Indians use personal loans for all types of expenses, be it to fund elaborate weddings, cover the travel costs or tackle emergencies. This is because lenders have simplified the loan acquisition process and you can apply for a loan in just a few clicks. Moreover, you can access, ample funding with ease thanks to lenient personal loan eligibility criteria.
In fact, Bajaj Finserv loan eligibility requirements are the perfect example of this. In order to qualify for a Personal Loan, you need to be at least 23 years old but not more than 55 years of age. Apart from this, you must reside in India, maintain employment at a recognized organization and earn the required minimum income. Meeting these simple criteria qualifies you for this unsecured loan.
While it is easy to meet the minimum requirements, there are other factors that affect your loan approval. Here are the elements of your financial profile that a lender considers while evaluating your eligibility for a personal loan.
Use The Personal Loan Eligibility Calculator
The personal loan eligibility calculator is an exceptionally helpful online tool that accurately tells you whether you are eligible for a loan. In some cases, it also tells you how much you can borrow. All you need to do is enter your city, date of birth, monthly income and monthly expenses. The calculator will automatically compute the result and allow you to apply immediately too.
More Read: What Are The Documents Required For Personal Loan Application.
Current Monthly Income
Your monthly income plays a crucial role in qualifying you for a loan because it directly indicates your repayment capability. This is why lenders have a minimum monthly earning requirement that you must meet in order to qualify for a loan. For most lenders, this minimum amount depends on the city of residence. For example, to apply for a Personal Loan in Mumbai, you need to earn a minimum of Rs.35, 000 per month. However, the minimum amount for Goa is Rs.25
A personal loan is an unsecured offering, so your credit score is of key importance to lenders. It indicates your
Existing Debt and Repayment Capability
Your current debt-to-income ratio is an important element that lenders consider before approving a loan, and you should aim to keep it below 30% when applying for a new loan. Any higher and too much of your monthly income will go towards servicing debt, leaving you with insufficient funds for monthly expenses. When lenders see a high DTI ratio, they are led to believe that your income is stretched thin and that you may default on loan repayment. As a result, you may not be eligible or you may qualify for a much lower amount.
Now that you’re aware of the important elements, take the time to make amends wherever necessary. Furthermore, lenders have also made a provision for you to check your eligibility beforehand. Here are the options you can employ to do so.
Visit The Lender’s Branch or Website
An easy way method is to visit the lender’s branch or website and check the eligibility requirements. To make the process smooth, lenders generally mention these details clearly. On the other hand, you can also call the lender’s helpline number to know more about the loan.
It is important to check your eligibility before applying for an online loan to avoid rejections that can mar your credit score. In this regard, it also helps to opt for a lender that has relaxed criteria, as you can use this to your advantage to get the funding you need at a suitable rate. The Bajaj Finserv Personal Loan is one such option that has lenient, easy-to-meet eligibility criteria as well as instant approval and same-day disbursal. Furthermore, you can opt for a flexible tenor ranging between 12 and 60 months to simplify repayment.
To access this loan via a tailored deal, be sure to check your pre-approved offer when you apply.