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personal loan

The income of your daily job worker that you earn is one of the primary factors that affect your personal loan or any other loan eligibility. Due to this, not all applicants will qualify for a personal loan or any other loan. Let’s look at a few personal loans that are specially catered towards individuals who earn a comparatively low salary or any income.

HDFC Personal Loan: HDFC Personal Loan offers a personal loan or any other loan to individuals who earn a minimum monthly income. It depends on daily job workers  Rs.12,000. Keep in mind that you need to be over the age of 21 years or 22 years to get a personal loan from HDFC Personal Loan. Listed below are some of the key features of HDFC Personal Loan.

Salaried employees in daily jobs in any company who work in the public sector, private sector, and government companies can apply for a personal loan or any other loan from HDFC Personal Loan.

  • Minimal documentation is required, then you can Personal Loan Apply Online.
  • The HDFC personal loan offers speedy approval of personal loans.
  • A balance transfer facility is offered in any personal loan.

HDFC Bank Personal Loan: If you require funds to meet any emergency needs of your personal loan, you can avail of a personal loan from HDFC Bank. Applicants are required to have a net monthly income or may yearly income of Rs.20,000 to be eligible to apply for this personal loan.

Eligibility Criteria: If you earn a comparatively low income to apply for a personal loan, you should first check whether you meet the lender’s minimum income criteria in any bank. Keep in mind that banks and financial institutions will only consider your application if you have income and repayment ability that meet their requirements, like you can pay it on time. You will also need to check if you meet the other eligibility criteria specified by the lender in EMIs, which are as follows:

  • Individuals who are employed in any good private companies, government companies, public sector firms can apply for a personal loan.
  • The individual applying for the personal loan in online mode should be between the ages of 21 years, or we can say 60 years.
  • The applicant should have any work experience of at least 2 years in any good company.

Documents Required to Apply for any Personal Loan or any other loan:

  • Duly filled application form in online mode or in offline mode
  • Identity proof: It is a must you can submit your passport copy, driving licence, Aadhaar card, or voter ID as proof of identity or any other related to this document.
  • Proof of address: You can submit a copy of your passport, Aadhaar card, driving licence, or voter ID card as proof of address.
  • Bank statements of the last three months of income from any company
  • Age proof
  • Recent passport-size good quality photographs
  • Signature verification proof is a must

Conclusion: The first step is to identify the reason for a personal loan in any bank in India why you would need a personal loan in the first place. Availing of a personal loan means an accruing debt which you cannot afford if you are unemployed in India or you are employed in any company. Hence, you must avail of a personal loan which you can repay in time and hence you must be specific regarding your personal loan amount and repayment amount to any bank. You must look to maintain your credit score and ratings, as a good credit score and ratings means lower rates of interest rate in any bank, which would help you repay the personal loan in time.

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