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Personal Loan Eligibility – Things to know!

A personal loan is an incredible financial tool in managing your cash flows available these days and works as a driving force in putting your plan into actions.

If you want to avail a loan, you must first check your personal loan eligibility with the help of a online eligibility calculator.

How do you Check Personal Loan Eligibility?

Personal loan eligib ility is generally very simple to understand. Lenders need some information from loan applicants such as:

  • Date of birth
  • Current city/house
  • Employer or company name
  • Net salary
  • Combined monthly loan EMIs
  • Combined outstanding debt on credit card
  • Information on whether you have a home loan or not

That’s all! You can now find out whether you are eligible for a personal loan with a personal loan eligibility calculator.

Depending on your details on the personal loan eligibility calculator, you can get a personal loan up to Rs 25 Lakh!

CIBIL Score – Another Crucial Personal Loan Eligibility Criterion

Other than matching the personal loan eligibility criterions, it is also imperial to have a good CIBIL score to get a personal loan.

CIBIL (credit) score can range within 300-900, and anything above 750 is a good score to avail a personal loan.

But, if you want to have a hassle-free personal loan application & approval, it is a suggestion to have a CIBIL score of at least 750 and above.

Did you know that you can also get a cheaper loan with a low rate of interest if you have a good CIBIL score? Yes, a good CIBIL score pays you back and how!

Personal Loan Eligibility Calculator Benefits

A loan applicant can check his/her personal loan eligibility using the online personal loan eligibility calculator.

A personal loan eligibility calculator offers you many benefits such as:

  • Helps you understand if you are eligible for a personal loan or not in real-time
  • Gives you an estimate of how much you can borrow
  • Is a useful tool in planning your personal loan application
  • Easy to use

Documents Checklist for a Personal Loan

  • Identity Proof – Passport, Aadhar Card, Driving License
  • Address Proof – Latest phone bill, letter from employer
  • Employment Proof – Employee ID Card
  • Bank Statement of The Last 3 months
  • Salary Slips of The Last 2 Months

What Can A Personal Loan You Use For?

Personal loan is a versatile type of loan which an individual can use as per the needs and requirements. Any of the following occasions can be a reason for anyone to apply for it.

  • For a Wedding

A wedding organization is a costly affair and you can never predict the exact amount of funds that you would need. As a result, you may face a situation where you may need some surplus cash flow and that’s where a personal loan for wedding may come to your rescue.

  • For a Vacation/Holiday

People do take vacations and holidays to rejuvenate themselves, but it may be turn out to be an expensive affair. Opting for a personal loan for vacation may your best bet.

  • For Home Renovation

Many people are acquiring personal loans for renovating their homes as well because they know that they can always repay the loan with ease and without any security against it.

  • For a Medical Emergency

Medical emergency may come uninvited and when you have the facility to avail a loan online to recover from any illness, there is nothing to worry as you can pay back without issues.

  • For Higher Studies/Educational Courses

For many loan aspirants, they have a studious pupil but they don’t have enough money to enrol them in a higher study or an educational course. Personal loans come handy to help them see their sons and daughters bring laurels to the family.

The Bottom Line

If you are in the need of a personal loan, now you know the steps that you can take to check your personal loan eligibility and approve your loans from lenders.

Don’t wait any further, use the personal loan eligibility calculator online and be on your way to a personal loan in simpler steps! Good luck!