A personal loan is a loan taken by a person to support any individual cost like, for instance, a wedding, to make remodels to the home or even for an excursion. Not at all like numerous different sorts of loan, there is no limitation on how the acquired sum is at last utilized – the borrower has full flexibility to utilize the cash for any reason they need. Check out your Personal Loan Eligibility and monthly EMI.
Eligibility Criteria for a Personal Loan:
There are several factors on which your personal loan eligibility depends, so keep a check on the following points to ensure yourself whether you are eligible for a personal loan or not.
This represents your payment history. The score is derived with the help of a CIBIL report, also called, as Credit Information Report (CIR). All your credit history is stored in this report, and whenever a bank is giving the loan to a customer, the CIBIL Score is always kept in mind.
This is an important matter in the sanctioning of loan process. Your net salary is what decides your loan amount and your capacity to repay that loan amount.
Your current location plays an essential role in the loan process. You will get the loan sanctioned only from the bank that is within the range of 25 km from your current location.
The age of the person (applicant) must be 21 years or above. The range is 21-60 years.
The profile of the company matters a lot in case of personal loan. Both salaried and self-employed applicants need to the market value of the company.
Banks offer different schemes for women on personal loan, car loan, and home loan. So survey accurately and then go for the best option according to your budget.
The applicant must have financial security so that the bank doesn’t think that you cannot repay the loan amount or the bank should not feel that you are under any financial burden.