-Employed / Professionals:
    Business owners and professionals with consistent income and minimum business continuity of 2–3 years.

3. Income Requirements

  • Minimum monthly income as per lender norms
  • Stable income source with regular bank credits
  • Higher income improves loan eligibility and interest rates

4. Credit Score

  • CIBIL score of 700 or above is preferred
  • Good repayment history ensures faster approvals and better terms

5. Employment / Business Continuity

  • Minimum 6–12 months with current employer (for salaried)
  • Minimum 2–3 years of business stability (for self-employed)

6. Existing Liabilities

  • EMI obligations within acceptable limits
  • Balanced debt-to-income ratio

At Vidhi Consultancy, we evaluate eligibility accurately and recommend suitable lenders to maximize approval chances while maintaining financial comfort.

Documents Required for Personal Loan

To ensure a smooth and quick personal loan approval process, applicants are required to submit the following documents. Requirements may vary depending on the lender and applicant profile.

1. Identity & Address Proof

  • PAN Card (mandatory)
  • Aadhaar Card / Passport / Voter ID / Driving License
  • Recent passport-size photographs

2. Income Proof

For Salaried Individuals:

  • Latest 3–6 months’ salary slips
  • Form 16 or Income Tax Returns (last 1–2 years)
  • Last 6 months’ bank statements (salary account)

For Self-Employed / Professionals:

  • Income Tax Returns with computation (last 2–3 years)
  • Audited financial statements (if applicable)
  • Last 6–12 months’ bank statements

3. Employment / Business Proof

  • Employment ID / Appointment letter (for salaried)
  • Business registration proof (for self-employed)

4. Loan Application Documents

  • Duly filled loan application form (Basic Details)
  • Processing fee cheque (if applicable)

At Vidhi Consultancy, we assist clients with documentation verification and lender coordination to ensure faster approvals and a hassle-free loan experience.

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