While your income is a crucial factor, the surplus income remaining after paying EMIs is also important. However, if you apply for a higher loan amount, then the lender might ask you to pledge collateral. Your loan might get approved quickly in case you apply for a smaller loan amount. The loan amount you want to borrow is also an important factor for lenders.
Therefore, it’s essential for you to maintain a good credit history in order to avail a loan conveniently.
This will have a huge impact on your loan application. Any unpaid debt can lead your credit score to decrease. Your repayment history will also be checked by the lender. If you have a high credit score, then you can get a personal loan easily. One of the first things that a lender will check is your credit score. There are various factors that lenders consider when determining whether to offer a personal loan to an applicant. For self-employed individuals, the minimum annual income must be Rs. 15,000 per month (this is subject to change based on the loan amount you apply for). Generally, the lenders require salaried professionals to have a minimum salary of Rs. Income Income is an important factor that the lenders consider while approving personal loans as it reflects their repayment capacity. While younger applicants have better chances of getting a higher amount, the lenders have a limitation of the maximum amount they can grant for people more than 50 years. Age Most lenders in India require personal loan applicants to be at least 18 years and maximum of 60 years. If you are employed with a reputed corporate or a government organisation or are self-employed professionals like doctor, architect, or chartered accountant, lenders may perceive you as a safe borrower, and you have better chances of getting the loan approved. Employment History The lenders in India assess the employment history of personal applicants to determine income stability. If you have a higher score, you have better chances of getting your loan approved, and you may also apply for a higher amount. Typically, the lenders in India require personal loan applicants to have a minimum credit score of 700. However, most lenders in India have the following requirements: Credit Score The credit score reflects your repayment capacity and your past repayment records.
The eligibility criteria for personal loan differs from one lender to the other.
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