Everything You Should Know About Personal Loan Eligibility

ByNafas

We live in an era where quick personal loans are the life savior to meet all the short-term financial requirements. Personal loans are unsecured and can be instantly availed by applying online. Availing loan online is the quickest way to meet any financial emergencies – be it a medical emergency, wedding, higher education, or travel. Easy loans give you the liberty to use the amount as per your wish. But to avail loan online, you need to meet certain eligibility criteria of your lender. If you do not meet any of the requirements, your loan application may go towards rejection. If you are looking for a personal loan, then you can use a personal loan eligibility calculator to determine whether you qualify for a loan or not. Depending on the employment type, monthly income, credit score, current EMIs, it calculates the maximum loan amount you are eligible for, interest rate, and repayment tenure.

 

There are 3 basic eligibility criteria that you must meet to avail of a loan online –

 

  • You need to be a resident or citizen of India
  • Your age must be between 21-65 years
  • You must have 1 year of work experience in your current organization
  • The monthly income should be Rs. 18,000+
  • Should have a credit score above 750. Having a low credit score can reject your loan application

 

Once you meet all these criteria, you need to submit the below documents –

 

  • Identity Proof – Voter/PAN/Aadhar
  • Residential Proof
  • Salary Slips of last 3 months
  • Bank Statements of last 3 months
  • Photographs

 

After successful submission and verification of the documents, your loan amount will be disbursed to your bank account within hours.

 

Tips To Boost Your Personal Loan Eligibility

 

While several factors affect your personal loan eligibility, you can increase your eligibility by following the below tips –

 

  • Credit score plays an important role in approving your loan application. Always pay your credit card bills and loan EMIs on time. Being regular with your financial obligations can improve your credit score while making it easier to get loan approval easily.
  • Before applying for a personal loan, make sure you have a proper source of income. Having a good income not only increases the chance of getting a loan approved, but also lets you negotiate on the interest rate and repayment tenure.
  • Apply for only one personal loan at a time to maintain your financial stability. When you go for too many lenders, each inquiry is mentioned in the credit report and it may affect your credit score dramatically.
  • Lower your existing debt before applying for a new loan. This will allow lenders to apply for loans instantly without any second thought.
  • Make sure you have all the documents handy before proceeding with your loan application. This will fasten your loan application approved faster.

 

A personal loan is a great financing tool during emergencies and all financial requirements. If you are looking for a personal loan, then check the eligibility facts on the respective lender’s website and then go ahead. Otherwise, it will lead your loan application towards rejection while affecting the credit score. Apply for an instant loan with Buddy Loan now and achieve financial freedom!

 

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