How to Check Personal Loan Eligibility Online?

Many individuals use Personal Loans to turn their aspirations into reality. The popularity of online Personal Loans has increased drastically as more and more people opt for them to address urgent and unplanned financial requirements. An individual can borrow a Personal Loan for simple reasons like funding a medical emergency, foreign vacation, higher education, home renovation, or wedding. 

However, checking Personal Loan eligibility is crucial before making a loan decision. To prevent loan application rejection, check the loan provider’s eligibility criteria, including minimum and maximum age requirements, employment and work experience, and minimum salary for Personal Loan. Meeting the lending institution’s eligibility conditions helps get a Personal Loan without hassles. The eligibility criterion is based mainly on an applicant’s creditworthiness, which a lending institution evaluates based on their credit score.

Typical Components of Personal Loan Eligibility Criteria

Salaried employees with stable jobs are eligible for a Personal Loan with the below-mentioned conditions:

Age: The applicants must be within the minimum and maximum age limit set by the financial institution. Ideally, NBFCs provide loans to those in the age group of 21-58 years. 

Nationality: The applicant must be a resident citizen of India.

Income: The applicant’s monthly income should be enough to repay the loan on time. Most financial institutions require INR 20,000 minimum salary for Personal Loans as part of their eligibility criteria. Although many lenders offer a low salary Personal Loan, their loan amount is smaller, and interest rates are higher than average.  

Employment and Work Experience: For salaried individuals, working in a public or private sector company or LLP with a minimum work experience of at least one year with six months in the current organization increases their eligibility. 

Financial Obligations: Personal Loan eligibility depends on the individual’s disposable income, which should be at least 50% of their net monthly income.

Credit Rating: The applicant should have a good credit history to get loan approval instantly. Those with an Experian credit score of 630 or above have better-negotiating power, which they can use to get a higher loan amount at attractive interest rates. However, depending on their policy, loan providers’ minimum credit score requirement varies.

How to Check Your Loan Eligibility?

With the introduction of 100% digitized lending platforms, conducting a Personal Loan eligibility check online has become quick and hassle-free. Leading NBFCs have published eligibility criteria on their websites that are easily accessible to everyone. So, before you apply for a personal loan, you must check your eligibility on the website of your preferred lending institution.

Follow these steps to apply for a Personal Loan online: apply for the personal loan

  • Go to the NBFC’s website using your smartphone or laptop
  • Select Personal Loan and click apply now
  • Enter your phone number to verify it via OTP
  • Fill in personal details including your Gender, Name, Email ID, Pin Code, Locality Name and PAN Card Number, and press Continue
  • The NBFC will verify your Personal information instantly and when verified would ask you for your Professional details
  • Fill in professional details including your Employment Type, Company Name, Monthly Income, and Company Email ID
  • Click on Continue and wait for online verification
  • Once verified, you will get a loan offer and you can select the amount and EMI plan you need. 
  • Accept the loan offer and get quick disbursal

You don’t need to upload or submit the documents if your KYC is updated with your Aadhaar and PAN. You can get them verified online quickly.

That’s it! You will get quicker approvals if you fulfill the eligibility criteria. 

Conclusion 

Checking Personal Loan eligibility before applying for a loan helps avoid rejection. When you are certain about the eligibility criteria for the loan with your choice of lender, approval becomes easy and quick. Hence, to avail of a loan for your big-ticket expense, conduct Personal Loan eligibility before application and get the loan amount you need.

 

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