Home Credit Personal Loans: Eligibility & Documents Required

A loan is a financial instrument that allows one party to borrow money from another. Loans in general are funds that you can obtain for emergency purposes, either from a bank or non-banking financial company (NBFC). A personal loan is a type of unsecured loan that a lender is willing to pay the borrower based on their credit score. This type of loan is ideal for people who need funds during an emergency. Whether you want to renovate your home or cover other petty expenses or wedding expenses. A personal loan serves various other purposes like major purchases, debt consolidation or to meet the operational cost to run a new business venture. 

Table of Content

• Eligibility Criteria of Home Credit Personal Loan
• Documents Required to Avail Home Credit Personal Loans
• Features and Benefits of Home Credit Personal Loan

To pick the purpose of your loan is important because this will help the lender determine whether the money will be used for something they allow. It can also impact the amount that you are eligible for, the interest rate applicable and the terms you qualify for.

Home credit personal loans allow you to access funds more conveniently and swiftly. It comes in handy during rainy days as you need the funds to meet certain financial requirements. The amount that you can avail is subjective along with the interest rates that are dependent on the repayment tenure.

Eligibility Criteria of Home Credit Personal Loan

An individual does not need to be an existing customer while applying for this scheme. Certain requirements should be met to be eligible which are mentioned below: -

• The borrower must be above the age of 19.
• The applicant must be a citizen of India.
• The applicant must be a salaried or self-employed professional.
• The borrower must have an active bank account with an internet banking facility.
• In the list of details to avail home credit loans, the borrower must have a minimum income of Rs. 10,000 monthly.
• The gap between your last and present loan application should be 90 days or above.

Additionally, to the above-mentioned eligibility criteria, lenders will also consider the credit score of the borrower, occupation profile etc. are some of the details for availing home credit loans. That is used by many lenders for evaluating the personal loan eligibility of their applicants.

Documents Required to Avail Home Credit Personal Loans

• PAN Card
• Aadhaar Card
• Proof of Identity like Passport, Voter's ID, Driving License, Aadhaar Card etc.
• Passport-size Photographs
• Bank account details
• Salary slips or income proof

Features and Benefits of Home Credit Personal Loan

• Loan amount: We are living in a digital age and with that life is moving at a pace. Since everything is online now, and with the help of an online personal loan calculator, you can have clarity on the amount you are eligible for. This saves time, effort and money unlike visiting the bank or NBFC's main branch. In this scheme, borrowers can withdraw up to Rs. 5 Lakh. However, it may vary depending on the lenders and their terms conditions.
• Instant loan approval: Unlike other types of loans, the process involved after applying for a home credit personal loan, relatively takes less time and saves effort.
• Flexible repayment options: This is one of the most important features as it encourages the borrower to repay the loan through multiple channels. Then comes the interest rate on a home credit loan, which a borrower must pay attention to. Altogether, the borrower here will be able to select their repayment schedule.
• Hassle-free application process: With a user-friendly platform to apply for loans, the company ensures that the loan application process for these loans is not only simple but also hassle-free.

Personal loans offer fast, easy and secure access to funds. If you are an Indian citizen above the age of 19 and below 60. You can apply for a home credit loan. The eligibility criteria in most cases for different lenders would be the same. Documents required to avail of this type of loan are identity proof, salary slips and bank account. Above all features and benefits, the flexible repayment option makes the loan settlement on home credit easier rather than being on default.

We, at Muthoot Finance, understand our customers and provide them with the perfect solutions for their requirements. Visit your nearest Muthoot Finance branch to know more.