To choose the ideal personal loan amount, consider your needs for finance. While you can take a loan of a slightly higher amount to address any unexpected costs, don’t overborrow or under borrow. Both of these moves fail to help you achieve your objectives. Instead, you can consider this expert advice: ensure your personal loan EMIs don’t amount to more than 10-20% of your monthly income. If you have other existing debt, ensure your total EMIs don’t cross more than 60% of your income. The best way to plan a personal loan is by assessing your financial needs and calculating the amount you require. Then use the personal loan EMI calculator to check various EMI amounts you get based on different tenors. Once you compute the monthly instalments, compare them with your monthly income and expenses.

The features & benefits of a personal loan offered by Lulu Finserv are amongst the best in the market. We prioritise your convenience and ensure that you have a comfortable borrowing experience.

For unsecured loans, all lenders heavily rely on your credit profile. It helps in assessing your creditworthiness based on your past dealings. Your score is based on your credit history, and you can’t maintain a good or excellent CIBIL score if you’ve defaulted or mismanaged credit in the past. Typically, the CIBIL score required for loan approval is 700, but we may approve an application if the score is 650 or higher.

In case you miss your scheduled personal loan EMIs and are unable to make future payments on your personal loan, the company initially make attempts to recover the due amount through settlements and recovery agents. If such attempts fail and your loan account is marked as a default, this personal loan will show up on your credit report as a default, which will adversely affect your credit score and make it difficult for you to get approval for loans and credit cards in the future.

Approval of loan is at the sole discretion of the loan sanctioning officer who bases his/her decision on the basis of the criteria specified by the Company. The entire process can take from about 48 hours to about one week’s time. Once all the necessary documents are submitted and the verification process is completed, the loan, if sanctioned, is disbursed within one working day. In order to avoid delays in loan processing and disbursement, do keep all necessary documents ready along with the post-dated checks (PDC).

A personal loan can be used for almost any type of expense ranging from big ticket appliance purchases and home renovations to luxury vacations and debt consolidation. Some other cases where personal loans may be useful include payment to unexpected medical bills, investment in business, fixing your car, down payment of new house and much more.

Identity Proof: Aadhaar Card/ PAN Card/ Driving License/ Voter’s ID/ Passport

Address Proof: Aadhaar Card/ Passport/ Bank Account Statement/ Lease/ Property purchase Agreement/ Utility Bill (not more than 3 months old)/ Driving License

Income documents:

Business Proof (for self-employed applicants): GST Registration and Filing Documents/ Partnership Deed/ Certificate of Practice/ MOA & AOA/ Shop Act License.

In the case of pensioners: Pension Book, Pensioner’s ID Card, and Bank account statement showing monthly pension credit.