4 Parameters That Lenders Check Before Your Loan Request Approval

personal loan application form

Are you going to apply for a personal loan? You can fill a personal loan application form online these days and get quick approval.

The availability of personal loans online facility has helped many borrowers to apply for it from their own comforts. They don’t need to visit lenders physically anymore and waste their time and efforts.

In today’s time, a large number of people apply for a personal loan as the entire application to approval to disbursement procedures has become online. As a result, you can get a loan online to fund your multiple needs. Filling a personal loan application form can help you get up to Rs.25 lakh at a reasonable rate of interest.

However, you can’t go ahead and apply for personal loans online without assessing some factors. These are nothing but vital factors relating to personal loan eligibility criteria that can make or mar your approval chances. Hence, you should go through them at once to enhance your chances of loan approval. Read on and know more!

Aspects That Lenders Check Before Personal Loan Approval

1)    Your CIBIL Score

A healthy credit score of over 750 can improve the personal loan interest rates and approval chances. Having a high CIBIL score means that you have repaid the existing and previous loan EMI and credit card outstanding. You can be trusted by lenders as far as repayments are concerned. As a token of acknowledgement, lenders may not only sanction the loan application but even at a lower rate of interest.

2)    Your income

Are you earning enough that you can easily take the burden of repaying the personal loan? It is another factor that a lender will check while processing your personal loan application form. Hence, ensure that you are earning enough to support the loan EMI payments without defaults. You can also use a personal loan EMI calculator to know an exact EMI amount that your current income can support. As a result, you can make prior arrangements in your monthly budget so that you can easily accommodate the EMIs.

3)    Your employment status

Just like your income, even your employment status is equally vital. When you are employed with an MNC, private or a public limited company, a borrower considers you reliable. Hence, if you are employed consistently, then a lender may not take time to process the personal loan application form quickly.

4)    Your age

The younger you are at the time of filing the personal loan application form, the higher loan amount you can get from a lender. It is because you have more workable years left which means that you won’t find issues in the repayment. On the other hand, a person in his/her 40s may get loan approval for a lower amount due to fewer workable years. Therefore, your age is one of the vital criteria that lenders consider while processing the loan request. Most of the lenders award personal loans online facility to people in the range of 23-55 years.

Other than the discussed factors that lenders consider while processing personal loan requests, have a look at the loan eligibility and documents that are vital as well.

Personal Loan Eligibility Criteria That You Should Meet

Here is some personal loan eligibility criteria that you need to meet along with some key documents that you need to furnish:

  • You need to be a citizen of India
  • You should be working for an MNC, private, or a public limited company
  • You should be aged between 23 and 55 years of age
  • KYC documents
  • Employee ID Card
  • Previous two months’ Salary Slips
  • Salaried bank account statement for the last 3 months

How to Apply For Personal Loans Online in India?

A personal loan application process is online these days which does not take much longer to be processed, approved and disbursed. Have a look at some easy steps to get a loan online:

  • Go to a lender’s website, personal loan section and click on the personal loan application form.
  • Fill in your personal, employment and financial details.
  • Select a loan amount that you wish to avail and tenor that you want to repay to enjoy an approval within minutes.
  • Arrange the documents required for personal loans and submit the same to the lender’s representative, who will contact you soon.
  • Get the desired personal loan amount disbursed into your bank account within 24 hours of approval

What are you still waiting for? Check your personal loan eligibility today and apply for the loan online right away!

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