The process of applying for a personal loan can be nerve-wracking. It can even be more so for those who are doing it for the first time around. The thing that worries borrowers the most is personal loan eligibility criteria. Since every lender has a different set of guidelines, it becomes difficult for people to narrow down on such requirements.
However, there are certain things that every lender would check to make sure that you meet their personal loan eligibility criteria. To give you a better idea of what these things are, here is a list that we have put together.
1. Employment status
The first thing that a lender checks to know your personal loan eligibility criteria is your employment status. You can easily check your loan eligibility using a personal loan eligibility calculator. This simply means that the financing firm will see whether you are an employed individual or not. It is done to make sure that you have a sturdy source of income.
2. Repayment history
If you are someone who has borrowed a loan in the past, then your repayment history can also be a crucial point. This allows the lender to check your profile against their personal loan eligibility criteria so that they know if you have repaid all your loans in the past. Without this, a personal loan application cannot be processed further.
3. Employment experience
The overall experience that you have of employment is another thing that has importance when it comes to personal loan eligibility criteria. The more experience you have, the better chances are there of you getting a personal loan. It is because the lender is able to identify you as a stable working individual.
4. CIBIL Score
The other thing which can prove to be quite essential for lenders while checking personal loan eligibility criteria is your CIBIL Score. Credit Score proves to be a profile benchmark for borrowers and can also help you get a low personal loan interest rate. Besides, it can even prompt personal loan instant approval for many borrowers.
The age of the borrower is another point which is verified by the lenders when it comes to personal loan eligibility criteria. There is a certain minimum age bracket that you need to follow before you can apply for a personal loan. The rule is created in such a way so that you are able to have a decent work profile before being able to borrow financing services.
The next thing on our list of personal loan eligibility criteria that the lender considers is your overall income. Apart from your monthly salary, there might be other income sources as well. These also need to be disclosed to the lender, so they can make sure that you have adequate funds to repay the loan EMI in the future, and deal with monthly EMIs.
7. Employer category
The last point that every lender considers for personal loan eligibility criteria is your employer’s category. Depending on the size and reputation of the company that you work for, your employers are categorised. The better the company is, the more chances are for their employees to get an instant personal loan.
Bajaj Finserv is known to offer pre-approved deals for services like home loan, business loan, personal loan, and EMI credit. Borrowers can use these deals to make the loan processing hassle-free and less time-consuming.
To view your pre-approved loan offers, you can start by submitting basic personal information like name and mobile number.