1. You must be an Indian citizen.
2. The minimum and maximum age range from 21 to 60.
3. Employment status: You must either be employed or self-employed
4. The minimum monthly income must be ₹20,000.
5. You must have completed at least one year of work experience.
6. It would help if you had a credit score above 750.

Documents To Be Submitted

For Salaried Employee:

• Identity Proof: Aadhar card, PAN card, voter ID, passport, and driving license.
• Address Proof: Utility bills like electricity and water bill, passport, etc
• Income Proof: Bank statements (last six months). Salary slip
• Employment Certificate for one-year completion of employment.

For Self-Employed:

• Identity Proof: Aadhar card, PAN card, voter ID, passport, and driving license.
• Address Proof: Utility bills like electricity and water bill, passport, etc
• Income Proof: Bank statements (last three months), salary slips (last three months), Income Tax returns (ITR) for the previous three financial years, Balance Sheet with Profit & Loss statement for the last three years audited by CA.

Get your Loan Instantly Approved with these Tips

Check if you qualify for the eligibility criteria:- Banks and other lending institutions create a set of eligibility criteria, such as minimum age, monthly income, nationality, etc. And if you qualify for all the eligibility requirements, your Loan will get approved instantly.

Have a high credit score:- Lenders first check your credit score to know your credit history and ability to repay on time. Hence, if you have a score above 750, the chances of your Loan getting approved are high.

Have a stable income:- Lenders check if you have a stable income to ensure you can repay the Loan without defaulting. Therefore, you must be an earning member to get your loan application approved instantly.

Submit valid documents:- When you submit your documents, make sure your documents are valid with accurate information. Documents such as Aadhar cards, PAN card, bank statements, etc., are required for KYC and income verification. Hence, if there is an error in your documents, your Loan might get rejected.

Have a low Debt-to-Income ratio:- DTI is the ratio of overall monthly income divided by debts to be paid. It shows how you handle repayments of your current debt with your income. Therefore, your DTI must be less than or equal to 50% to get your Loan application approved.

Apply And Make The Most Out Of Your Personal Loan In 5 Simple Steps

If you plan to apply for a personal loan in Jabalpur, here are the steps you need to follow.

1: The first thing you need to do is to check your eligibility criteria. Most banks and financial institutions have their eligibility criteria for personal loans. So you must meet all the criteria before you apply for the Loan.

2: Once you have checked your eligibility criteria, you must gather all the required documents. These documents include your KYC documents, income proof, bank statements, etc. Ensure you have all the required documents before applying for the Loan.

3: Once you have gathered all the required documents, you must fill out an application form. Ensure you fill out the form correctly and provide all the required information.

4: After you have submitted the loan application form, the bank will process your Loan and disburse the funds to your account. So make sure you have a valid bank account before you apply for the Loan.

5: Once you have received the Loan, you can use it for any personal requirement. Just make sure you repay the Loan on time to avoid any penalties.

Beware Of These Things When Applying For A Personal Loan

Hence here are a few things that you should avoid doing when applying for a personal loan:

• Loan Agreement: Read the “Terms And Conditions” before you sign the loan agreement form to avoid getting involved in unwanted legal disputes.
• Loan Amount: Before applying for the Loan, plan the loan amount you need according to your requirement. By doing this, you can avoid applying for loans more than required and avoid debt burden.
• Hard Inquiry: Avoid applying for loans simultaneously at various banks or lending institutions. The reason is that a hard inquiry is generated in your credit report each time a lender checks your credit score. As a result, it will drop your credit score.
• Loan Purpose: You must know the purpose of taking a loan amount before applying for one. Otherwise, you might apply for more than your actual budget and ultimately fall under debt burden.

Also Read: Launching your Business in Indore? Get a Personal Loan to Cover Your Necessities

Conclusion

If you are in Jabalpur and need a personal loan for any reason, Buddy Loan can help. So whether you need money for a vacation, home improvement project, or something else, you can apply now using the simple online form and get your Loan within hours. Therefore, you can apply for a personal loan using Buddy Loan and get your Loan instantly approved. So what are you waiting for? Apply today and get the money you need to finance your dreams.

Having any queries? Do reach us at info@buddyloan.com