Personal Loan – Complete Guide by Speedy Loan Finance Services

A Personal Loan is one of the most flexible financial solutions available today. Whether you need funds for medical emergencies, marriage expenses, travel, education, or debt consolidation, a personal loan helps you meet your needs without collateral.

At Speedy Loan Finance Services, we assist customers in getting quick approval, competitive interest rates, and smooth disbursal through trusted banking partners.

Below is a complete and transparent explanation of how personal loan approval works.

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1. Credit Score (CIBIL Score)

What it is:
A CIBIL score is a 3-digit number ranging from 300 to 900 that represents your credit history and repayment behavior.

Why it matters:
This is the most important factor in personal loan approval.

Ideal Score:

• 750+ → Excellent (Fast approval & lowest interest rates)
• 700–749 → Good (Approval likely at standard rates)
• 600–699 → Average (Approval possible but at higher interest rates)

Important Note:
Even if your CIBIL score is slightly low, you may still be eligible for a personal loan depending on income, employer, and existing obligations.

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2. Income & Repayment Capacity

Lenders carefully assess your income to ensure you can comfortably repay the EMI.

For Salaried Individuals:

• Minimum monthly income usually ranges between ₹15,000 – ₹25,000
• Salary requirement may vary based on city and employer profile

For Self-Employed Individuals:

• Annual business turnover
• Last 2 years’ Income Tax Returns (ITR)

Why this is important:
Banks ensure that after all expenses, you still have sufficient income left to repay the loan without financial stress.

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3. Employment Stability

For Salaried Applicants:

• Minimum 6 months to 1 year in the current job is preferred

For Self-Employed Applicants:

• Business continuity of 2–3 years is generally required

Why lenders care:
Frequent job changes or unstable income increase the risk of default, which can lead to rejection or higher interest rates.

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4. Existing Debt (Debt-to-Income Ratio)

The Golden Rule:
Your total EMIs (existing loans + new personal loan EMI) should not exceed 50% of your monthly income.

Example:
If your monthly income is ₹40,000, total EMIs should ideally stay below ₹20,000.

Tip:
If you already have multiple running loans, consider:

• Loan consolidation
• Balance transfer to reduce EMI

Our experts at Speedy Loan Finance Services can guide you here.

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5. Documentation (KYC & Financial Proofs)

KYC Documents (Mandatory):

• Aadhaar Card
• PAN Card

Income Proof – Salaried:

• Last 3 months’ salary slips
• Last 3–6 months’ bank statements

Income Proof – Self-Employed:

• Last 2 years’ ITR
• Balance Sheet / Profit & Loss statement

Having proper documents ensures faster processing and quicker disbursal.

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6. Relationship with the Bank

If you already maintain a Savings Account or Salary Account with a bank:

• You may receive Pre-Approved Personal Loan Offers
• Benefits include:
  • Zero documentation
  • Instant approval
  • Same-day disbursal

This is one of the easiest ways to get a personal loan.

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Summary Checklist for Customers

Before applying for a personal loan, ask yourself these 3 important questions:

• What is my current CIBIL score?
• Do I have valid income proof (Salary slip or ITR)?
• Do I already have too many loans running?

If the answer looks positive, your chances of approval are high.

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Why Choose Speedy Loan Finance Services?

• Fast & transparent loan process
• Multiple bank & NBFC partnerships
• Personalized eligibility check
• Expert guidance from application to disbursal

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Apply for Personal Loan Today

If you’re planning to apply for a Personal Loan, connect with Speedy Loan Finance Services today and get expert assistance for the best possible offer.

📧 Email: loanspeedy@gmail.com
📞 Support: Quick response & guidance

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Tags

• Personal Loan
• Instant Loan
• CIBIL Score
• Loan Eligibility
• Speedy Loan Finance Services

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