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How to get Eligible for Personal loan in India

In a life full of unpredictable, it is not surprising when tricky happenings and unexpected situations arise in our lives. When alarming situations hover over a person’s life, most of us find ourselves in a situation where only money can help us out. Whether it may be a medical emergency, an urgent travel, repair of vehicle and so on, a good amount of money is needed to overcome these kind of situations. In such difficult situations, if you find you are in lack of money, the most trusted, convenient and the fastest way to get a big amount is availing a Personal Loan. Because of these wonderful qualities, a personal loan is often called a magic wand for the needy. Availing a personal loan is not a difficult task to do in today’s world. The advent of the internet has made it possible to get personal loan online. But to let this magic wand work for a person, one must prove himself eligible for it. Here are the criteria to check Personal Loan Eligibility.


# Criterion No 1 Age- Age is one of the prime criteria for availing a personal loan. If the applicant is a salaried person, he must be in the age group of 21-60 years. In the case of selfemployed persons the age group changes to 25-60 years. # Criterion No 2 Income- The income of the applicant is checked to determine his repayment capacity. The minimum income of a salaried person must be â‚š3,50,000 per annum. Once again the minimum income of a self-employed person must be â‚š4,80,000 per annum. # Criterion No 3 Co-applicant- Having a co-applicant is mandatory for the self-employed applicant but a salaried person can apply for a personal loan without a co-applicant. # Criterion No 4 Employment- The employment of the applicant is another point which is checked by the lender before granting any loan. A salaried person must be employed by the same employer at least for last two years. A self-employed person should prove the existence of his business at least for last five years. # Criterion No 5 Credit score- Credit score is a numerical expression of financial activities of a person published by CIBIL. The credit report and the credit score shows how regular a person was with his previous credits. A credit score ranges from 300 to 900. A person with a credit score more than or equal to 750 is considered as eligible for a personal loan. # Criterion No 6 Financial Situation- Along with the present credit rating, lenders check the past financial records of an applicant. Having good financial records is the key, will eradicate rating issues and will increase the amount which you can take as a personal loan. If a person was irregular with the payments of the previous credit or any of his credits were marked as NPA, lenders may not consider him/her as creditworthy.


# Criterion No 7 Employer- The employer plays a vital role in determining the eligibility for personal loans. The employer with whom the applicant is working with is the best way to find the credibility of the applicant. If the person is employed with a reputed and high turnover company, lenders readily approve them personal loans as their employee’s growth is promising. # Criterion No 8 Along with the all given criteria, the lender also checks the FOIR (Fixed Obligations to Income Ratio) of a person. The total obligation of a person must not be more than 50% of a person’s total take home salary. If the FOIR of the applicant goes more than 50% the loan application can be denied. As personal loans are unsecured loans hence the eligibility criteria is bit firm here. The risk at the lender’s end is very high in personal loans so they make sure that the chances of NPA become lower. Though there a number of criteria but the benefits of a personal loan is also numerous. Online personal loans with instant approval make a personal loan very handy. One can apply for a personal loan online in a hassle-free manner and the loan amount will be deposited to the applicant’s bank account if the applicant satisfies all the eligibility criteria.. The disbursement of a personal loan takes very less time (i.e. within a day or two). So, if you fulfill all the above-mentioned criteria then you can surely go for a personal loan to satisfy the urgent need of money and repay the same in small EMIs.

How to get eligible for personal loan in india  

As personal loans are unsecured loans hence the eligibility criteria is bit firm here. The risk at the lender’s end is very high in personal...

How to get eligible for personal loan in india  

As personal loans are unsecured loans hence the eligibility criteria is bit firm here. The risk at the lender’s end is very high in personal...

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