Why Personal Loan Eligibility Criteria Important For The Approval?

As you know that personal loans are unsecured loans and to get a loan you need to meet the loan criteria. Every bank or financial institution approves a loan if the applicant fits in the personal loan eligibility criteria. Also, personal loan for salary 10000 is provided by many banks and NBFCs. Read this article and know about the loan criteria for personal loans and their importance. 

Personal Loan Eligibility Criteria for the Individual

Banks and NBFCs set common criteria for personal loan approval for customers. And if the individual doesn’t meet the loan criteria then his loan application may be rejected. Or a high interest can be applied on the loan amount. So, if you don’t want to face these issues during the loan process then look at the personal loan eligibility criteria mentioned below. 

Age is important: First and the most important criteria for loan approval is the applicant’s age. Your age should be 21 years and above during the loan application. And it can’t be above 60 to 65 years at the end of the loan payment. 

Flow of income without intervals: The individual income must be regular whether salaried or self-employed. Several banks such as SBI, Canara and Oriental Bank of commerce provide a personal loan for salary 10000. So if your net monthly income is 10000 and has zero liabilities and EMIs then get personal loans from these banks. 

Credit History with zero defaults: Applicant credit report is also checked if the individual borrowed a loan or credit card before. Otherwise, the bank or NBFC doesn’t check the user’s credit history. 

Online calculators to check the personal loan eligibility

You can also take the help of a personal loan eligibility calculator and know the amount you can borrow from the bank or NBFC. To use the online tool you just need to mention your monthly income, current EMIs if an and monthly expense. Because the calculator generates the loan amount using a mathematical formula. For instance, if your monthly income is INR 10,000 then the eligible amount you can borrow from the bank is INR 3 to 5 lakh. 

Get personal loan from Bank or NBFC with instant approval

If you meet the loan criteria then you can apply for the loan easily. Visit the bank or NBFC branch and apply for the loan by filling the application form and submitting a few documents. Documents that are required for the loan processing are the individual ID and income proof. You can apply for the loan online if the bank or NBFC provides the online application services to customers. After the completion of the documentation and application process of your personal loan, you are needed to pay a processing fee. A minimum of 2% to 3% of the loan amount needs to be paid as a processing fee for the personal loan. 

When the loan process is completed the loan will be disbursed to your account. And using the loan amount you can fulfill your financial needs and pay the loan in equated monthly loan installments.