Quick Loan with Easy Eligibility Criteria and Minimal Documents
Capitalneed offers a Personal Loan with simple eligibility criteria and minimal documentation. You can apply for the loan and receive a higher amount at a competitive interest rate in a few clicks. To ensure a smooth loan application experience, submit all the required documents correctly.
Eligibility Criteria and Documents Required for Personal Loan
Personal Loan Eligibility Criteria
All applications are assessed based on 5 main eligibility criteria:
| Factor | Personal Loan Requirements |
| Age | Applicants should be at least 21 years old at the time of loan application and a maximum of 65 years old at the time of loan maturity. |
| Citizenship | Applicants must have Indian citizenship. |
| Employment | Applicants must have a full-time job at Central Govt, PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP, or companies listed internally. |
| Work Experience | Applicants must have at least 1 year of job experience and at least 1 month of stable employment at the current job. |
| Monthly Income | Monthly net take home salary of at least ₹18,000. |
In addition to this, you must have a good credit score and credit history.
List of Documents Required for Personal Loan
There is no tedious paperwork involved. While applying for a loan, you need to submit the following documents:
| Document Category | Personal Loan Documents Required |
| KYC Documents | PAN Card/Aadhaar Card/Driving license/Voter ID/Passport |
| Current Address Proof | Passport/ Utility bills/ Rent Agreement |
| Income Documents | 3 month Salary Slip |
| Financial Documents | Bank Statement for the last 3 months |
| Min Salary | INR 18000 |
| Credit Score | 675 |
| Processing Fees | Depends on Profile |
| Employment Proof | Official mail ID confirmation /Employee ID Card (in case official mail ID confirmation is not possible) |
Note: The above-mentioned list of documents is indicative. Additional documents may be required during loan processing.
Factors Affecting Personal Loan Eligibility
Factors that affect your loan eligibility are:
Age
Work Experience
Monthly Income
Credit Score & History
Age:
Applicants’ age indicates their ability to repay the loan and manage the debt comfortably based on the number of working years ahead and behind them. If the applicant is below the minimum age cut-off, they may not have enough experience with loans or may not have enough income to support EMIs. Similarly, if the applicant is beyond the maximum age limit, they may be close to retirement and may not have enough working years left to pay the EMIs.
Work Experience:
Applicants with more work experience are usually considered to have a financially secure future compared to an applicant who has recently started working.
Monthly Income:
Your income is assessed for two significant reasons. Firstly, to know whether you can afford the EMIs for the loan amount you seek. Secondly, to determine your disposable income, consider all your other obligations. For instance, applicants with a debt-to-income (DTI) ratio greater than 50% are less likely to get approved for a loan because they are already servicing a great deal of debt.
Credit Score & History:
A credit score is one of the most critical factors that affect your Personal Loan eligibility. A credit score depicts your credit history i.e., your loan repayments and other credit card payments history. A high credit score shows you have repaid your debts on time. This means that you will most likely repay your loan EMIs on time. On the other hand, a poor credit score shows inconsistent credit behaviour, which may result in loan rejection. However, you can improve your credit score by making timely repayments.
