Mumbai is the economic capital of India and is at the center of all major economic activities in the city. As a result, top-notch financial service providers provide top-notch offers to the eligible citizens of the city.
Personal loan in Mumbai is one of the offers that are selling like hot cakes. A quick personal loan in Mumbai is easy to apply for, the amount you can borrow is high and much more. If you live in Mumbai and want to know how much you would get if you apply for a small personal loan here, then this article will help you know everything.
Personal Loan in Mumbai — Features and Benefits
The instant personal loan facility in Mumbai is loaded with so many attractive features and benefits that it can help you meet your urgent and other needs.
Medical Emergency - Emergency personal loan to cover incidental and unforeseen expenses.
Travel Loan - Personal travel loan to cover holiday or vacation expenses.
Wedding Loan - Meet wedding expenses with a personal wedding loan for a special occasion
Debt Consolidation - Pay off old debts and reduce interest payments with a personal debt restructuring loan
Home Renovation - Personal loans for home improvements to upgrade and improve your home.
Education Loan - Get higher education with a Personal Education Loan to cover your expenses.
Personal Loan in Mumbai — Eligibility Criteria
The term loan eligibility refers to your assets or ability to qualify for a personal loan from a bank or NBFC. Lenders use the eligibility criteria as a benchmark to decide on the amount of money to borrow based on your financial credentials such as your income, other obligations, an additional source of income, etc. depending on your age, which determines the duration of your personal loan. Income and age are not the only criteria for determining eligibility for a loan. Combinations of other factors, such as your employment, CIBIL score, etc., are also used to determine your personal loan eligibility.
The required eligibility criteria are listed below:
Your age is an important measure of your ability to repay a personal loan. As a general rule, you can avail the facility of a personal loan if you are aged between 21 and 60.
If you a salaried individual, you are eligible for a personal loan.The period of your employment is a measure of your credibility to repay your loan on time. Personal loans for salaried employees states that they should be working for a multinational corporation, private or public limited company with at least 2–3 of work experience.
The minimum wage or income required for a personal loan to qualify is different for each borrower. As a person with a salary you must have a minimum wage of Rs. 15,000 per month.
Lenders access credit scores derived from the credit history of credit reports to assess the ability or creditworthiness of a personal loan. Your credit score affects the loan amount, credit period, interest rates, and terms offered. The credit score (CIBIL) must be 650 or higher.
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