If you are looking to buy a two-wheeler with a personal loan, there are certain eligibility criteria that you must meet to get the loan approved.
Eligibility criteria for a personal loan:
Generally, to apply for a personal loan, a salaried individual must be aged between 21 years and 60 years, whereas for a self-employed individual, the age criterion is 25 years to 65 years. Age is important as the bank checks to see how much longer you will be earning so that they can check to see your repayment capability based on the same.
To apply for a personal loan, one must either be a salaried individual or self-employed individual. It is very hard for someone who is unemployed to get a personal loan. A salaried individual must have a minimum of 2 years of work experience and 1 year of experience with the current company he/she is working for. For a self-employed individual, 5 years of work experience in the current business is essential.
For a personal loan, one must have a minimum net income of at least Rs.15,000. In metropolitan cities like Mumbai, Delhi, Chennai, Pune, Bangalore, etc., a minimum net income of at least Rs.20,000 is required to be eligible for a personal loan.
4 Credit score:
A good credit score is very important for a personal loan as it is an unsecured loan. The lender will evaluate the riskiness of lending to the individual based on his/her credit score. This three-digit number puts forward one’s creditworthiness to the lender and the better one’s credit score, the higher the change of getting the personal loan approved.
If one is working for a reputed organisation that is listed with the bank one is borrowing from, then the chances of getting the loan approved are very high. The interest rates are also comparatively lower as the bank will assess the company’s reputation and will consider the borrower a financially stable employee.
Some of these criteria can vary slightly from lender to lender, so it is always best to check the eligibility criteria of the lender you plan to borrow from.
To apply for a personal loan, click here.