Document submission requirements: For Application Stage: Self-attested photocopies are sufficient for initial application, online applications accept scanned/photographed documents, e-KYC through Aadhaar/DigiLocker widely accepted. For Verification Stage: Original documents required for physical verification at branch/office (brought for verification and returned immediately),…
Complete document checklist for self-employed (business owners/professionals): Mandatory Documents: (1) PAN Card – photocopy (mandatory), (2) Aadhaar Card – identity and address proof, (3) Business registration proof – Partnership deed/Proprietorship certificate/LLP incorporation/Company incorporation, (4) ITR (Income Tax Returns) – Last…
Complete document checklist for salaried employees: Mandatory Documents: (1) PAN Card – photocopy (mandatory for all loans), (2) Aadhaar Card – for identity and address proof (e-KYC accepted), (3) Last 3 months’ salary slips – should show employer name, designation,…
Essential documents for personal loans in India: For All Applicants: (1) Identity Proof – Aadhaar Card (mandatory), PAN Card (mandatory), Passport / Voter ID / Driving License (any one). (2) Address Proof – Aadhaar Card, Passport, Utility Bills (electricity/water –…
Credit history directly determines your interest rate through risk-based pricing. Rate structure by score: 800-900 (Excellent): 9.99-11% p.a. – Best rates, pre-approved offers, rate negotiation possible; 750-799 (Very Good): 11-13% p.a. – Standard good rates, quick approval; 700-749 (Good): 13-16%…
High CIBIL score (750+) doesn’t guarantee approval. Other rejection reasons: (1) High debt-to-income ratio – existing EMIs exceed 50% of income; (2) Insufficient income – below lender’s minimum threshold for your city; (3) Job instability – frequent job changes (<1…
No credit history (called ‘credit invisible’) affects 20-30% of Indian adults. Challenges: No CIBIL score to evaluate, banks see as risky, limited loan options. Building credit from scratch: (1) Get a secured credit card – FD-backed from your bank (₹10,000-50,000…
Comprehensive strategy to improve CIBIL score: Immediate actions (0-3 months): (1) Pay all EMIs and credit card bills on time – single most important factor (35% weightage); (2) Clear any overdue amounts immediately; (3) Keep credit utilization below 30% of…
A CIBIL score of 300 is extremely poor (range: 300-900) and indicates severe credit issues like defaults, write-offs, or settlements. Getting a traditional personal loan is nearly impossible. Limited options: (1) P2P lending platforms (high risk, 30-36% interest); (2) Specialized…
Yes, a CIBIL score of 700 is considered ‘good’ and makes you eligible for personal loans from most banks and NBFCs, though not at the best rates. What to expect: Interest rates: 12-18% p.a. (compared to 10-12% for 750+ scores),…