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Personal Loan Eligibility – All You Need to Know

personal loans

As life is unpredictable, you can land up in a situation of financial shortage and the necessity for urgent funds at any time. Personal loans are a great option to rectify your troubles and relax. You can apply for a personal loan either online or offline, and both ways are very quick to avail with minimum paperwork and documents.

You can use the loan amount for any purpose, such as higher education, medical bills, weddings, paying outstanding bills, etc. But before applying for a personal loan, you should have wide knowledge about personal loans and how it works.

Personal loans are used to fulfil your emergencies without any collateral. Depending on your eligibility for personal loan, you can receive various benefits from lenders and banks. You can apply for a personal loan via Buddy Loan to get a hassle-free experience.

Procedures to get a Personal Loan

  • Know the required Loan Amount -: As per the purpose, you should confirm the amount of loan you need to fulfil your necessity. For example, if you are using the loan for a marriage, it might cost you 15 lakhs, or for a home renovation, you may need only 2 lakhs.
  • Check Loan Eligibility -: Using a personal loan eligibility calculator, you can check your eligibility. It will be different from one bank to another. Usually, your basic information like age and employment status are needed.
  • Calculate monthly Payments -: Various EMI calculators are available online. You can use anyone to find out your monthly instalments for a certain amount of loan.
  • Approach the bank -: Once you are sure with the loan amount and documents ready, you can contact a bank or financial institution to proceed. If you opt for an online personal loan, you can go ahead with the apt website or application of a reliable lender.
  • Submit the documents -: You need identity, address and income proof, bank statements, salary slips, etc.

 

Eligibility for Personal Loan

 

The basic eligibility criteria to avail of a personal loan are listed below.

  • You must be an Indian citizen.
  • Your age must be between 21 – 65.
  • If you are a salaried individual, your monthly income should be Rs. 18,000. It tends to differ from one bank to another.
  • For self-employed individuals, proof of income and bank statements are needed.
  • Your credit score must be above 700 to get approval for a loan. If you have a poor credit score, you must face a rejection for loan approval, or you might get a loan with a high-interest rate. A good credit score co-applicant can help you get the loan approval. You can check your credit score via Buddy score.
  • If your current residence is rented, you must have stayed there for a minimum of one year.

 

These tend to change with different banks and lending institutions. You can use an online eligibility calculator to check if you qualify for the loan approval.

 

Personal loans help you to complete the payments on short-term necessities. Whatever is the purpose, first, you must be eligible for the loan. So you need to know the eligibility for a personal loan. Borrowing money from a bank or lender is a big step, and you should always be honest about what you intend to do with the money. For the best interest rates, banks and lending companies will want to know that you have a good credit history and will not risk defaulting on the loan. For example, if you are applying for a personal loan, your lender will want to see a record of responsible behaviour like paying on time and keeping your credit card limit low.

 

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