How to Apply for Personal Loan? Explanation, Eligibility Criteria & Documents

Find out the detailed Personal Loan application process along with the loan eligibility criteria and documents needed

Key Takeaways

Applying for personal loans has become easier than ever.
You can complete your online loan application from the comfort of your home.
Banks often approve and disburse instant loan online amounts within hours or a few working days.
Always check the personal loan eligibility criteria before applying.
DBS Bank offers loans up to INR 15 lakhs with flexible tenures.

Introduction

Are you planning your next holiday? Do you wish to renovate your house or buy the latest tech gizmo? Do you need money to fund a medical emergency or simply expand your business? If your answer to any of the above questions is yes, you can get the necessary funds by applying for a Personal Loan.

This guide explains how to get a personal loan, the personal loan process, and the documents you'll need. It also highlights the processing fee for personal loan and other key factors to consider before applying. Whether you're a salaried employee or self-employed, understanding these steps will help you submit a complete and accurate application.

Personal Loan Eligibility and Required Documents

Check if you meet the basic eligibility criteria and gather the necessary documents before applying for a personal loan.

To apply for a personal loan with DBS Bank, applicants must fulfil a few essential conditions and provide supporting documents. These requirements ensure faster approval and a smoother personal loan process, especially when opting for an instant loan online.

Eligibility Criteria

Age must be between 21 and 60 years.
Applicants can be salaried employee or self-employed professional.
A minimum monthly income of over INR 25,000 is generally required (may vary by bank).
A CIBIL score above 700 is usually preferred to qualify.

Banks may have additional or slightly different criteria based on their internal policies.

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Documents Required

When applying for a personal loan with DBS Bank, you will be required to provide digital copies of these documents:

Proof of Identity & Address: Aadhaar Card and PAN Card
Income Proof: Latest salary slips for salaried employees, bank statements or ITR for self-employed professionals.

You can obtain quick approval using DBS Bank's online personal loan application process. Get quick approval when you apply for a personal loan online right now. Utilise our personal loan calculator to quickly identify the best deal!

Also Read: Guide on Documents Required for Personal Loan

How to Apply for Personal Loan: Step-by-Step Process

Online personal loan applications from DBS Bank are quick, easy, and paperless. Here's how:

Step 1: Use the DBS Digibank app or website to enter your loan amount and other information.
Step 2: Digitally upload proof of identity, proof of address, and proof of income.
Step 3: Funds are credited to your account as soon as eligible candidates are approved.

Get funds right now by applying for an instant personal loan online with DBS Bank today!

Also Read: Are Students Eligible to Get a Personal Loan?

Conclusion

Knowing the personal loan process helps speed up approvals, especially when applying for an instant loan online. Always check your personal loan eligibility, compare offers, and be ready with the required documents. Lenders may also apply a processing fee for personal loan.

DBS Bank offers quick personal loans with competitive interest rates and flexible repayment options. Check your eligibility and apply online in just a few steps.

Open a DBS Bank Account Now