personal loan in india

7 FAQs About Personal Loan

Have questions about the personal loan? Here are 7 faqs that answer all your doubts. From Interest rates to the processing fee, Roopya solves all queries.

7 FAQs About Personal Loan

Written by MyFinPartner

Do you need money urgently, but don’t know whom to ask? Well, a personal loan provider can lend you a helping hand by providing an instant personal loan in India. A personal loan is an all-rounder loan that can cover any of your financial needs instantly. And if you are seeking financial help, then we have the answers to all the frequently asked questions regarding personal loans. Here are the top seven questions that people ask before applying for personal loan in India.

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Where Do I Get A Personal Loan In India?

Numerous banks and NBFCs in India provide personal loans to Indian Citizens. They all have different eligibility criteria, rates of interest, tenures, and policies. In fact, the highest loan quantum is not the same. But you don’t have to visit each of the loan providers to know all the details required for a personal loan. You can go to the online portal of Roopya, where you can find and select from multiple banks and NBFCs.

How Would I Know That I Am Eligible For A Personal Loan In India?

The banks and NBFCs in India have quite simple eligibility criteria to get a personal loan. There may be some minor differences in age limits, income requirements, and credit score eligibility. But at Roopya, you can find yourself eligible if you meet the following criteria to apply for personal loan.

a) For a salaried person-

  • Your minimum and maximum age should be 21 years to 60 years, respectively.
  • Your net monthly earning should be at least Rs. 15,000.
  • Your credit score should be 750 and above.

b) For a self-employed person-

  • Your minimum and maximum age should be 22 years to 55 years, respectively s.
  • Your net monthly earning should be at least Rs. 25,000.
  • Your credit score should be 750 and above.


What Documents Do I Need To Submit?

In order to prove eligibility, you need to produce your-

  • Proof of identity- PAN card/ Aadhaar Card
  • Address Proof- Aadhaar card
  • Proof of income- Bank statement/ salary slips/ CA certified income statement.
  • Proof of employment- Company ID card.
  • Any other documents that the lender might ask for.

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What Is The Online Application Procedure For A Personal Loan?

The online application procedure for a personal loan is pretty simple and hassle-free. All you can do is

  • Go to the online portal of Roopya.
  • Compare lenders, offers, interest rates, tenures, etc.
  • Use the EMI calculator to calculate the estimated EMI.
  • Then put your personal details like name, address, income, etc.
  • Your loan amount will be disbursed in an hour, and you will get so directly into your bank account.

How Can A Personal Loan Help Me?

Online personal loans have multiple features that can help you in every situation.

  • At Roopya, we credit the loan amount within an hour that gives you instant access to the fund to cover your urgent financial requirements.
  • A personal loan does not require collateral, so you don’t have to produce any securities.
  • Because of the competitive interest rates, you can get a loan at the lowest rate of interest available in the market.
  • Get a flexible tenure of up to 5 years to repay the loan in easy monthly installments.

Because of a high loan quantum, you get the freedom to arrange an extravagant wedding, travel to exotic places, finance your business, study abroad, buy the dream car, pay high medical bills, and much more.

How Can I Get A Personal Loan At The Lowest Rate Of Interest?

As there are multiple types of rates of interest like fixed-rate, floating-rate, etc., the amount of interest can differ accordingly. Besides, you need to understand the calculation methods as there are two different methods like the flat-rate method and the reducing balance method. Apart from that, the rate will also depend on your credit score, credit history, income, loan schemes, etc. So, to get a personal loan at the lowest rate of interest, you need to compare the lenders and loan offers on our website.

What Should Be The Purpose of Taking A Personal Loan? 

No particular purpose is mandatory to get an instant personal loan in India. Unlike other loans, the personal loan quantum can fulfill several financial requirements of your life. So you can apply for a personal loan whenever you want.

Online personal loans have made the loan more approachable and easy to avail of during any financial need. So you don’t have to wait days for the loan approval as now you can instantly get the loan on our website.


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