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The main factors for personal loan eligibility are: Income level  CIBIL Score Credit history Repayment capacity Employment history Age Because personal loan is an unsecured loan; hence the individual is not asked to put up collateral/or any valuable asset to avail this loan. Since the personal loan has a greater risk at the lender's side, the interest rate of personal loans are usually high when compared to other loans. Maximum Personal Loan Amount Gets Disbursed? Important factor determining your loan amount Your Income Your Credit Score Repayment capability Age It will also help if you can boost your credit score before applying. Credit Score have a huge impact not only on your " Personal Loan Approvals " but also on the interest rates lenders charge Documents Required For Personal Loans? Though the documentation requirements of personal loans vary from one financial institution  to another, some of the key documents that you would n

Your lender may insist on you Buying a Home Loan Protection Plan (HLPP) along with HL. They may also tell you that it is compulsory. But it is at your discretion whether to buy it or not. Now, HLPP is an insurance plan that covers any outstanding amount of the HL in the event of your death within the loan tenure. A bank may give you an option to club the premium amount with the loan amount. How does an HLPP work? HLPP works slightly different from rest insurance plans: 1. The insurer settles the loan with the bank in the event of your demise. 2. Excess funds, if any, after loan repayment is provided to your nominee. Benefits of HLPP: 1. You will be eligible for tax benefits under Section 80C. 2. You can also opt for riders such as critical illness or disability rider. The premium will increase accordingly. Demerits of HLPP: 1. HLPPs are expensive. 2. If you choose to club your premium with the loan amount you will not be entitled to any tax benefits becaus