Personal Term Loan

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.