Frequently Asked Questions

The eligibility criteria for applying for a personal loan are as follows:

Salaried Professionals:

• Age: Minimum 21 years
• Salary: Rs. 15,000/Month (Should be deposited in the bank)
• Job Stability: Minimum 1 year

Self-Employed Individuals:

• Age: Minimum 21 years
• Income Tax Return: Minimum 1 Year
• 1 Year Business Stability

Following are the documents that are required to apply for a personal loan:

• Aadhaar Card
• PAN Card
• Income Proofs: Salary slip or Form 16
• Bank statements (should reflect the monthly income)
• Residential Proofs: Utility bill or Rental Agreement

Please note that a lender can ask for additional documents based on your profile and their policies.

Only if you use the funds to renovate your house or to invest in a business. For more information, please contact your CA or tax advisor.

Yes. KreditTap provides an easy-to-use portal for applying for a loan and processing it at our partnered NBFCs via a subscription plan, all without leaving your comfort zone.

The main 3 important factors that can impact personal loan approval are:

• Age
• Monthly Income, and
• CIBIL score

Sure. Unlike secured loans, like home loans, car loans, etc., personal loans have no pre-specified purpose. The funds obtained from a personal loan can be used for any personal purposes, like pursuing higher education, renovating home, consolidating debts, paying unexpected bills, etc.

A credit score of 650 is regarded as good when applying for a loan.