Everything about Personal Loan - Eligibility Criteria and More

Posted by Spana Gandhi on November 10th, 2020

We have varying personal and professional needs and to fulfill them, we need access to funds. Whenever we run short of funds, the first thought that comes to our mind is borrowing money. A personal loan is specially designed to help fulfill your needs and requirements. The loan is one of the easiest forms of borrowing and is considered as ideal option for many. There is a basic personal loan eligibility criteria that you need to meet and you can then apply for the loan. The loan application procedure is simple and hassle free.

You need to shortlist the lenders in the market and compare their eligibility criteria. You can get detailed information about the same online. Most lenders require you to be above the age of 21 and have a stable source of income. Before you make a decision to apply for a loan, compare the interest rate offered by different lenders. You need to choose a lender that offers the loan at low interest rate and flexible repayment tenure. A low interest rate means low EMI and low monthly outflows. This means you will be able to make timely repayment of dues without stretching your budget.

It is best to use the EMI calculator before you apply for the loan. The calculator is available for free online and it is easy to use. All you need to do is provide the loan amount and tenure to get a quick estimate. Based on the same, you will be able to decide if the EMI amount is within your budget or not. You can change the inputs until you reach an optimal output. If you consider the EMI amount to be very high, ask for a longer tenure so as to reduce the amount. Do not agree on a high EMI amount only to get quick access to funds and to repay the loan.

In order to be eligible for the loan, you need to be:

• Aged between 21-58 years,
• Employed for a minimum period of one year,
• Have a minimum income of Rs.15,000 per month.

You can make an online loan application by filling up the application form and submitting documents of identity proof, address proof, income proof, and passport sized photographs. The loan application will be processed and approved without any delay and you will have funds in your account within no time.

The huge advantage of a personal loan is that you can use the funds for any purpose. You can use it to meet your personal goals and requirements and the lenders will not question you about the time. Timely repayment of dues will help build a strong credit score and will make it easier for you to get a loan approval in the future. Once you check the personal loan eligibility criteria, you can proceed with the application. The loan has been useful to several individuals over the years and has become a preferred choice of many in the country today.