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What are the requirements for applying for a personal loan?

Fahad Shakeel (Head) (220 Points)

10 February 2023

requirements for applying for a personal loan

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Elisa (na) (920 Points)
Replied 10 February 2023

The following documents and information are required:
1. Proof of identity such as a passport, driver's license, or PAN card is typically required.
2. Lenders will typically ask for recent salary slips, bank statements, and/or tax returns to verify your income and ability to repay the loan.
3. You may be asked to provide proof of employment and current job status, such as an offer letter or salary slips.
4. Lenders may ask for proof of age, such as a birth certificate or passport, and proof of residency, such as a utility bill or bank statement.
5. Depending on the lender and the loan amount, you may be asked to provide additional documents, such as a co-applicant's ID and income proofs, or collateral for securing the loan.

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PARUL YADAV (finance expet) (93 Points)
Replied 02 July 2024

To apply for a personal loan at Kotak Mahindra Bank, you need to meet specific criteria. Applicants should be aged between 21 and 60 years. Both salaried and self-employed individuals can apply, with a minimum monthly income requirement of ₹20,000 for salaried and ₹2 lakh annual income for self-employed professionals. A good credit score, typically above 700, is essential. Additionally, you must provide proof of identity, address, and income, such as salary slips, bank statements, and IT returns. The application process is straightforward and can be completed online or at a bank branch.