Personal Loan Eligibility Criteria

Life is uncertain and an emergency fund requirement may arise without any warning. A sudden illness or an accident may leave you in want of liquidity. Applying for secured facilities like a loan against property is a long and cumbersome procedure and does not help to meet emergency fund requirements.

A personal loan is available instantly and does not require you to undergo a long and complex approval procedure. 

Eligibility for Personal Loans

The Bajaj Finance personal loan eligibility criteria are simple and easy to fulfill, allowing you to borrow up to INR 25 lakh to meet immediate fund requirements. Here are the basic criteria:

  • Age: Between 23 and 55 years

  • Employment: With a private or public company or working with a multinational company (MNC)

  • Residential status: Indian

  • Salary: Based on your location, a minimum net monthly salary must be between INR 25,000 and INR 35,000

Before you apply for a loan, a personal loan eligibility check is recommended. This ensures your application is not rejected, which adversely affects your credit score.

Prior to applying for this facility, you may also check if you qualify for a loan with a Personal Loan Eligibility Calculator on Finserv MARKETS.

How to improve Personal Loan Eligibility

To qualify for a loan, you are required to meet the online personal loan eligibility criteria. The following are a few pointers to increase your chances of availing a loan.

Maintain a high Credit Score

Generally, a CIBIL Score of 750 and above displays you as a responsible borrower, who paid their past payment dues on time. On the other hand, a lower score of 750 suggests that you have a substandard repayment record. This might lead you into paying a higher interest rate or even rejection of your loan application.

Clear your existing loans and credit card bills

Before applying for a personal loan, make sure that you reduce your existing outstanding debt as this will balance out your debt-to-income ratio. If you have multiple loans to repay, ensure that the combined EMIs does not exceed 50 percent of your income.

Include all your sources of income

Your income is one of the most important aspects of qualifying for a personal loan eligibility criteria. Your source of income is what assess your ability to repay the loan amount. So, it's important for you to showcase all of your income besides your salary.

Avoid multiple loan applications

When you apply for a personal loan, lenders run a check with the credit bureau to assess your default risk. Such inquiries are considered hard inquiries and are listed in your CIBIL report. Thus, when you apply for multiple loans simultaneously you might be seen as credit hungry.

Ensure that the bank you apply for a personal loan has minimum eligibility criteria to make the loan process much easier. Compare your available options wisely and make a final decision.

What is the eligibility for a personal loan?

  • The applicant should be a resident Indian aged between 23 and 55 years

  • Must be an employee at an MNC, public or private organization

You must have a regular and stable income.

Features of a Personal Loan

  • Quick and fast approval process enabling the money to be credited to your bank account within 24 hours

  • Minimal documentation required to ensure the entire procedure is completed without any hassles

  • Loan is available up to an amount of INR 25 lakh with repayment tenure between one and five years

  • Unsecured loans, ensuring you do not risk your personal assets to meet emergency fund requirements

  • Affordable rate of interest and no hidden charges makes the entire loan application procedure transparent

Lenders offer flexi personal loans that help to reduce your borrowing cost. With this option, you may procure approval for a higher loan amount and withdraw only the amount that is actually needed. The interest-only Equated Monthly Installment (EMI) facility requires you to service only the amount you actually withdraw, which may reduce your cost by as much as 45%. Moreover, you do not have to apply for multiple loans each time you need additional liquidity.

The borrowed amount may be used for any legal purpose without any limitation. With the money, you may go for your dream holiday, pay for your wedding, renovate your home, pay fees for higher education, meet medical emergencies, or use it for any other purpose. Apply for a personal loan today and overcome your financial crises.

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