It has been really easy to get small loans nowadays in the digitalised world. Many NBFCs and online loan apps provide quick loans in minutes. Also, the unsecured nature of the loan, where you are benefited of applying for a loan without providing any collateral is a boon. This blog will tell you exactly how can you get a loan of ₹2 Lakhs and what are the eligibility requirements of getting one.

Check below the Eligibility Criteria to apply for a Personal Loan

1. Nationality
2. Generally, banks and NBFCs in India prefer borrowers who are Indian citizens.
3. Age Requirements
4. Most banks and NBFCs require a borrower to be at least 21 years old and maximum age for personal loan application is 60 years. Age criteria might differ from lender to lender, hence check it with your lender first.
5. Income Requirements
6. For Salaried Professionals: If you are a salaried professional, the required minimum salary for loan approval is 20,000 INR.
7. For Self-Employed Individuals: As a self-employed individual, you must have a valid proof of a stable income source of your business for at least two years.
8. Stable Employment
9. You are generally required to have a stable employment with at least 6 months of employment.
10. Credit Score Requirements
11. A good credit score is typically accepted by digital lenders and banks for a personal loan. With a score above 700, you can secure a good personal loan offer.

Documents Required for a Personal Loan

Identity Proof: You must have a valid identity document that proves your citizenship and transparent identification details.

PAN Card details: You must have a PAN number to proceed for a personal loan.

Proof of Income:

• For salaried professional: You need to submit last 3 months’s bank statement that shows regular salary credited to your account.
• For self-employed individuals: You need to submit last 3 months’ of bank statements.

How to Apply for a Personal Loan at Chinmay?

Chinmay finlease Limited is a reputed RBI approved NBFC in India that provides personalised loan products to the citizens of India. From streamlined application process to final loan disbursement, Chinmay ensure the borrower can avail a loan with stress-free procedure.

Benefits of Chinmay Personal Loans

Instant Loan Approval: Backed by an AI-operated system, you can get instant loan approval from the lenders.

Quick Disbursement: You will receive the amount in the moments of calculation.

Entirely Digital Loan Application: Digital loan applications neglects the need of traveling, meaning you can sit at your home and apply for the loan.

No Collateral Requirement: No collateral required to apply for a Personal Loan.

24/7 Customer Service: You receive round-the-clock customer service from our executives. From solving your basic queries to driving you through the loan application process, we prioritize assistance.

Transparent Loan agreement: You will get clearly mentioned loan T&Cs in the loan agreement. There is no scope for feeling surprises later on.

No Hidden Fees: From application fee, monthly interest rate, annual percentage rate, and additional charges, all are clearly mentioned in the loan agreement. There are no hidden charges that can drain your pocket.

Flexible Loan Repayment Tenure: You can choose your repayment tenure and stick to your budget while fulfilling your financial requirements, side by side.

Zero Paperwork: Entirely digital documentation eases the process of loan application.

Conclusion

When you feel financially stuck, a loan of ₹2 Lakhs is what you must seek from Chinmay Finlease Limited. Small funding and easy repayments makes a loan from Chinmay the most affordable way to fund your life’s emergencies. You do not need to think about collateral to get financial relief. It’s easy and affordable!

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