Personal Loans have the simplest banking process. You only need to submit your documents, match the eligibility, and approve your Loan. Of all the steps, determining your eligibility is the most important. Personal Loans have simple and easy to meet eligibility criteria. However, they are different for each lender.
Hence it is recommended that you learn about them from your lender before you apply for Loan. Personal Loan eligibility norms include:
- Must be 21 years to 60 years of age.
- All working as employees in the private and public sectors, including central, state, and local bodies, are eligible to apply for Personal Loans.
- Should have a net monthly income of up to Rs. 25,000.
- Need to hold at least two years of minimum work experience. They should have a minimum of one year of work experience with their current employer.
Note: The eligibility criteria for self-employed individuals vary.
Why Check the Eligibility?
- Avoids Delays: Personal Loans have the shortest processing time. However, there can be a delay if you do not entirely fulfill the eligibility criteria. In such cases, the bank either keeps your Loan request on hold or asks you to reapply when you meet all eligibility checkpoints. When you check your eligibility beforehand, you find the loopholes and rectify them.
- Overcome Rejections: In some cases, the bank may immediately reject your Loan request. This negatively impacts your ongoing and further applications. Therefore, to safeguard your profile from vulnerability checking your eligibility is necessary.
- Eligible for a Higher Amount: When you check your eligibility for Personal Loan, you get a fair idea of the Loan amount you qualify for. If you aim to be eligible for a higher Loan amount, always check your eligibility to understand where you currently stand and find ways to improve your profile.
How to Check the Eligibility?
Now, check your eligibility instantly using the Personal Loan eligibility calculator. It is an online tool that is free of cost to use. Enter a few key details, and the online calculator takes care of the rest. Details required are:
- Age
- City
- Type of employment – salaried/self-employed
- Net monthly income
- Total ongoing financial obligations amount
- Loan amount applied for
- Interest rates
- Tenure
Note: The results from the Personal Loan eligibility calculator are accurate. The bank may consider several other points before determining your eligibility.
