For security reasons, your session has been timed out. To continue, Please login.
A personal loan is an unsecured advance offered by both banks and NBFCs to any eligible individual. Personal Loans for Salaried class include people working in private or government enterprises and does Salaried Doctors working in health institutions, CAs working in companies, employees of Public listed and Private limited companies , MNCs, SMEs and Government Sector employees including public sector undertakings. Each bank has separate minimum criteria for income, age, employment type, credit score, job status, etc. You will need to meet these criteria in order to qualify for a personal loan.
The minimum age for getting a loan is 21 Years whereas the maximum is 60 Years.
For salaried individuals, timely and regular salary credit is important to get eligible for loan. Min. Rs. 20,000
2 years of total work experience. Some banks also give loans with 1 year of total experience. Tenure from the current company should not be less than 6 – 12 months
The CIBIL Score for a Personal Loan should be more than650 & more credit history. The more the Credit Score the more chance for getting a Loan
Monthly Income to get personal loan should be at least Rs. 25,000. However, some banks give loans to individuals with salary less than Rs. 25,000. Banks also follow different limit to calculate the ratio of fixed obligations to monthly income.
Suppose, your income is Rs. 25,000, then bank calculates your eligibility such that fixed obligations do not exceed 50% of your income. However, if your income is more than Rs. 35,000 per month, then banks will allow higher fixed obligations to income ratio of 65%, which means that your fixed expenses (including rent and other EMIs) can be up to 65% of your income to be eligible for a loan from a bank. Higher the income, better are the chances to get high loan amount.
You can improve your eligibility for personal loan by doing following things:
FundsTiger is an Online Lending Marketplace where you can search for and avail Fast and Easy loans from almost all the leading Banks and NBFCs. You can Apply for Loans with Best possible Rates of Interest and terms for Personal Loan, Business Loan , Home Loan and Car Refinance Loan.