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
Follow these tips to improve your personal loan Eligibility –
Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting
Try to build a CIBIL score above 750
Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness
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.
A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.
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