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Eligibility Criteria for Personal Loans

Personal Loan is the perfect option for your financial needs and requirements. It helps you during times of need. A personal loan can help you when you want to purchase your dream vehicle, for higher education, or for planning a wedding. You can turn your dream into reality with a personal loan. In this section, we will discuss Personal loan eligibility criteria to avail personal loan for fulfilling your financial needs. Personal loan eligibility means the criteria to fulfill and getting the approval for your loan amount successfully.

So Let’s get started

Who will qualify for Personal Loan Eligibility

The following People are eligible for Personal Loan :

  • Minimum age of 21 years to 60 Years;
  • Monthly Income should be at least Rs.15000-25000;
  • You should be employees of private and public sector company;
  • To avail a personal loan, a minimum working experience of 1 year is necessary.

Documents Required for Personal Loan

To avail a Personal Loan, you are required to submit the following documents. 

For Salaried Employees

  • Any Identity proof – (copy of Aadhaar card/ Voter ID/ driving license)
  • KYC Documents
  • Copy of Residential Address Proof
  • Salary Certificate or Salary Slip
  • Bank Account Statement 
  • Filled Application Form with 2 Photographs

For Self Employed

  • ID Proof : Aadhaar Card, Pan Card, Voter ID Card, Driving License, Passport etc.
  • Address Proof : Ration card, Electricity bills, Phone bills
  • Your Business Proof : Certificate of business registration
  • Your Income Proof

Factors Affecting Personal Loan Eligibility

Your Personal Loan evaluation depends on the basis of various factors. Using these factors, you can increase your loan approval chances.

  • Age: This is one of the most important factors to avail your personal loan.
  • Monthly income: Your monthly income is an important part of your financial profile. Monthly income shows the capacity to repay your loan amount.
  • The Credit Score: Your credit score is also the most important factor to determine your loan amount. Your good credit score needs to be available for personal loan. If your credit score is higher than you are more eligible to avail the loan.
  • The Employment Status: Employment Status is one of the factors while considering the personal loan application process.

Personal Loan Eligibility Calculator

The Personal loan eligibility calculator helps you to understand and determine the maximum loan amount you can avail and capacity to repay your loan. It helps you in giving you an instant estimate for your personal loan amount eligibility.

Here are the steps to follow how to use Personal Loan Eligibility Calculator :

  • Select your Location;
  • Mention Your Age: You must be 21 years old to apply for personal loan and your maximum age should be 60 at the time of loan maturity;
  • Select your Monthly Income;
  • Select your Monthly EMI.

How to Improve your Personal Loan Eligibility

Check your Score before applying for Loan

To Improve your credit score you can use some of the ways to pay off your existing debts,pay off your bills on time.

Do not apply for too many loans

Applying for too many loans can be harmful for your credit score and it affects your good impression about your financial related behavior.

Conclusion

Personal Loan designed for providing flexibility and convenience for your personal financial needs. A Personal Loans makes your life easier. You can use this loan for your funds for personal requirements. Personal loan eligibility is the important criteria that you must consider before applying for a personal loan.

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