The lending rate for an unsecured personal loan is relatively higher compared to secured financial products in the market. A low interest personal loan is subject to whether the borrower qualifies for the eligibility criteria defined for the same. Also, such rates vary within different lenders as well. Either way, here are some steps which can help you avail a personal loan at the lowest interest rates.
- Build a good credit score
- Compare the offers before zeroing in a financial institution
- Clear existing debts
List of documents required for salaried individualsImportant documents required while applying for a personal loan are listed below –
- Aadhaar card/Passport / Driving License / Voters ID / PAN Card are required as an identity proof.
- For residential proof, the individual has to present his/her Leave and License Agreement / Utility Bill / Passport
- Salary slips of the last three months that signifies your repayment capacity.
- 2 Passport Size photographs.
List of documents required from self-employed individualsOther than the ID and Address proof required, a self-employed applicant may need to provide the following documentation to get a personal loan in India –
- Last 2 years as income proof, accurately attested by a professional auditor.
- Bank statement of last 6 months.
- Office address proof.
- Proof of residence or office ownership.
- Proof of continuity of business.