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A personal loan is an unsecured loan which means that collateral is not required to avail a loan, which is provided by most banks and Non-Banking Financial Companies (NBFCs) like Bank of Maharashtra. This is a high-risk loan on the part of the bank or NBFC, due to which interest rates on these loans would be higher than secured loans. But it is also important to note than an unsecured personal is a multipurpose loan and is ideal for immediate cash requirements such as medical emergencies, personal expenses, travel etc., from the reasons we can see that this is for immediate needs and it is important not to get rejected on a personal loan.
This is the reason why it is best to know the eligibility criteria and the factors that affect your loan application to make sure that your loan doesn’t get rejected as each time your loan is rejected it will adversely affect your credit score. If your credit score reduces a lot, it will become very difficult to get a loan or the loan will be of very high interest rate.
Most banks have strict eligibility criteria which depends on applicants age, location, salary, company of employment, marital status, credit score etc. The ideal customer for the banks is a person with a credit score of at least 750 whom they consider extremely “bankable”.
The lender will also fix your loan maximum and minimum based on your repayment capacity calculated based on your disposable income . It is best to know all these factors before applying for a loan so that your application is not rejected, and you get the best loan offer possible .
There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
|Age||Minimum 21 years|
|Maximum 65 years|
|Employment Type||Salaried or Self-employed|
|Employment status||Employed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business|
|Minimum Income||Rs.4000 – Rs.20000 per month (Varies according to area, which is higher in cities)|
|Maximum Loan Amount||Rs.70 lakhs (Based on your repayment capability)|
|Tenure||Minimum – 6 months|
|Maximum – 60 months|
|Credit Score||Preferred 750|
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank. Click here for more information.
There are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are
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