Life is uncertain and anything can happen anytime. While there is nothing you can do to prevent these hard times, you can certainly find help to tide you over the crisis. Have you found yourself battling a financial crunch? Or faced the prospect of job loss and didn’t know what to do? Or perhaps, you might need a considerable amount of money to fund your child’s wedding or higher education. Whatever the need be, a personal loan could be the answer. It could be a blessing when you have an urgent requirement for money and have no other source to turn to.
A personal loan is an unsecured loan which doesn’t require any collateral. It comes with zero restrictions on how you can spend the money. If you have an urgent need for money, and have a specific plan on how to repay it diligently and consistently, then a personal loan is a possible choice.
Am I Eligible?
In order to be eligible for a personal loan, you need to be
• A salaried employee or a self-employed individual/professional.
• Able to satisfy the minimum and maximum age prerequisite
• Fulfill the income requirements and be able to demonstrate a stable income and employment history
Personal Loan Eligibility
Different lenders have different eligibility criteria. Following factors are taken into account when you apply for a personal loan with any lender:
• Your age
• Your net annual income
• Your credit score and borrowing history
• Your repayment capacity
• Your relationship with the bank
For example, in order to be eligible for a personal loan from ICICI Bank, you need to be at least 23 years if you are salaried and at least 28 years (25 years for doctors) if you are self-employed.
To be eligible for a personal loan from IndusInd bank, you need to be at least 21 years old if you are salaried with at least 2 years of work experience, and at least 25 years old if you are self-employed.
How Do I Check My Personal Loan Eligibility?
Checking the eligibility for a personal loan has been made easier, thanks to the convenience of online eligibility calculators. Many lenders nowadays have an eligibility tool on their website so that prospective applicants can check if they qualify for a loan before they decide to apply.
Another major factor that needs to be considered when taking a personal loan is calculating your potential EMIs. If you want a simple and hassle-free way of calculating your likely EMI amount, you can use CreditMantri’s online Personal Loan EMI Calculator - it is easy, simple and above all, free to use. It gives you quick and accurate results and you can use it any number of times with different combinations of loan amount, interest rate and tenure to calculate your monthly EMIs. Knowing what your monthly outflow will be will help you decide what kind of loan amount you can afford. This way, you can even guesstimate whether you will be eligible for a personal loan, as lenders also look at your probable EMIs and calculate your repayment capacity in relation to your income.
If you think you need help in assessing the various loan offers on the market, and advice on personal loan eligibility, CreditMantri can guide you through the entire process and match you up with the loan offer that best suits your credit profile and needs.