A personal loan is an unsecured cash
advance that is offered by banks as well as NBFCs to any person who stands
eligible and fits in required loan
criteria’s. Any individual who is working in government or public or
private organizations and is salaried can easily apply for personal online Instant loans.
Each lending bank or institute has its own minimum or specific loan criteria's
defined under age, income, job status, employment type, years of service,
credit score, etc. To qualify for an online personal loan, you must meet these criteria's. Let’s understand
these eligibilities in detail so that you can make yourself ready in advance if
you are planning for a personal loan.
Eligibility
or Loan Criteria’s
1.
Age - The minimum age is 21 years & maximum is 60 years for
getting a personal loan.
2.
CIBIL
Score - It is one of the
important aspects checked by lenders in case of any loan application. It shows
the credit health and returning capability of the applicant. For a personal loan, CIBIL score should be
greater than 650 with good credit history. The more positive and higher credit
score creates more chances for you to avail of online loans.
3.
Type
Of Employment -
If n you are a salaried individual then
you can have ample options available to you under online
Instant Loans with variable interest rates ranging from 10% to 20%
p.a., depending upon your salary. For businessmen and self-employed
professionals, personal loans are
categorized as business loans with little higher interest rates.
4.
Net
Income i.e. Monthly -
A minimum salary of 15K is required for salaried people.
5.
Work
Experience or Tenure –
Minimum 2 years of work experience is required and at least 6 months in the
existing company.
Above mentioned
factors are very vital when you go for online loans along with some documents
such as salary slip, KYC, address proof, etc. Always make sure you comply with
above all to make your online loan apply
or application process smoother.
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