Personal Loan

Personal Loan Eligibility and Documents TATA Capital

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Personal Loan Eligibility and Documents TATA Capital

What are the factors for Personal Loan Eligibility ?

TATA Capital Personal Loan : You need to fulfill some basic conditions to be eligible for a Personal Loan. Both salaried, as well as self-employed individuals, are eligible for a personal loan. The criteria can differ a bit across different financial institutions. Some general eligibility factors are -

Age group between 21-58 years
Salaried Individuals must draw a minimum income of Rs. 20,000 per month
Salaried individuals should be in the same job for 6 months, with an overall work experience of 2 years.
Self-employed individuals need to be in the business for minimum 3 years with a work experience of 3 years.

What documents are needed to avail for a Personal Loan ?

Basic documentation is required for availing a Personal loan. The table below puts the list of documents required.

For Salaried Individuals:

Criteria	Salaried individuals
Bank statements	last 3 months
Employment certificates	2 year employment continuity document
Salary Slips	Salary slips for last 3 months

For self-employed individuals, and people with Businesses:

Criteria	Self-employed individuals	Business People
Bank statements	last 6 months
Educational/Business Continuity documents	Proof of highest professional degree	Proof of Continuation: Trade License/Sales Tax Certificate/Establishment. Certified copy of Partnership Deed, Memorandum of Association(MOA), Article of Association(AOA) and Board Resolution
ITR Filings	Latest Income Tax Return(ITR) along with the computation of income, Balance sheet(B/S) and Profit & Loss(P&L) for the last 2 years certified by a CA.

What is the maximum Personal Loan you are eligible for ?

Personal loan should be cautiously taken, as per the cash flow that you can extend. The maximum amount of personal loan also depends on the income of the person.

Salaried individuals: If you are a salaried person, you need to have a minimum income of Rs. 20,000 per month. You would be eligible for a maximum loan of Rs.15,00,000.
Self-employed professionals: With a minimum income of Rs. 2,00,000 per annum, a self-employed professional can get a maximum loan of Rs. 20,00,000.
Businessmen/women: With a minimum income of Rs. 2,00,000 per annum, a self-employed professional can get a maximum loan of Rs. 15,00,000.