Personal Loans are a nonsecured form of multifaceted credit that one can utilize to encase multiple personal expenses. Now you can obtain a personal loan by qualifying the minimal predefined eligibility criteria. Following are the basic eligibility criteria.
Your age plays a significant role when applying for a Personal Loan. According to the rule, a salaried person aged between 21 to 58 years and a self-employed professional aged between 25 to 65 years are eligible to obtain a personal loan.
Your tenure of employment is one of the most important measures of your credibility to pay back a loan in time. The criteria for a salaried employee is 2-3 years of working experience in an MNC or a Private or Public Limited Company. Similarly, self-employed individuals require a minimum of 3 years of experience for personal loan eligibility.
A minimum salary range is another vital eligibility criterion for getting a personal loan, which can differ from person to person. However, your monthly salary must be Rs. 20,000 to acquire a personal loan.
Your credit score defines your reliability to repay a personal loan. The lenders assess your credit score before granting a personal loan by deriving it in your credit report from your credit history. Your credit score can directly affect your loan amount, interest rate, period of credit, and terms offered to you.