A personal loan can be a great aid in times of financial crunch. As a multi-purpose loan, it can be used to buy a house, pay for your child’s education, reimburse medical bills, go on an international vacation, pay existing debts and much more.
However, to avail a quick personal loan, you have to meet specific conditions. This article lists down eligibility conditions that you may want to check before applying for a personal loan.
Age, Income, and Employment History
Different lenders have different eligibility criteria to qualify for a loan. Most lenders offer loans to people in the age group of 21 to 55 years. A minimum fixed income level is also required to apply for a loan. Lenders also consider a steady job that regularly pays as a critical factor. Borrowers having a work experience of at least two years and employed in an organisation for at least six months are also likely candidates.
These factors help a lender determine one’s repayment capacity. If you fulfil their criteria, you have a better chance of loan approval.
Another crucial factor to consider is the credit score. Your credit score represents your creditworthiness. A CIBIL credit score of 750 and above is regarded as a good score. The higher your rating, the better are the interest rates and loan repayment terms. If your credit score is below average, it can be an excellent idea to improve it before applying for a loan.
Existing Debts and Previous Loan Records
If you have had many loans in the past or have multiple existing debts, it could be viewed negatively by lenders casting doubts on your repayment ability. Therefore, it is a good idea to repay existing debts or maintain a gap of at least six months before applying for a new loan.
Fulfilling eligibility conditions mentioned above can aid you in getting instant loan approval. You can check with multiple lenders and shortlist the ones that best fit your requirement.
What Should I Check Before Getting Personal Loan?
Loan terms and other factors vary from lender to lender. Therefore, it is advisable to check interest rates, EMIs, repayment periods, prepayment options, late payment charges, lender credibility, and other vital factors before you apply for a personal loan. You can also check the personal loan eligibility calculator and personal loan EMI calculator to ascertain your loan eligibility and monthly EMIs. You should also take into consideration the various reasons for personal loan rejection and how to avoid them.
How Much Loan Can I Get if My Salary is 25,000?
Your loan amount eligibility depends on various parameters, including your income. In general, you can be eligible for a loan amount up to 60 times your monthly income. Therefore, if your salary is Rs. 25,000 a month, you can qualify for a personal loan up to Rs.15 lakh.
What is The Minimum Salary Required For a Personal Loan?
There is no standard income parameter to judge your suitability for a loan. If you fulfil the minimum eligibility criteria and have a good credit history, you stand an excellent chance of obtaining a personal loan.
If you are looking for financial assistance, consider taking a personal loan from Bajaj Finserv. You can avail a loan up to Rs.25 lakh with a flexible repayment tenor ranging between 12 months and 60 months. In addition, the money gets disbursed in your account within 24 hours of approval.
Moreover, personal loans from Bajaj Finserv comes with multiple benefits like lower interest rate, better loan terms, minimal documentation, quick loan disbursal, and a host of pre-approved offers on home loans, business loans, personal loans, and other financial products. These offers can save your valuable time and make loan processing simpler. To obtain a quick personal loan, you can check out your pre-approved offer by sharing some necessary details.