Personal loans, offered in an unsecured form, are actually advantageous for those who cannot obtain a large amount of gold or property as collateral. On the other hand, these loans have higher interest rates than secured loans. These loans are available to employees and the self-employed, and each loan application is slightly different. Personal loans for the self-employed are generally more valuable than loans for salaried worker.
You can acquire a personal loan by qualifying with preset eligibility criteria, which are minimal. The basic personal loans eligibility criteria are as follows.
Basic Eligibility Criteria for availing Personal Loans:
Age - Your age becomes an important criterion as a measure of your ability to repay a Personal Loan. As a rule, you will not be denied a loan if you are a salaried person aged between 21 to 58 years.
On the other hand, if you are a self-employed professional, your age must be between 25 to 65 years.
Employment - Your term or period of employment becomes a measure of your reliability to repay a loan in time. Personal loans for salaried employees’ criterion dictates that you must be working for an MNC or a Private or Public Limited Company with a minimum work experience of 2 to 3 years. Likewise, self-employed professionals must have a minimum of 3 years of experience for personal loans eligibility.
Income - The minimum salary required for a personal loan as an income criterion for eligibility differs from lender to lender. Your personal loan minimum salary starts from Rs. 20,000 per month.
Credit Score - Lenders assess your creditworthiness or ability to repay a personal loan by accessing your credit score, which derives from your credit history in your credit report. Your credit score affects the loan amount, period of credit, interest rate, and terms that you are offered.
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