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Personal Loans are an unsecured form of multipurpose credit, which may be used to cover a number of personal expenses. You can acquire a personal loan by qualifying with preset eligibility criteria, which are minimal. The basic eligibility criteria are as follows.
Your age becomes an important criterion as a measure of your ability to repay a Personal Loan. As a rule, you will not be denied a loan if you are a salaried person aged between 21 to 58 years. On the other hand, if you are a self-employed professional, your age must be between 25 to 65 years.
Your term or period of employment becomes a measure of your reliability to repay a loan in time. Personal loans for salaried employees' criterion dictates that you must be working for an MNC or a Private or Public Limited Company with a minimum work experience of 2 to 3 years. Likewise, self-employed professionals must have a minimum of 3 years of experience for personal loan eligibility.
The minimum salary required for a personal loan as an income criterion for eligibility differs from lender to lender. Your personal loan minimum salary starts from Rs. 20,000 per month.
Lenders assess your creditworthiness or ability to repay a personal loan by accessing your credit score, which derives from your credit history in your credit report. Your credit score affects the loan amount, period of credit, interest rate, and terms that you are offered.
Your bank loan eligibility depends heavily on your income. Higher the income, higher are chances of you getting a Personal Loan at low interest rate.
Banks and NBFCs at all times consider the credit profile of a borrower before sanctioning a loan. Lenders may reject your loan application, or charge you a higher rate of interest if your repayment history shows that you have not been good at repaying credit. A good credit score helps to increase your chances of loan approval.
A good banking relationship helps in loan approvals. If you have a salary account or a savings account with the lending bank, the chances of loan approval are higher, and the terms and conditions offered along with the interest rate are favourable as well.
Personal loan eligibility factors such as income, credit history, and a strong banking relationship ensure good scope for negotiating better terms and conditions, better interest rates, and better loan tenures for your borrowings. Special offers are part of your package if you negotiate well.
If you are a salaried employee, you can avail a Personal Loan if you fulfil the following eligibility criteria.
The eligibility criteria for a personal loan are quite simple, and your qualification depends on the following criteria.
Yes, you can avail the benefits of a personal loan and a home loan simultaneously, but you need to keep a check on your debt-to-income ratio. The lender will take into consideration your debt-to-income ratio criterion before approving your loan. That said, you can have multiple loans too and still apply for another loan if you have a high degree of credibility in terms of repayment of both types of loans. Get your instant loan eligibility check here.
Assuming you meet all eligibility criteria mentioned in the lender's prospectus, lenders use two methods to calculate your eligible total loan value. The methods are as follow.
Debt to Income Ratio Method
This ratio indicates your total EMI payments in a month divided by your total monthly income. This FOIR or Fixed Income to Obligation Ratio method considers the total monthly payouts you need to service existing outstanding debt
Monthly Income Method
Some lenders determine your loan value based on your net monthly income. Lenders often grant loans of up to 30 times your monthly income.
Other than all other eligibility criteria applicable for Salaried Employee Personal Loans, a self-employed person will have to show a Business Vintage of at least for 3 years for a Personal Loan. Click here to check personal loan eligibility for a salaried person.
With the amount from the personal loan, you can clear all your expenses related to the wedding almost immediately. This means you can splurge a lot of money and get what you want which would not have been completely possible if you had to use your savings.
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Read MoreI maintain my salary account for many years hence I got a pre approved loan offer via Ruloans. I choose ICICI BANK for personal loan. The amount was sufficient with tenure period of 3 years. EMI need to pay of 6,800 rupees. The rate of interest was 14% and processing fee was decent amount. The pre closure is applicable.
I have taken personal loan through Ruloans. still this loan is active on my account and the rate of interest and processing fee was good as I compared the rates and charges of different bank to finalise. This loan was availed for personal use and it was a paperless approval since have saving account ,loan got sanctioned on time.
Ruloans service is fine as you can compare to other bank. When I chose personal loan from ICICI, they provided me a interest rate of 15%. With Ruloans I got help and took same loan at 12%. For the home renovation purpose, I approached Ruloans and they asked the proper documents to submit. Once I have given the same, they have sanctioned the loan to my account within 3 days.
