The following criteria of people who would be Eligible for Personal loan from Banks/NBFCs.
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Net Monthly Salary should be more than Rs 20,000
Salary should be received through an Account Transfer . No cash salary.
Should be working in Pvt Ltd or Ltd Company (Not in partnership or proprietorship company)
Aged between 21-60 years
Passport Size Photographs
Identity proof: (passport, voters ID, driving license or pan card).
Address proof: (voters ID, driving license or passport).
Latest 3 months’ Bank statements
Latest 3 months’ salary slips
The list of documents may vary from applicant to applicant.
Factors Deciding Personal Loan Eligibility
Lenders look for many criteria before sanctioning any loan for its customers. Few never missed factors are here.
Having good credit rating increases the probability of getting loan with more flexible option on tenure, amount, EMI and interest rates.
It’s not always about the present, the past financial records will also have a great call on deciding whether you are eligible for a personal loan or not.
Age should be between 23 to 55 years
This is a very crucial aspect for personal loan consideration. Unless you are salaried and employed for more than 2 years in the current profession or if self-employed minimum 5 years of total tenure of earnings.
The employer with whom the applicant is working with is the best way to gauge the credibility of the applicant