Get An instant personal loan not just for improving your lifestyle or for financing large purchases but can be a big help during difficult times or when you need money instantly. These loans are easier to get and the application and approval process is very short and quick.
Let’s discuss some of the key factors that affects your personal loan eligibility:
- Monthly Income - Lenders ensure that you have enough monthly income so that the repayment can be made on time as personal loans are insecure. The income is based on location & City. For Small cities the income criteria is lesser as the cost of living of such cities are not very much.
- Credit Score - Past credit behaviour, how diligently you will pay back the loan & credit worthiness is indicated by your Credit score. Lenders prefer the credit score above 750 for approving the personal loan.
- Your Age - You must be at least 21 to apply for a Personal loan. And maximum of 65 by the time of loan maturity or completion of repayment tenure.
- Work Experience - Lenders prefer giving personal loans to the people who have at least one year of Work Experience.
- Debt-income-Ratio - It is the percentage of income that goes towards servicing the loan. A higher debt to income ratio indicates a large part of income is going towards loan repayment and the chances of default are higher in case of a new loan being availed. Therefore, the applicants who have very low monthly obligations in the form of EMIs or credit card bills are more likely to get quick loan approval and lower interest rates.
A personal loan significantly eases your financial burden and helps to keep up with the pace of life. They are an attractive option, when you need money urgently and come with affordable and transparent terms and conditions. Apply today to avail Personal Loan starting at the least interest rate.