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Approval in Principle

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Features and Benefits of our Personal Loan

A personal loan is an unsecured loan that is not backed by collateral or security. This makes it a flexible financing option, as there are no limitations on its use.

The followings are the ways a personal loan can be useful:

⦿  Debt consolidation:  Combining multiple debts into a single loan with a lower interest rate to save money on interest payments and make it easier to manage debts.

⦿  Home renovation:  Using a personal loan to fund home renovation projects can increase the value of your home and improve your living conditions.

⦿  Medical expenses:  If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.

⦿  Emergency expenses:  A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.

Personal Loan Eligibility Criteria

To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.

⦿  Age should fall under the range of 21 years to 60 years.

⦿  Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs.

⦿  Credit score must be above 650.

⦿  Debt-to-income ratio.

⦿  Employment stability.

⦿  Maintained a good credit score.

⦿  Clear repayment history.

⦿  Must be a Resident Citizen of India.

Documents required to apply for Personal Loan

⦿  Identity Proof  – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

⦿  Proof of Residence or Address Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card 

⦿  Age Proof –  Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

⦿  Income Proof – 1 year Bank statement, 3 months Salary Slips

⦿  Employment Proof – Employment Certificate, Office address proof

⦿  GST or VAT Registration for Self-employed

⦿  Photograph – Passport-size photographs

⦿  Business proof – Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.

⦿  Income tax returns – Documents of the past 2-3 years to verify income and tax payment history

Calculate Your EMI

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Personal Loan Reviews

I had been struggling to find the right loan option for months. CredMart made the process so simple and transparent. Their team guided me through every step, ensuring I got the best deal tailored to my needs. Highly recommend their services

Outstanding Service and Support!

Rahul Verma

Applying for a loan through CredMart was a breeze. They connected me with top banks and ensured I got the lowest interest rate possible. The whole process was completed in no time. Thank you for your excellent service!

Quick and Hassle-Free Process!

Sneha Malhotra

CredMart stands out because of its commitment to transparency and customer satisfaction. I felt confident throughout the loan application process, knowing that they had my best interests at heart. I’ll definitely recommend them to friends and family!

Trustworthy and Reliable Platform

Amit Singh

From personal loans to business financing, CredMart has it all. Their partnerships with reputed banks ensured I had plenty of options to choose from, and their experts made it super easy to pick the right one. Great experience!

Best Loan Options Under One Roof!

Priya Sharma

The team at CredMart is incredibly professional and helpful. They answered all my questions patiently and ensured that I understood every detail of my loan agreement. Their customer support is top-notch!

Exceptional Customer Support!

Vikram Khanna
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FAQs

Depending on several factors, including the loan amount, loan term, income, and employment history, different lenders have different minimum credit score requirements to be approved for personal loans. Most lenders consider a credit score of 650 or above to be strong enough to qualify for a personal loan. To be eligible for a personal loan with low-interest rates and advantageous terms, some lenders may require a credit score of 700 or better.

The minimum salary required to be eligible for a personal loan can vary depending on the lender and their specific eligibility criteria. However, in India, most lenders have a minimum salary requirement of Rs. 15,000 per month to qualify for a personal loan. This means that if you earn less than Rs. 15,000 per month, you may not be eligible for a personal loan from these lenders.

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