Personal loan is an unsecured loan that you can avail to meet any type of financial requirement. This type of loan does not require you to keep any collateral or any guarantor. However, due to this, availing this type of loan is not easy as you have to fulfil the eligibility criteria stated by the lender. Usually, lenders in India have a similar criterion, but depending on certain factors it may vary. Before making a loan application, you too can check your personal loan eligibility online using a personal loan eligibility calculator.
How to check personal loan eligibility online?Snneha Lukka August 13, 2019
Personal loan eligibility criteria:
Salary: Banks and online lenders have different monthly income criteria on the basis of which the loan amount is decided. Some online lenders require you to have minimum monthly salary of Rs. 15,000, whereas, others have set a requirement of Rs. 25,000 per month. The salary criteria may also vary depending on your job location. Employment: Lenders look at your job stability and company to determine if you can repay the loan on time. If you are working with a MN, public or private company for over 12 months, then your loan application will be instantly approved by the lender. Age: Most lenders offer loans to individuals aged between 21 years-58 years.
Steps to check personal loan eligibility online
You can now check your personal loan eligibility online before making an application to assess your credit worthiness Use a personal loan eligibility calculator Enter details such as your name, mobile number, city, salary, pin code, email ID, employer name and PAN number. Then click on submit Your loan eligibility amount will be displayed online You can then proceed with making an application
Documents required to get personal loan
You will have to submit the below documents to get your loan application approved. If applying online, you can upload scanned copies of the documents through the lender’s app or website. Identity proof such as PAN card, Passport, Aadhar Card Address proof such as Passport, utility bill, Aadhar Card, rent agreement Income proof such as salary slip and bank statement of past 6 months 2 passport size photographs along with additional documents if required.
When applying for personal loan factors such as your credit history, location, income and others can have a huge impact. Therefore, it is important that you have a stable income and maintain a good credit score to ensure your loan application is not rejected. Also, when looking for a personal loan, compare personal loan interest rates online and use a personal loan eligibility calculator to determine your loan eligibility amount.