Need Cash Instantly?
Avail a Personal Loan Today
Personal Loan Features
Offers for New Customers
6 Unique Variants
Loan of up to Rs. 40 Lakh
Tenure of up to 84 Months
No Guarantor / Collateral
No Hidden Charges
Features and Benefits of our Personal Loan
A personal loan is an unsecured loan that is not backed by collateral or security. This makes it a flexible financing option, as there are no limitations on its use.
The following are the ways a personal loan can be useful:
- Debt Consolidation:Combiningg multiple debts into a single loan with a lower interest rate to save money on interest payments and make it easier to manage debts.
- Home Renovation: Using a personal loan to fund home renovation projects can increase the value of your home and improve your living conditions.
- Medical Expenses: If you have unexpected medical expenses, such as emergency surgery or hospitalization, a personal loan can help cover the costs.
- Emergency Expenses: A personal loan can help cover unexpected expenses like medical emergencies or car repairs to avoid financial hardship.
Types of Personal Loan
1
Loan for Medical Expenses
A quick and reliable loan to cover hospital bills, surgeries, or other urgent medical costs. It offers fast approval and easy repayment options to reduce financial stress during emergencies.
2
Loan for Wedding Expenses
This loan helps you manage wedding-related costs like venue, catering, and décor with ease. It ensures a memorable celebration while allowing repayment in convenient EMIs.
3
Loan for Travel/Vacation
Finance your holidays, international trips, or family vacations without worry. This loan covers travel, stay, and other expenses with flexible repayment choices.
5
Loan for Home Renovation
Upgrade, repair, or remodel your home with this dedicated personal loan. It provides quick funds at competitive rates to give your living space a fresh new look.
6
Debt Consolidation Loan
Merge multiple debts into a single easy-to-manage loan with lower interest. It simplifies repayment while helping you save money and stay financially organized.
Personal Loan Eligibility and Documents
Personal Loan Eligibility Criteria
To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.
- Age should fall under the range of 21 years to 60 years
- Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs
- Credit score must be above 650
- Debt-to-income ratio
- Employment stability
- Maintained a good credit score
- Clear repayment history
- Must be a Resident Citizen of India
Documents required to apply for Personal Loan
- Identity Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
- Proof of Residence or Address Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card
- Age Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
- Income Proof – 1 year Bank statement, 3 months Salary Slips
- Employment Proof – Employment Certificate, Office address proof
- GST or VAT Registration for Self-employed
- Photograph – Passport-size photographs
- Business proof – Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.
- Income tax returns – Documents of the past 2-3 years to verify income and tax payment history
EMI Calculator for Personal Loan
An EMI calculator is a useful tool that can help you estimate the monthly installments you will have to pay towards your personal loan within a specific period. By using the Taurus Personal Loan EMI calculator, you can calculate your EMI beforehand, which can help you plan your finances better. Additionally, you can check your eligibility and compare different loan options using Taurus Personal Loan calculator.
Fees and Charges for Personal Loan
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 2999/- to 5% of Loan Amountt |
| Loan Cancellation | Usually 3000 to 5% of Loan Amount |
| Stamp Duty Charges | 150/- to 300/- |
| Legal Fees | As per actual |
| Penal Charges | Usually 2% per month |
| EMI / Cheque Bounce Charges | Approx 499/- to 599/ |
Personal loan Reviews
Rohit Sharma
Priya Deshmukh
Ankit Verma
Sneha Kulkarni
Personal Loan FAQs
Depending on several factors, including the loan amount, loan term, income, and employment history, different lenders have different minimum credit score requirements to be approved for personal loans. Most lenders consider a credit score of 650 or above to be strong enough to qualify for a personal loan. To be eligible for a personal loan with low-interest rates and advantageous terms, some lenders may require a credit score of 700 or better.
The minimum salary required to be eligible for a personal loan can vary depending on the lender and their specific eligibility criteria. However, in India, most lenders have a minimum salary requirement of Rs. 15,000 per month to qualify for a personal loan. This means that if you earn less than Rs. 15,000 per month, you may not be eligible for a personal loan from these lenders.
Yes, pensioners who have a pension account with one of India's leading banks may be eligible to apply for a personal loan. Many banks and financial institutions in India provide personal loans to retirees, with some lenders catering specifically to this demographic.
Personal loans for pensioners may have different eligibility criteria, terms, and conditions than regular personal loans. Lenders, for example, may impose age restrictions or require proof of pension income to qualify for a loan. Before applying for a personal loan, pensioners should carefully review the eligibility criteria as well as the terms and conditions. They should also compare various lenders and loan options to determine which one best meets their needs and financial situation.
Students are eligible to apply for a personal loan. However, depending on the lender and the student's financial situation, the eligibility criteria and loan terms may differ. If the student is employed or has a steady source of income, procuring a personal loan may be easier. A good credit score can also increase the likelihood of approval and result in lower interest rates.
On the other side, the student might require a co-signer if they have little to no income to be accepted for a personal loan. A co-signer is a credit-worthy individual who consents to accept financial responsibility for the loan if the borrower is unable to pay it back.
Even if you already have a home loan, you can still apply for a personal loan. But, while determining your capacity to repay the personal loan, the lender may consider your current financial obligations, including your mortgage. While assessing your eligibility and the terms of the loan, your credit rating, income, and other variables could also be taken into account.
Students are eligible to apply for a personal loan. However, depending on the lender and the student's financial situation, the eligibility criteria and loan terms may differ. If the student is employed or has a steady source of income, procuring a personal loan may be easier. A good credit score can also increase the likelihood of approval and result in lower interest rates.
On the other side, the student might require a co-signer if they have little to no income to be accepted for a personal loan. A co-signer is a credit-worthy individual who consents to accept financial responsibility for the loan if the borrower is unable to pay it back.
Yes, it is possible to apply for a personal loan without a salary slip, but you will need to provide other financial documents to validate your income. Some lenders may accept an income certificate from your employer, bank account statements showing regular deposits, Income Tax Returns (ITR) or Form 16 as proof of your income. However, it's important to note that the lender may have specific requirements regarding the type and amount of documentation needed to verify your income. Additionally, having alternative forms of income may affect your eligibility and the terms of the loan, such as the interest rate or loan amount.
Yes, you can use a personal loan for marriage expenses. Because weddings may be extremely pricey, personal loans are frequently utilized to pay for them. However, it's important to consider whether you can afford to repay the loan, as defaulting on a loan can negatively impact your credit score and financial future.
When applying for a personal loan for marriage expenses, you may need to provide the lender with an estimate of the total costs and a breakdown of how the funds will be used. The terms of the loan, such as the interest rate and repayment period, will depend on factors such as your credit score, income, and the amount you are borrowing. It's a good idea to compare different lenders and their loan offers before applying to find the most favorable terms for your financial situation.