When it comes to applying for a personal loan, it would not be wrong to say that availing the same is not an easy task. Yes, this credit facility comes easily to those who meet the required norms set by the various lenders. Talking about the norms, they are nothing but the eligibility norms set by the lenders. And, in order to enjoy a hassle-free journey, it is important that an applicant should meet these norms.
However, one thing that needs to be mentioned here is the fact that this unsecured credit facility can be availed by both salaried or self-employed. So, let’s just get into the detail by letting you know about the personal loan eligibility in the article below:
Eligibility Criteria for Salaried
Go through the points below to know more about the eligibility:
Take a look at the norms below to know more about the criteria for self-employed:
Credit History: If you are someone whose credit history is poor, there are higher chances that you might face the personal loan online application rejection. Yes, your three-digit numeric summary is also a part of the same and if your score gets hurt, the same will also reflect in your history. Basically, your history includes-defaults in loan/credit card, credit score, repayment history, etc. So, after checking all the details, it becomes easy for lenders to decide whether you are eligible to avail a loan or not.
As far as applying for this unsecured credit facility and grabbing the best personal loans deal is concerned, it would not be wrong to say that you can either apply online or go to an offline mode.
Online: Yes, you can either directly apply from a bank's website or you can approach many reliable lending apps/ sites to get the required funds. Applying online is easy and fast and within a few seconds, you can get the required funds.
Offline: As far as an offline mode is concerned, you can directly visit to a lender for the same as far as personal loan apply is concerned. Yes, visit the bank with all the required documents and submit the same successfully without any error so as to avoid the rejection.
However, one thing that needs to be mentioned here is the fact that this unsecured credit facility can be availed by both salaried or self-employed. So, let’s just get into the detail by letting you know about the personal loan eligibility in the article below:
Eligibility Criteria for Salaried
Go through the points below to know more about the eligibility:
- If you are a salaried employee, who wants to avail an online personal loan, your minimum age should be 21 years
- Talking about the maximum age, it should not be more than 58 years
- Apart from this, the minimum work experience also comes into the picture. Yes, an individual must have a minimum work experience of 1 year
- In the case of a salaried applicant, the minimum income of an applicant should be Rs.15,000 per month
Take a look at the norms below to know more about the criteria for self-employed:
- The minimum age of an applicant should be 24 years
- As far as maximum age is concerned, it should not be more than 65 years
- The minimum business stability required by a self-employed individual should be 3 years
- In the case of a self-employed, the minimum annual income of an applicant should be Rs.1 Lakh
Credit History: If you are someone whose credit history is poor, there are higher chances that you might face the personal loan online application rejection. Yes, your three-digit numeric summary is also a part of the same and if your score gets hurt, the same will also reflect in your history. Basically, your history includes-defaults in loan/credit card, credit score, repayment history, etc. So, after checking all the details, it becomes easy for lenders to decide whether you are eligible to avail a loan or not.
As far as applying for this unsecured credit facility and grabbing the best personal loans deal is concerned, it would not be wrong to say that you can either apply online or go to an offline mode.
Online: Yes, you can either directly apply from a bank's website or you can approach many reliable lending apps/ sites to get the required funds. Applying online is easy and fast and within a few seconds, you can get the required funds.
Offline: As far as an offline mode is concerned, you can directly visit to a lender for the same as far as personal loan apply is concerned. Yes, visit the bank with all the required documents and submit the same successfully without any error so as to avoid the rejection.
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