Personal Loan Cochin

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What is Personal Loan Cochin

Personal Loan is an unsecured loan which is backed only by trust. You don’t need to pledge any security or collateral while applying for a personal loan and the financial institution provides you with the flexibility to use the funds as per your need. Apply online for Personal Loan in Cochin via magicloans.in and get instant approval.

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Personal Loan Cochin

What is the minimum Interest Rate of Personal Loan Cochin?

Different banks and financial institutions offer different Interest rate according to there terms and conditions. Usually, they provide interest rate on Personal loan of 10.75% per annum.

More About: Interest Rates on Personal Loan

Why you should apply for Personal Loan?

  • First of all, you don’t require to mortgage any asset against the loan amount.
  • Secondly, the process of loan approval is quick and hassle-free.
  • Next, it requires very minimal documentation for loan approval.
  • After that, we won’t require any guarantor for loan approval.
  • Besides that, the loan disbursal is quick.

What is the Eligibility Criteria for Personal Loan Cochin?

Eligibility for both the salaried and self-employed applicants depends upon several factors such as your credit score, monthly income and on other factors.

Salaried Individuals:

  • First of all, the individual should be a citizen of India or the Permanent Resident.
  • Secondly, the minimum age of the applicant should not less than 21 years.
  • Next, the applicant’s maximum age should not more than 60 years.
  • After that, the applicant should be working for at least three months in the organisation.
  • Furthermore, the Credit score of the applicant should be more than 680.
  • Lastly, Minimum salary of an individual should be at least Rs. 15,000 per month.
  • Also, The applicant should get his salary in his bank account.

Self Employed Individuals:

  • First of all, the individual should be a citizen of India or the Permanent Resident.
  • Secondly, the minimum age of the applicant should be not less than 25 years.
  • Next, the individual maximum age should not be more than 65 years.
  • After that, the applicant carrying his business from at least the past three years.
  • Furthermore, the Credit score of the applicant should be more than 680.
  • Next, the applicant filing his Income Tax Returns from at least past three years with a minimum amount of Rs. 2.5 lakhs.

To know more about: Personal Loan Eligibility

What are the Documents Required for Personal Loan Cochin?

The applicant doesn’t require so many documents for getting a Personal Loan. Some necessary required documents are needed, and they all are listed below:

For Salaried Applicant:

  • Identity Proof
  • Current Address Proof
  • Last six months bank statements
  • Latest three months salary slips
  • PAN Card Copy
  • Two Colored Photographs

For Self-Employed Applicant:

  • Identity Proof
  • Current Address Proof
  • Recent one year Bank Statement
  • Previous two years ITR
  • PAN Card Copy
  • Two Colored Photographs

To Know more about: Documents Required for Personal Loan 

How to Apply for Personal Loan Cochin?

  1. First of all, search for the magicloans website.
  2. After that, the form will open up.
  3. Next, fill the required information.
  4. Lastly, you get a call from our relationship managers who will guide you and solve your further queries.

About Cochin

Kochi is also known as Cochin. It is a city in the Kerala state, southwest India.