Personal Loan Eligibility

Eligibility Ensures Easy and Higher Loan

Check your eligibility to know in advance how entitled you are to a loan amount. Most lenders have kept the minimal eligibility to provide you with an easy and convenient loan. 

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Eligibility Criteria


Avail loan facilities by fulfilling eligibility criteria listed by a lender, banking, or financial institutions,. Ticking all the right boxes means getting what you want as a personal loan.

By matching required conditions, you ensure lenders that you are capable of paying what you are getting as a loan. Any banking unit will offer you a loan only when it is sure to get the money back from you.

An applicant has to meet the following conditions to get a personal loan:

· The loan applicant must be a resident Indian

· He must be between 21 to 68 years of age

· If a salaried employee, the applicant must be an employee of either a Private Limited Company or a Public Limited Company or an MNC

· Self-employed or professionals can also apply for a personal loan

· The applicant must have a minimum credit score of 750

· The applicant's KYC documents must be in order

· The applicant must possess and be allowed to use the employee ID Card

· The applicant must submit the last three month's salary slips and bank account statements

 

eligibility

Eligibility

  • The loan applicant must be an Indian national
  • The applicant's age must be between 21 and 68 years
  • · The applicant must be a regular employee either of a Limited Company or an MNC. A government service or PSU job is also acceptable
  • The applicant must have a work experience of 3+ years
  • The applicant must maintain a minimum Credit Score of 750
  • The applicant must have an Employee ID Card
  • The applicant must be able to provide his last three months' salary slips
  • The minimum income requirement of a salaried applicant must be
    *. Rs. 15,000 for a Non-Metro City
    *. Rs 20,000 for a Metro City

Documents for Salaried
Employee

application

Proof of Identification

  • PAN Card
  • Voter ID
  • Aadhaar Card
  • Passport
  • Driving License
identity

Proof of Residence

  • Voter ID
  • Aadhaar Card
  • Passport
  • Driving License
  • Electricity Bill
  • Telephone Bill
  • Ration Card
kyc

Proof of Age

  • PAN Card
  • Driving License
  • Passport
  • Voter ID
  • Aadhaar Card
income

Proof of Livelihood

  • Latest six months Bank statement from the salaried or business account
  • Last three months' salary slips
  • Employment Certificate or Identity
  • Proof of Office Address: The acceptable options are: i.)Electricity Bill ii.)Telephone Landline Bill
menu

Proof of Tax submission

  • Form 16
  • Latest Income Tax Returns
  • Appearance
  • Recent Passport-Size Photographs

Eligibility

  • The loan applicant must be a citizen of India.
  • The age bracket for the loan applicant is between 21 and 65 years
  • The applicant mustn't have any criminal record.
  • The applicant must have a minimum Credit Score of 700
  • The individual must have an annual business turnover required by the lending bank
  • The applicant must not have defaulted with another financial institution(s)

Documents for Self
Employed

application

Application

Application form with photograph
identity

Proof of Identity

Self-attested photocopy of any one of the following
  • Driving license
  • Passport
  • Voters ID
  • Aadhaar Card
  • PAN
kyc

KYC

Valid identity / Residence / Signature proof
income

Income Proof

  • Form 16/ITR for last 3 years
  • Latest 6 months Bank Statements
menu

Others

  • e-KYC
  • c-kYC

How to improve your personal loan Eligibility?

Follow these tips to improve your personal loan Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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