Personal Loan Eligibility and Documents TATA Capital

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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:

CriteriaSalaried individuals
Bank statementslast 3 months
Employment certificates2 year employment continuity document
Salary SlipsSalary slips for last 3 months

For self-employed individuals, and people with Businesses:

CriteriaSelf-employed individualsBusiness People
Bank statementslast 6 months
Educational/Business Continuity documentsProof of highest professional degreeProof 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 FilingsLatest 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.

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