In this modern age, the standard of living of the people is very high. As a result, the needs to look better from others are increasing at a very high rate. On the contrary, note, monthly earnings are limited. Every breadwinner of the family tries his very best to fulfill all of the needs and to have access to all of the luxuriant items. With the passage of time, inflated environment is also developing at a fast pace. A person gets confused from where he should cut down his expenses. How much you can try, but you cannot deny the importance of money in your life.

At this point of time, you need to have an external recourse to manage the personal expenses and other emergency expenses easily. Personal Loan is one such solution which will help you to carry all of the personal needs.

Every month you must get your monthly salary. You must have spend the whole of your savings n dealing with daily expenses. But what about the emergency needs that can crop up anytime. At this point of time, Personal Loan can be the best solution for you.

If you are a salaried person, you can avail this loan under Personal Loan Salaried scheme. It is an unsecured loan that a can availed without putting any of your personal assets as collateral to the bank. In India, there are various banks like ICICI, HDFC, Punjab national Bank, and others are in the good form for providing personal debt at affordable rates of interest. If you are planning to avail this loan, you must know these things before availing this loan:

Credit Score: before applying this loan, one must know about his credit score. It shows the credit worthiness of the person. While evaluating this parameter, banks check whether the applicant have defaulted in his past or not. A person with a credit score above 700 is eligible to avail a loan at low Personal Loan Rates.

Income Requirement: If a person is working in a Cat A company and is residing in a metro city like Delhi he must possess a minimum income of Rs 15,000.

If a person works in Cat B and Cat C Company and lives in a small town, then bank can negotiate to grant the loan with a minimum salary of Rs 10,000 unless you have a good credit score.

Every bank has set some eligibility criteria, which is listed as below:

Minimum age and maximum age for the salaried applicant should be 21 and 60 years respectively.

The residence of the person should be owned or provided by the company.

1. An applicant must be an Indian citizen.
2. A person must have overall 3 years experience and 6 month experience in the current job.

Now to show your eligibility you will need to submit some of the important documents like:

• Identity Proof.
• Address Proof.
• Form 16.
• Last 6 month bank statements.

Now you must be well acquainted with the all of the important parameters of the personal finance. To apply for this loan and to determine your loan eligibility, you can use EMI Calculator online. It is a tool that gives estimated idea about the interest rate and the Emi to be paid.