Apart from the eligibility criteria there ate a lot of factors that affect or influence your loan application with the bank but mainly the minimum salary expectation and your loan amount eligibility.
The location of the place where you stay will play always an important role in your loan application. This infers the minimum salary amount for you that it takes to be eligible for a personal loan. The minimum salary will be higher in the cities and more so in the case of metropolitan cities like Mumbai.
The higher the income the adequate loan amount you will get for all kinds of needs. This also shows that your repayment ability is outstanding.
The housing situation whether you live in your own house or renting a property also plays a part in determining your loan amount. This is because keeping up in a rental property will reduce the disposable income, which means that your repayable capacity will also be reduced.
The company that you are employed for or working for a reputed company for close to a year could demonstrate to the lender that you are in a safe job, the adequately the rating of the company the decent the personal loan interest rate can be intervened by the Oriental Bank for a personal loan.
The Existing credit plays an equally important factor to decide If you already have some other loan or credit card debt will play a crucial factor in deducing your loan amount and interest rate. Your credit history is based on which your credit score is calculated and is very crucial. It is a foremost factor upon which the loan amount, interest rate, and tenure would rely upon. In case it there is any difference in your credit history, there are chances of your loan being dismissed fully.
