A Personal Loan is a type of Unsecured Loan and helps you meet your current financial needs. You don’t usually need to pledge any security or an asset that a lender accepts as security for a loan while availing a personal loan and your lender provides you with the flexibility to use the funds as per your need. It can serve as your solution for managing your travel costs and wedding expenses as well as the expenses of a medical emergency, home renovation, debt consolidation and others. Here are some Eligibility Criteria for getting Personal Loan.
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Of course, it goes without saying that Financial Institutions are not going to process your personal loan application if you don’t meet their eligibility criteria. A lot of applicants don’t look at the eligibility criteria and apply even though they are not eligible for the loan. This causes Financial Institutions to reject such application. As a rule of hand, you should be checking the eligibility criteria of every Financial Institution you’re willing to apply to, and apply only if you meet every single criterion. Generally, the minimum age for applying for a loan is 21 years, and the maximum age is 60 years. Ensure that you meet their eligibility criteria is every aspect, such as documents, income certificates, tax returns, credit reports, etc.
Credit scores play a major role in Financial Institutions deciding whether to approve your loan application. Credit scores are calculated by your debt to credit ratio, and how punctually you’ve repaid any previous loans that you have taken. The more punctuality you have on your credit payments, the higher your credit score will be. The score ranges from 350-900, and anything above 700 is considered to be pretty good. However, if you don’t have a good credit score, it is better that you don’t send your application straight away, but take steps to improve your credit score.
As a general rule, try to maintain a gap of 6 months between successive loans. Also, do not apply for a personal loan when you have another loan in your name. The Financial Institutions will see this as an added burden on your finances, and most probably reject your application. Financial Institutions always see how feasible it is for you to repay their loan – this is done to mitigate risks for the Financial Institution.
Financial Institutions check your repayment ability before deciding whether to approve your application. Financial Institutions refer to your current income to ascertain your repayment ability. If you ask for an amount that is outrageously high, chances are your loan application will be rejected by the Financial Institution. Check if you can repay the amount comfortably in the decided tenure, and only then ask for that amount.