Personal Loan Eligibility Criteria
Generally, Personal Loan Eligibility Criteria depends on various factors like age of
individual, monthly salary or business income, total work experience & CIBIL
Note: - Maximum Loan Amount of Salaried Individual & Self- Employed Individual can avail up to 40 lakh.
What are the factors generally affecting Personal Loan Eligibility Criteria?
There are few factors that generally affects Personal Loan Eligibility Criteria as
given below: -
Income: - Firstly, Lenders check your Income to determine whether you are
eligible to get personal loan or not, if you are getting higher income & you will get
higher loan amount too.
Applicant Age: - Thirdly, Lenders see’s your age to calculate the tenure period. Generally, a longer tenure period will save your money on EMI, this results in non- default in repayment.
Monthly Income: - Secondly, Lenders want to know you Monthly Income, if you are a Salaried Individual your minimum income per must be 25000/- or if you are a Self-Employed your business minimum annual turnover must be 15 lakhs.
What are the ways to increase Home Loan eligibility?
To increase Home Loan eligibility, you need to consider few points as given below, this will aid you in increasing your eligibility level.
Improve CIBIL Score: - To improve CIBIL Score you don’t need to practice any mathematical theory you just need to be aware of timely paying payments, it might be Card dues, EMI, transaction which are taking place doesn’t to be delay in payment, try to avoid applying for multiple credit cards. Follow this points to increase home loan eligibility, remember CIBIL score above 750 will be offered home loan at lowest interest rates.
Own house & Rented house: - Secondly, Lenders check whether you are living in
your own house or rented house, if you a living in a rented houses that means
major part of your income will automatically spend over the house rent therefore,
it will lower your chances of getting eligible for personal loan.
Company you work with: - Thirdly, Lenders wants to check for which company
you are working with to know the possibility of job secure & risk level, generally
popular company have the potential to give income on regular basis without any
restriction. Therefore, it's become one type of secure & stable job.
Credit History: - Lastly, Lenders look up your whole credit history, it considered to
be the main factor in determining your personal loan eligibility criteria, if they find
delay payment, due bills, multiple credit card these all will make your chances of
getting loan lower.
What are the ways to increase Personal Loan eligibility?
To increase Personal Loan eligibility, you need to consider few points as given
below, this will aid you in increasing your eligibility level.
Try to keep Good CIBIL Score: - As you know CIBIL Score matters a lot while
checking your eligibility criteria, a good CIBIL Score will 100% help you increasing
chances of eligibility on loan which should be above 750 while bad CIBIL Score
will not help you in getting a loan. Do proper transaction maintain, avoid late
payment, never have multiple credit card by this following you will increase
personal loan eligibility criteria approval.
Add Extra possible Income: - Lenders checks your income to examine how strong
is your repayment capacity is, so, if you add extra possible income. It would
signify as higher repayment capacity. Therefore, your chances of eligibility criteria
will be increased.
Open account with preferred lender earlier: - If you are planning to avail loan,
make a comparison among various banks & NBFC’s check which bank eligibility
criteria meet with your needs & once chosen, start building a relationship with
lender by opening account with that bank as early as possible this will increase