If you are looking for quick approval of personal loans, it is a must to check your Personal loan eligibility before applying to avoid facing any drawbacks of loan rejections. Your loan eligibility depends on various factors including age, monthly income, and employment type.
Factors based on which you can get qualify of getting quick loans online are:
Age:
Your age is indicative of your financial stability. You start working in your 20s and by the time you turn 30, you would have five or six years of work experience.
Credit history:
To improve your chances of getting a personal loan, it is advisable to have a credit score of over 750. The interest rate, tenure, and loan amount you can borrow will depend on this factor.
Income:
Your income represents your repayment capacity. The lender assesses your creditworthiness in the backdrop of existing debt obligations, dependents, source, and duration. Higher will be your income, the higher the loan amount you will be eligible for financial institutions.
Existing Credit:
In case you have availed of another personal loan, your chances of getting a new loan will be lower than if you have no other credit to repay.
By using the personal loan eligibility calculator, you can choose the loan amount wisely. It is one of the best ways to know the maximum loan amount you can avail of based on your income and ability to repay. The best part about using the eligibility calculator on our page is that after checking your eligibility, it also lets you apply for a personal loan online to get instant approval as you upload the scanned documents.
How to use the personal loan eligibility check calculator
- Click on the ‘Personal Loan’ section available on the lender’s website.
- After that, you need to fill in the required details as a first step to knowing your eligibility for a Personal Loan.
- Need to fill in details such as name, e-mail address, residence, employment type, name of the current company, monthly-in-hand salary, and contact details. After filling in the details, you will get an OTP on your registered mobile number to verify the contact details. Once the contact details get verified by providing the required OTP.
- Once you put the OTP on your application, the lender shares with you another list which includes details to be mentioned are Gender, Date of Birth, PAN, the mode you are getting a salary, PAN Number, Current residential address, Locality, and City and State which you belong.
Once you fill the above-required details, you get to know your Personal loan eligibility along with the best loan offers after checking your credit score and credit history.
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