Personal loans are one of the most popular ways to tackle financial emergencies. They are unsecured, and individuals can acquire them without collateral. However, approval of an application needs to undergo certain criteria.
A Lending institution might reject an application when the debtor fails to meet the eligibility criteria. Therefore, applicants must always meet the eligibility criteria for an instant personal loan online. Read on to understand more about India’s eligibility criteria for Personal Loans.
Understanding the criteria to get personal loans in India
The terms for getting a personal loan might vary from one financial institution to another. The eligibility criteria of Fullerton India for unsecured loans are as follows:
· Every applicant should be a legal resident of India.
· The loan applicant should be a salaried individual or self-employed. Applicants are required to meet minimum salary/earning conditions to get a personal loan in India.
· Individuals between 21 and 65 can submit instant loan applications.
· Loan applicants are required to fulfill the minimum work experience condition.
· The credit score of a loan applicant should be 750 or above to get an unsecured loan.
The above points are mandatory with every lending institution, more or less. With the help of the Fullerton India InstaLoan app, one can easily apply for an unsecured loan. The app will save you time and effort to get an instant personal loan.
Let us delve deeper and understand how the eligibility criteria for personal loans are calculated.
How is the eligibility for personal loans calculated?
The calculation process for loan eligibility might differ from one lender to another. With Fullerton India, employed individuals should have a minimum salary of INR 20,000 monthly. However, the same is not the case with residents in Delhi or Mumbai. The residents in these two cities need a minimum monthly salary of INR 25,000 to get personal loans. If you fulfill the conditions, you can apply for a personal loan via the best loan app in India offered by Fullerton India.
Besides the minimum salary condition for employed individuals, their work experience is also taken into account. Applicants must be working in the organization for at least six months. Also, the overall working experience of a loan applicant should not be less than a year. Lenders do not prefer to offer an instant personal loan online to someone without occupational stability. Too frequent job shifts also can create a negative impact on your loan application.
The minimum earning condition is also applicable for self-employed individuals. Depending on the nature of the profession, Fullerton India will calculate the annual turnover of self-employed individuals. Lenders cannot determine their repayment capacity and creditworthiness without assessing the salary or earnings of a loan applicant. They want to ensure the borrower can repay the personal loan within the given tenure.
All lenders cross-check the credit score of applicants before offering unsecured loans. The minimum credit score demanded by Fullerton India is 750 or above. The credit score represents the credit history of an individual. Individuals who have missed many loan payments will have poor credit scores. On the other hand, timely payments take the credit score high. A higher score makes you eligible for greater loans and lowers interest rates.
Provide the required documents for personal loans
If you meet the eligibility mentioned above, you now need to provide documents of your personal and professional details, such as your Aadhar card, PAN card, and salary slips. Fullerton India will cross-check these documents before approving the loan application. Applicants must provide the required documents in an instant personal loan online or any other loan. With the online app of Fullerton India, you can make things easy. One can submit the documents online and apply for a personal loan immediately.
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