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Factors affecting your Eligibility for a Personal Loan
For a hassle free loan process, ensure you are up to the mark on each of these parameters
Your monthly income will be the critical factor determining your loan amount and the interest rate.
The age criteria may differ from lender to lender, but those aged between 21 and 58 years are more likely to get a loan.
Your ability to pay back a loan is judged to some extent from your monthly expense, making it an important factor for evaluation.
Any Other Loan
When it comes to Loans, it’s not more the merrier. Your chances improve if you don’t have another loan to your name.
A good credit history is like good health. Maintaining one does not hurt. And it only helps when you want a loan.
Your loan amount eligibility is likely to jump significantly, if you are employed at your current organisation for more than 2 years
Relationship with Lender
A good understanding with the bank goes a long way in negotiating better terms for a loan. Being a known and trusted customer helps.
Category of Your Employer
Working at a well-regarded company adds to your reputation and also your loan eligibility. A Fortune 500 Company on your visiting card helps!
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A personal loan is a non-collateral (unsecured) loan that provides funds to salaried as well as self-employed individuals. A borrower can take this unsecured credit for any unforeseen financial need. In today's time when everything is digitizing, getting a personal loan is quicker through an online process. Whether you are salaried or self-employed, you can easily avail this loan and get the finances instantly to meet your varied personal needs. When it comes to applying for this loan, you can easily avail it either online or by visiting your nearest branch. However, one of the biggest advantages associated with this unsecured loan is the fact that it does not require any collateral/security. You can get the loan amount instantly at attractive interest rates and flexible tenures. Not only this, in fact, a one-time processing fee is also being charged by the banks while offering you this credit facility. However, one thing that needs to be mentioned here is the fact that post GST availing this loan is going to be slightly costly as 15% service tax is now be replaced with a standard 18% rate. Yes, talking about the GST impact on the same, the charges such as processing fee and prepayment charges would jump a little. Reasons to avail this loan could be:
There are various types of personal loan offered by many lenders. Let’s just take a look at all of them below.
Collateral Free: Being an unsecured loan it comes easily to you without any hassle. Yes, an individual doesn’t need to give any security or collateral to the bank as far as availing this loan is concerned. Thus, which makes it a hassle-free process.
Instant Approval: When it comes to availing this loan, it would not be wrong to say that lenders usually give the approval instantly as there is not much of a hassle involved in the process. Without much of the legal formalities, you can easily get the approval for this loan.
Minimal Documentation: The documentation process involved in the personal is simple and hassle-free. To avail, this loan minimal documentation is required which you need to submit to the lender.
Attractive Interest Rates: You would be glad to know that this unsecured credit comes to you at an attractive interest rate, which further helps in reducing your EMI and Interest Outgo burden.
Multi-purpose Loan: One of the biggest advantages of this loan is that it can be availed to meet multiple purposes. No matter what personal needs you have, this unsecured loan caters all your needs in the best way.
Want to know the personal loan interest rates of top banks in India? If yes, all you need to do is just glance at the table below to know every detail.
|Lenders||Interest Rate (p.a)||Loan Amount (in ₹)||EMI per lakh(in ₹)||Processing Fees||Prepayment Charges|
|YES Bank||Starting at 10.75%||Up to ₹20 lakhs||2,162||Up to 2.50% of the loan amount subject to a minimum of ₹999+GST||Nil- Up to 4% of the principal outstanding + GST|
|HDFC Bank||11.25%-21.50%||For Salaried-Up to ₹25 lakhs. For Self-employed- Up to ₹15 lakhs||2,187-2,734||0.99%-2.50% of the loan amount (minimum ₹1,999)||Nil - Up to 4% of the principal outstanding + GST|
|Standard Chartered Bank||12%-17%||Up to ₹30 Lakhs||2,224-2,485||Nil-1% of the loan amount||Up to 5% of the principal outstanding + GST|
|ICICI Bank||10.99%-18.49%||Up to ₹40 lakhs||2,174-2,566||Up to 2.25% of loan amount + GST||5% of the principal outstanding + GST|
|Bajaj Finserv||10.99%-16.00%||For Salaried - Up to ₹25 lakhs||2,174-2,432||Up to 3% of the loan amount||4% of the principal outstanding + GST|
|SBI||11%-15.40%||Up to ₹15 lakhs||2,174-2,400||Nil - 1% of the loan amount + GST||Nil - 3% of the principal outstanding + GST|
|Kotak Mahindra Bank||10.99%-20.99%||Above ₹20 lakhs||2,174-2,705||0.99% to 2.50% of the loan amount+ GST||5% of the principal outstanding + GST|
|Axis Bank||15.75%-24.00%||Up to ₹30 lakhs||2,419-2,877||1.50% to 2.00% + GST||NIL|
|Fullerton India||14.00%-33.00%||Up to ₹30 lakhs||2,733-3,777||2.00% of loan amount + GST||0-4% of the principal outstanding|
|RBL Bank||13.00%-18.00%||Up to ₹20 lakhs||2,275-2,539||2.00%-2.5% of the loan amount + GST||3%-5% of the principal outstanding|
|Induslnd Bank||10.99%-16.00%||Up to ₹15 lakhs||2,174-2,432||1.00%-3.00% of the loan amount + GST||As applicable by the bank|
|Tata Capital||10.99%-18.00%||Up to ₹25 lakhs||1,903-2,281||₹999-2.50% of the loan amount + GST||4% of the principal outstanding|
|DCB Bank||12.00%||Up to ₹5 lakhs||2,633||2.00% of loan amount + GST||As Applicable by the Bank|
**The above EMI calculations are based on a tenure of 5 Years.**
Let's just understand the concept of personal loan eligibility with an example below.
Suppose, Raman Verma, a 28-year-old Sales Manager by profession wanted to avail a personal loan for a family trip to Singapore. He had applied for a loan, but the lender had rejected his application. Now, this thing came as a surprise to him as he was not expecting the same. On asking the reason, the bank replied that he was not eligible, i.e. he didn't meet the eligibility criteria/norms set by the bank. That's Right! Before offering the loan amount to the borrowers,the lenders do check the eligibility and if an applicant does not meet the norms, availing a loan would be difficult for him/her.
Though different lenders have their own eligibility criteria for salaried and self-employed, one should always check the eligibility before applying for a loan. However, for your understanding, we have mentioned below the criteria in general for both salaried and self-employed individuals.
|Minimum age of the applicant||21 years||24 years|
|Maximum age of the applicant||58 years||65 years|
|Minimum work experience||1 year||3 years|
|Minimum Income||₹ 20,000 (monthly)||₹1 lakh (annual)|
So, now that you know the significance of eligibility, let's just move on further and understand another crucial aspect, i.e. documentation. It is one of the common reasons of loan rejection as many people while applying for a loan usually don't pay much attention to it. Just like Mr.Akash Sharma, who failed to submit one necessary document. And, as a result, his personal loan approval got delayed. The bank asked him to submit a complete set of documents to proceed further with the approval process. So, if you don't want your application to be rejected or delayed, check out the documents below, which are required to apply for this credit facility.
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The process of applying for personal loan can be understood in 3 simple steps:
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CIBIL plays a pivotal role in availing a personal loan as most of the lenders do check the same before offering this credit facility to the borrowers. If an applicant is having a good score, it helps him in grabbing the best personal loan deal, which also determines his creditworthiness. Thus, helps an individual in availing a loan faster and easier. Usually, most of the lenders do prefer a score of 700 or above out of 900 while giving approval to a loan and will not consider or reject an application if the score doesn’t meet their expectations.
Compare Different Lenders: It is always advisable to compare various lenders so as to get the best deal. Compare them on various parameters such as interest rates in order to know which lender offers the best deal.
Read Fine print carefully: Before signing the dotted line, make sure you have gone through the entire loan agreement. Read each and every clause carefully before signing the agreement.
Do not send multiple applications: Avoid sending multiple loan applications to different lenders as it harms your credit score and creates a negative impression in the eyes of the lenders.
Limit what you borrow: Be careful with the loan amount that you are looking for. Set a limit that you actually require and avoid excessive borrowing so as to reduce your repayment burden.
Watch out for a fee and other charges: The moment you decide to avail a loan, do not neglect the processing fee and other charges related to the same. An applicant needs to bear the same while taking a loan.
Ensure that Your EMIs are Pocket-friendly: Before saying yes to a lender, it is important that you should calculate your EMIs. Make sure that your monthly installments are affordable so that easily repay the loan.