Personal Loan Eligibility Calculator – Unveiling the Essential Facts

Are you planning to apply for a personal loan and wish to check the ideal eligibility criteria? If yes, you have landed at a right platform. Due to persistent progress in the functioning of private and government banks, applying for a personal loan have become easier. Almost every bank makes it a point to simplify the loan sanctioning process for common man. As a result, the terms, conditions and eligibility measures of a personal loan have become much more accessible.

Here is the list of important eligibility conditions for a successful personal loan application:

Your Monthly Income Matters: It is a fact that applying for a personal is much easier for candidate who fall under “high salary” squad. Banks and other financial institutions give more preference to people who are working with reputed companies and earing decent salary packages. A good salary increases the chances of getting a higher loan amount and helps backing the credit score at the same time.Positive Credit History Leads to Easy Loan Approval: It is mandatory to have a CIBIL score more than 750 in order to get your personal loan sanctioned. Having a positive credit history is considered to be one of the most important eligibility conditions for the lender. Thus, make sure you have cleared all your past EMI’s before applying for fresh loan. Other than this, people with a low CIBIL score can give it try to get gold loan rather than other applying for other finances.Good Repayment Capability is Essential: Before sanctioning your finances, banks like to verify your previous repayment records. Banks also look for the details of your basic monthly expenses and how much money you have reserved for paying the EMI post your necessary expenditures. If they find it alright, personal loan gets approved easily.Additional Factors: As per the decided by most of the banks, the minimum age limit to apply for a loan is 21 years and the maximum is 65 years. Your monthly income should be around 20,000 for a hassle free approval. Other than this, the borrower should have a work experience of more than 3 years to become eligible for a personal loan.

Documents Required for Loan Application

Identity proof (voter ID, Passport etc.)Educational certificatesAn application formPassport size photographsAddress proof (ID card, adhaar card, passport, driving licence etc.)Income proof (current salary slip, bank statement, last three month income records, passbook)Income tax records (for self-employed/businessmen)