- Your monthly income
While your monthly income is important for all types of loans, you are often secured with security or collateral in the form of secured loans such as Home Loan, Car Loan, or Gold Loan, which is not a Personal Loan. The lender may need to make sure that you have enough money for the month, which will definitely allow you to repay the loan on time. Funding requirements also vary from place to place. It is usually higher in major cities such as Mumbai, Delhi, and Bengaluru as the cost of living in these cities is high.
- Your debt
Credit points are numbered three based on your credit history. In other words, it allows the lender to understand how hard you have worked on loans such as loans and credit cards in the past. For example, many lenders in India rely on CIBIL points, which range from 300 to 900. The higher the points you have, the better the chances you have of getting a loan.
Generally, lenders select applicants with 700 CIBIL points or more. If your score for CIBIL is less than 700, you should first try to improve your credit score before applying for a loan to meet the eligibility of a Personal Loan to a lender.
- Your age
Your age helps the lender make sure you have a sufficient number of years of work left. In most cases, lenders prefer paid applicants between the ages of 23 and 58.
For self-employed and non-professional employees, the appropriate age range is between 28 and a maximum of 65 years. As mostly people under this category are self-employed, they can continue to work even after the normal retirement age of 55-58 years. Therefore, the maximum age limit is 65 years.
- Your work experience
Applicants with more work experience are generally considered to be financially secure compared to someone who has just started working. A little experience can vary depending on the lender you choose, your job, and other things. However, looking at the table below will help you understand what is considered attractive by many banks when applying for a loan.
- Your current debts
The last important aspect of a personal loan application process is your current loans. If you are already paying off an existing loan, such as Home Loan, Education Loan, etc. The lender would like to know more about that.
With this, the lender will want to make sure that you have enough money to pay off your existing debts and a new Personal Loan that you plan to take out.
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