Personal Loan

Fullerton India Private Limited14.50%2%20607%
HDB Financial Services Limited10.50%2%21617%
HDFC Bank Ltd14.00%2%22627%
Hero FinCorp Limited12.50%2%23637%
ICICI Bank Ltd.12.50%2%24647%
IDFC First Bank10.50%2%25657%
InCred Financial Services Limited20.00%4%26667%

Eligibility Criteria

What you mean by Personal Loan Eligibility Criteria?

Personal Loan is a kind of unsecured loan which can be opted to various reason, you can avail up to 25 lakh with minimal documentation. You just need to ensure that you meet eligibility requirements.

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 Score ..etc..

Personal Loan Eligibility Criteria for Salaried Individuals

 

  • • Age Limit of Salaried Individuals – 20 to 60 years of age
  • • Work experience of salaried Applicants – Minimum 1- 3 Years
  • • CIBIL Score should be above 700
  • • Minimum Salary – 20,000/-
  • • Nationality – Resident of Indian

 

Personal Loan Eligibility Criteria for Self-Employed Individuals

 

  • • Age Limit of Self –Employed Individuals – 21 to 68
  • • CIBIL Score should be above – 700
  • • Minimum Years of doing Business –2- 5 Years
  • • Nationality – Resident of Indian

 

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 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 your eligibility.

Documents Required

INDIVIDUAL
  1. PHOTOGRAPHS 2

  2. PAN CARD COPY

  3. AADHAR CARD + PASSPORT

  4. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF

  5. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE

  6. LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT

  7. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)

  8. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS

  9. PROCESSING FEE CHEQUE IN FAVOUR OF BANK

  10. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER