Banks and NBFCs check an applicant’s personal loan eligibility based on his age, credit score, income, loan repayment capacity, occupation profile, employer’s profile, etc. Due to varying credit risk policies, the eligibility criteria set for personal loans may vary across lenders.

Therefore, applicants would have to check their eligibility for a personal loan by individually visiting the branch or website of various banks and NBFCs.

Individuals, groups of individuals and entities can apply for a business loan online directly through the official website of banks and NBFCs. The interest rates, loan amount, margin, collateral requirements, guarantor requirements, fees and charges, eligibility and other features of business loans vary from lender to lender.

oan Against Property Loan Against Property (LAP), a mortgage loan, allows consumers to raise funds by leveraging their residential, commercial or industrial properties. Like unsecured personal loans, loans against property (LAP) can also be availed for meeting both personal and business needs other than curative purposes. Banks and Cs offer loans against property for ures of up to 20 years. The loan amount for LAP can go up 75% of the property's market, depending on the lender and credit profile of the borrowers. NY lenders also offer a Lease Rental counting (LRD) facility, which allows consumers to avail of loans by edging the rental receipts of their tenants.

Anyone can apply for a loan as long as they meet the criteria mentioned below.

• Must be an Indian citizen residing in India.
• A salaried applicant must be between 23 years to 65 years, and a self-employed professional must be between 23 years to 70 years.
• The upper age limit is considered as the age at the time of loan maturity.
• A CIBIL Score of 725 or higher is ideal to get a loan.
• Salaried employee, a professional individual, and a self-employed individual.

Documents required

• KYC documents (identity and address proof)
• Proof of income (salary slips or P&L statement)
• Proof of business (for self-employed applicants)
• Account statements for the last 6 months