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Personal Loan

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Personal Loan

Looking for a quick way to cover your larger expenses? Get a personal loan right away! But what exactly is a personal loan? It is an attractive loan option that you can consider for a variety of purposes without putting up any collateral. It allows you to tackle your urgent financial needs with ease, whether you want to finance a medical emergency, take a much-needed family vacation, or give your home a much-needed makeover.

Loan Magic strives to alleviate your financial concerns through our selection of multipurpose personal loans. What's the best part ?
With our process and simple eligibility criteria, we have made the loan process extremely convenient for you.

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Personal Loan

FEATURES AND BENEFITS



  • Eligibility criteria
  • Documents required
  • CIBIL Score criteria
  • How to apply

What Is the Personal Loan Eligibility?

Before understanding how to get an instant personal loan, you must check the eligibility. Your eligibility depends on various factors, including a fixed monthly income, age, nature of employment, CIBIL score, professional experience, etc. For an instant personal loan from Loan Magic, you must fulfil the easy-to-meet eligibility criteria. You also need to share personal details including your PAN number, CIBIL score & KYC documents.

Eligibility for salaried individuals:

  • Age should be between 22 to 58 years
  • Minimum monthly income should be ₹ 15,000
  • Minimum of one year of work experience

What are the Documents Required for Getting a Personal Loan?

The following are the documents required for getting an instant personal loan with Loan Magic:

  • Photo Identity Proof documents
  • Income Proof documents
  • Salary Slips
  • Address Proof documents
  • Employment Certificate

How to Apply for a Personal Loan?

With Loan Magic, you can apply for a housing loan in various ways:

  • Visiting our Branch

You can visit your nearest Loan Magic branch to apply for a Personal Loan offline. Our executives there will guide you through the entire process.

  • Through the phone


What is the Importance of CIBIL Score for Personal Loan?


CIBIL score, an important indicator of your credit health, is a three-digit number summarising your credit history, report, and rating. The score ranges from 300 to 900 and indicates your ability to repay your loan on time.

CIBIL score plays a decisive role in the loan application process. When a self-employed or salaried individual approaches a financial institution for a loan, the lender checks the CIBIL score and personal finance report of the applicant. If your CIBIL score is low, it reduces your chances of getting the loan. The score also affects your loan interest rates, tenure, amount, and EMI. The higher the CIBIL score, the better.


How much CIBIL Score is Required for a Personal Loan?


A CIBIL score is a numerical summary of your repayment capacity. It is a 3-digit number, ranging between 300 to 900, which provides a snapshot of your past track record. As a result, the score is used to assess your creditworthiness and decide the terms of the loan.

In the case of a loan, where the amount is approved and advanced without collateral, your CIBIL score becomes a critical eligibility criterion. Typically, a CIBIL score above the 700 mark is considered good and attracts easy approval.

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