Eligibility Criteria and Required Documents To For Personal Loan

1. Eligibility Criteria and Documents Required ToApply ForAPersonal Loan • A personal Loan is a convenient and hassle-free tool to arrange quick finances in the hour of need. You can use PersonalLoanforavarietyofpurposes,suchas tacklingamedicalemergency,buyingcostlyappliances, renovatingyourhouse,meetingyourweddingexpenses,andfunding yourfamily vacation, among others. • Whileconsumers'increasedattentiontotheirfinancial well-beinghasmade iteasierforborrowerstobe • authorized, there are still some conditions that must be completed as part of the Personal Loan eligibility criteriabefore applyingforaPersonalLoan.BeforeapplyingforaPersonalLoanwithalender,youshould checkwhetheryouareeligibleforitornot.The eligibilitycriteriaforaPersonalLoanvaryfromlenderto lenderandareusuallydependentupontheage,annual income,cityof residence,credithistory, and credit scoreoftheborrower. • Thisarticlewilltellyouaboutthe basic eligibilityrequirementsforaminimumPersonalLoanamount.We willalso tellyouhowtoavailofaPersonal Loanonlineandthedocumentsrequiredforthesame. • Eligibility criteria forPersonalLoan • Asmentionedabove,theeligibilitycriteriatoget aPersonal Loanvariesfromlendertolender.Beloware somecommonfactorsthateverylendinginstitutionlooksat beforeapprovingPersonalLoanapplications: • Age • The ageoftheborroweriscrucialinassessingPersonalLoaneligibilitysince itdemonstratestheborrower's potential to earn and repay the loan amount within the stipulated period. Lenders usually prefer to provide Personal Loans to borrowers who are aged between 22 and 58 years. People below or above this age bracket usually donothave aregularsourceofincomeand hence,may finditdifficulttorepayloans. However,some lendersprovidePersonal Loanstoseniorcitizensas well,withsomeridersorpre-conditions • AnnualIncome • Theannual incomeofaborroweris animportantparameterwhenit comes tohis/herPersonal Loaneligibility. PersonalLoaneligibilityislargelydeterminedbyaborrower'sincome.Thehigheryoursalary,themore likely youaretoget approvedforaPersonalLoan.Usually,thelendersaskforamonthlyincomeofatleast ?25,000 permonthtoprovidePersonal Loans.The reasonbehindthisisthat anindividual shouldhave sufficient incomeorfundssothat he/shecanrepaytheminimum PersonalLoanamountontime. • Creditscore • The credit scoreof theborrowerisanothercrucial thingthatdecideshis/hereligibilitytoavailofPersonal Loans.Thehigherthecredit score,themorelikelytheloanwill beaccepted.The creditscoreofapersonis calculatedafterconsideringseveralfactors,includinghis/herannualincome,activeloanaccounts,historyof loanrepayments,andcreditutilizationratio.Lendersusuallyrequire acreditscoreof750orabove toapprove PersonalLoanapplications. • Historyof credit/debt • Moredebts/credits inthepast havehurtthecreditworthiness oftheborrower.Asaresult,credithistoryplaysa significant roleintheloanapproval procedure. • Cityofresidence • The locationorcityinwhichaborrowerresidesalsoimpactshis/hereligibilitytoavail ofPersonal Loans.It’s becausethosewholiveinTierIormetropolitancitiesusuallyincurhigherlivingexpensesthanthoselivingin

2. TierIIorTierIIIcities.Therefore,lendershavedifferenteligibilityrequirementsforpeople belongingto differentlocations. • Employer/organization • Theorganization/individualwithwhomthe borrowerisemployedisalsoasignificantelement inassessing yourPersonalLoaneligibility.Forexample,ifyouworkforareputableandwell-establishedcompany,your chancesofgettingauthorizedforaPersonal Loanarefarhigherthanifyou workforastartup. • Howto check yourPersonalLoaneligibility? • CheckingyourPersonalLoaneligibilityissimple.Youcan directlyvisityourpreferredlender’soffice and inquireabouttheeligibilitycriteriaforPersonalLoans.Alternatively,youcanvisitthelender’swebsiteand checkthePersonalLoaneligibilityrequirementyourself.YoucanalsouseanonlinePersonal Loaneligibility calculatortocheckwhetheryoucanavail PersonalLoanfromalenderornot. • Howto availof a PersonalLoan? • Availingof aPersonal Loaniseasyand hassle-free.Allyouneedto doisvisityourpreferredlender’soffice withtherequireddocumentsandapplyforaPersonalLoan.Alternatively,youcanvisitthelender’swebsite to apply for a Personal Loan CAonline. For this, you need to fill up a simple online application form and uploadtherequired documents. • Belowarethedocuments required foravailing ofaPersonalLoan: • ProofofResidencesuchasAadharcard,VoterIDCard, Passport • ProofofIdentitysuchasPAN card,Rationcard • Salaryslipsorbankstatements • ITReturndocuments • YouremployeeIDcardorbusinessauthorizationletter • ToConclude, • It’s important to check your eligibility before you apply for a Personal Loan with any lending institution. Rejectionofyourloanapplicationcanadverselyimpactyourcreditscore.Ifyoufeel that youare notyet eligible to avail of a minimum Personal Loan amount, you should wait and take steps to improve your eligibilitybeforeapplyingforit. • PoonawallaFincorpprovidesPersonal Loanswitheasy eligibilitycriteriaandminimumdocumentation.Ifyou • wanttolearnaboutwhatistheminimumpersonalloan amountyoucancallusonourtoll-freenumber 1800-266-3201 orwritetous at customercare@poonawallafincorp.comto knowmore. • ReferenceLink-https://poonawallafincorp.com/blogs/check-eligibility-criteria-for-personal-loan.php