Eligibility Criteria

General Eligibility Criteria

To apply for any loan product with us, you must meet the following general eligibility criteria:

• Be at least 18 years old;
• Be a resident of India with a valid government-issued ID (e.g., Aadhaar Card, PAN Card);
• Have a stable source of income (salaried, self-employed, or business owner);
• Provide accurate and complete information during the application process;
• Have an active bank account in India;
• Possess a good credit history (subject to loan type and amount).

Specific Eligibility Criteria by Loan Type

1. Personal Loans

In addition to the general criteria, eligibility for Personal Loans includes:

• Minimum monthly income of INR 25,000 for salaried individuals or equivalent for self-employed;
• Employment tenure of at least 6 months for salaried individuals or 2 years for self-employed;
• Loan amounts range from INR 50,000 to Rs. 20 lakhs, based on income and credit score;
• No collateral required, but creditworthiness is assessed.

2. Salary Loans

In addition to the general criteria, eligibility for Salary Loans includes:

• Salaried individuals with a minimum monthly salary of INR 20,000;
• Minimum employment tenure of 6 months with the current employer;
• Loan amounts range from INR 50,000 to Rs. 10 lakhs, tied to salary and repayment capacity;
• No collateral required, with repayment terms aligned with salary cycles (12-60 months).

3. Short Term Loans

In addition to the general criteria, eligibility for Short Term Loans includes:

• Minimum monthly income of INR 15,000 for individuals or equivalent for businesses;
• Stable income source, either salaried, self-employed, or small business owner;
• Loan amounts range from INR 10,000 to Rs. 5 lakhs, with repayment terms of 1-12 months;
• No collateral required, with quick assessment based on income and credit history.

4. Empowerment Loans

In addition to the general criteria, eligibility for Empowerment Loans includes:

• Targeted at women entrepreneurs, self-employed individuals, and underserved communities;
• Minimum income of INR 20,000 or proof of business activity for self-employed;
• Loan amounts range from INR 25,000 to Rs. 10 lakhs, with repayment terms of 6-36 months;
• No collateral required, with priority given to financial inclusion and empowerment goals.

5. MSME Loans

In addition to the general criteria, eligibility for MSME Loans includes:

• Micro, Small, and Medium Enterprises (MSMEs) registered under the MSME Act or GST;
• Minimum annual turnover of INR 5 lakhs, depending on the business size;
• Loan amounts range from INR 50,000 to Rs. 50 lakhs, with repayment terms of 6-60 months;
• No collateral required for eligible MSMEs, with assessment based on business performance and credit history.

6. Credit Loans

In addition to the general criteria, eligibility for Credit Loans includes:

• Minimum monthly income of INR 20,000 for individuals;
• Stable employment or income source, with a fair to good credit score;
• Loan amounts range from INR 25,000 to Rs. 15 lakhs, aimed at improving creditworthiness;
• No collateral required, with repayment terms of 12-48 months.

7. Business Loans

In addition to the general criteria, eligibility for Business Loans includes:

• Businesses (startups, MSMEs, or established companies) with a minimum annual turnover of INR 5 lakhs;
• Minimum 1 year of business operation for startups, 2 years for established businesses;
• Loan amounts range from INR 50,000 to Rs. 50 lakhs, with repayment terms of 6-60 months;
• No collateral required for eligible businesses, with assessment based on business performance and credit history.

Documentation Required

Depending on the loan type, you may need to provide the following documents:

• Identity Proof: Aadhaar Card, PAN Card, or Passport;
• Address Proof: Utility bill, Aadhaar Card, or rental agreement;
• Income Proof: Salary slips (for salaried), bank statements (for self-employed/business), or GST returns (for MSMEs);
• Business Proof: GST registration, business license, or trade license (for MSMEs/business loans);
• Other Documents: Photographs, employment certificate, or additional documents as requested.

Contact Us

If you have questions about eligibility or need assistance with your loan application, please contact our customer support team at support@LoanOne.com or [Your Contact Number]. We’re here to help you determine if you qualify for our loan products.