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WHAT FACTORS DETERMINE YOUR PERSONAL LOAN ELIGIBILITY




At some point of life, everybody has to face the financial crisis/emergency and Personal Loan seems to be popular choice in this phase of life. We must build our savings to battle such financial emergencies but we know that no matter how strong our financial plan is, we are never prepared for a cash crunch. That’s why we have choice of Personal Loan. If you are in need of funds, ShubhBank guides you about something really important about it. Let’s say Personal Loan eligibility. It is necessary to know what factors determine your Personal Loan eligibility before applying for it. We will guide you through the ABCs of "Personal Loan Eligibility" in this article discussed below:


Your Age: The most important defining factor of your eligibility check is your age. The age of salaried individuals and self-employed should be in between 21-60 years. If you opt this loan with retirement looming around the corner, the chances of loan approval are lower but if you are younger in age, lender will readily offer a best Personal Loan to you.

Financial Stability: Every lender looks into your financial stability before processing a loan application. The eligibility criteria are different for salaried individuals and self-employed. A salaried individual needs minimum 2 years of professional experience in their current working area and on the other hand, self-employed needs 5 years of total experience in the current business. These numbers of years are flexible, varying from lender to lender. It means lender might be hesitant to grant a loan to a fresher at work. 

Income: The size of your salary cheque is another important eligibility factor. The loan amount that gets sanctioned is directly proportional to your income. The more your annual turnover or salary is, higher the loan quantum you are eligible to receive. 

Your Credit Score: Your credit history plays an important role in deciding your eligibility for a personal loan. This is where your CIBIL score comes into play. The delays in paying credit card bills and defaults in paying loan EMIs will lower your credit score. The lower your credit score is, the chances of being eligible for a personal loan also gets lower. So, it is important to improve your credit score before you "Apply For a Personal Loan". A good credit score will work in favor of your eligibility checklist.

Now you are aware of the criteria/factors that determine your loan eligibility, you can take a further step and make an informed decision on this. If it all checks out, choose an "Online Personal Loan" offered by ShubhBank with attractive interest rate, lower processing fee and latest offers.  You can avail it to fund any of your emergency or financial requirements such as paying medical bills, wedding expenses, home renovation etc. you can get an instant approval if you apply it online with all requisite documents. We provide collateral free loan with minimum documentation and hassle free process for quick disbursal with convenient repayment options.


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