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Factors Affecting the Eligibility of a Personal Loan

• Credit Score: This is the most crucial eligibility factor. A credit score of 700 or above is typically considered a good score for personal loans. The better your credit score, the higher your chances of getting a loan online.
• Income: People with higher incomes are more eligible for a higher loan amount than those who have low incomes.
• Employment: Employees of listed companies, Central and State Governments, and public sector undertakings are eligible for a higher amount.
• Work Continuity: You should be a long-term employee of your current organisation. In case you are self-employed, the continuity of business and income is the most critical.
• Age of the Borrower: The minimum age requirement is 19 years. Banks have their criteria for deciding the maximum age limit. In most cases, your age at the end of the repayment period should not exceed 65 years.
• Loan Amount: Applying for a loan amount that you can service comfortably makes you more eligible for a personal loan and improves your chances of approval.

How to Apply for a Personal Loan

• Compare and apply
• Fill up a registration form with the necessary details
• Get the latest personal loan offers and choose from them.
• Apply for the loan plan that you have chosen.
• Fill up a simple form online
• Provide necessary personal loan document.

Once the application form is received, you will be contacted by the Bank’s representatives.

Points to Keep in Mind Before Taking a Personal Loan

• Keep your credit score high: A credit score represents your creditworthiness based on your past repayment history. Try to repay your existing debts on time and regularly. Clear your existing loan before applying for a new loan. This will improve your credit score. To avail a personal loan you should have a good credit score (preferably 700 or above).
• Compare all the offers before application: Make sure you compare the interest rates, eligibility, and other features of all personal loan options available for you before applying for a loan. This will ensure you get the low-interest rate personal loan and the best available deal.
• Assess the entire cost: Before finalising the deal make sure you have assessed the entire cost of your loan, including interest rates, processing fees, prepayment charges, and so on.
• Analyse your needs: Don't take a personal loan to fulfill any of your fancy. Remember that it's only you who is going to repay the loan and that too with an added interest. Consider borrowing a personal loan to finance your needs and not your wants.
• Evaluate your repayment capacity: Before borrowing, evaluate how capable you are for its repayment. Make sure your income is enough to repay EMIs each month for a few years without creating any financial burden.
• Don't fall for fake offers: All that glitters is not gold. Someone may offer you a concession on the interest rate on online loans but can trick you with other additional costs, making your instant loan a more expensive deal.
• Minimum Loan Amount: ₹10,000 Maximum Loan Amount: ₹75,00,000 Maximum Annual Percentage Rate(APR): 24% (This is the highest possible APR, including interest and all applicable fees). Loan Tenure: 12 to 60 months Representative Example: For a ₹1,00,000 loan at 15% APR for 36 months, the total cost of the loan would be ₹1,40,000 (including principal and interest).