Why you should give importance to Personal Loan Eligibility

Personal loans help each person by giving them a solution to all their problems. Because of this reason, it is often touted as the most popular loan in the market. People can use personal loans for clearing old debts, purchasing things for the house, buying high end gadgets and even sometime use it for emergencies.

So people are very dependent on Personal loans and will always opt for this when they require funds. But most of the times, people don’t realize how important their eligibility matters.

Did you know that based on your loan eligibility your interest rates will be decided? Yes, good loan eligibility will help you get the best deals from Banks and NBFCs. If your personal loan eligibility is not good enough then you might not get a personal loan. If you do get it, then the Bank will impose higher interest rates on your loan.

What is part of personal loan eligibility?

  • In general, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies can apply for an instant personal loan.
  • Anyone who wants to apply for a personal loan must be aged between 21 and 60 years.
  • Any person who has been working since 2 years at least, and also has a minimum of 1 year working with their current employer can apply for a personal loan.
  • Finally, as per income, those people who earn a minimum of 15,000 net incomes per month in rural and semi urban areas can apply for a personal loan. For those in metro cities like Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin, it is 20,000 per month.

There might be more eligibility criteria and it will vary as per different Banks. All you must know is that you should try keeping a better profile so you can crack the best deals any Bank can offer!

Apply for a personal loan via Ruloans – https://www.ruloans.com/personal-loan.htm

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