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Here’s why it is important to check your personal loan eligibility

When compared to secured loans offered by most banks, online unsecured loans are much easier to get.

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Here’s why it is important to check your personal loan eligibility

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  1. Here’s why it is important to check your personal loan eligibility When compared to secured loans offered by most banks, online unsecured loans are much easier to get. These types of loans do not require you to pledge any of your assets to avail of a loan. Moreover, these are short-term, small loans that can be availed with no paperwork. All you need to do is upload a few KYC documents on the app while applying for the loan for verification purposes. Plus the interest rates offered are quite reasonable. These are a few of the many reasons why online loan apps are gaining popularity these days. But, before you download any loan app for your borrowings, it is important to check your personal loan eligibility. Here’s why; 1.Some lenders have age criteria Generally, some of the loan apps have an age criterion for providing loans to individuals. They usually allow people aged anywhere between 22 years to 59 years to avail of a loan through them. This makes it easy for the working-age population to avail of loans in times of emergency. Make sure to check the age category set by the potential lenders before going ahead with the loan process. With thorough research, you might find a loan app where you qualify to take a loan. 2.Some lenders offer loans to only earning professionals Some of the best loan apps have simple personal loan eligibility requirements. They usually require proof of income from the borrowers to analyse whether or not they will be able to manage and repay the loan easily. If you do your research well, you may come across loan apps that offer funds to people who have a minimum monthly income of about Rs. 10,000. This makes it easy for young blooming professionals to avail of a loan to manage their sudden expenses. Moreover, even students who juggle between their

  2. studies and internships or part-time jobs can benefit from such loans. Hence, check what is the minimum income requirement of the loan provider you are planning to choose for your borrowings. 3.Lenders require you to upload a few documents There are a few documents that you are required to upload to avail of a loan online. These documents generally include your address proof, identity proof and income proof. If you are unable to provide any of the documents required by your lender, then your loan required might get rejected. So, before you shortlist a loan app, check the personal loan eligibility criteria before your move ahead with the app’s loan process. Choose the app that offers you loans by accepting the documents that are easily available to you. Documents like PAN card, Aadhaar card, and photograph are generally asked by the lender. 4.Some lenders look at your credit history While many lenders look at your credit history before sanctioning your loan, some of the best loan apps do not check your credit score. This makes it easy for those who have never taken a loan before and thus, have a zero credit score. Hence, look around for loan apps that do not check your credit history making it easier for you to avail of a loan.

  3. It is always advisable to check an app’s personal loan eligibility criteria before opting for one. This way, you will save yourself from the hassle of getting your loan rejected. We hope this article has been helpful for you. Take care!

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