Eligibility Criteria for the personal loan along with documents submission.
In the previous blogs, we discussed the importance and need for personal loans. So, now that you know its importance let us know more about the procedure of applying for a personal loan along with the criteria that decide whether you are eligible for the loan or not.
At 99creds we aim to make financial decisions easy and manageable for our customers. So, the facilities and process of making such decisions also have to be simple.
To cut it short let us know more about who can apply for a personal loan and what procedures are involved in applying for a personal loan.
So, let us start with who is eligible to get a personal loan:
Generally, eligibility criteria for personal loans vary from bank to bank and from person to person but, there are some basic criteria that remain the same such as:
- Age Group
- Income Source
- Repayment Capacity
- Employment Category
1. Age group:
The basic eligibility criteria to avail of a personal loan are age. It is generally between 21-60 but the age criteria can differ as per bank or financial institutions policies.
If you fall in a particular age group that is the first criterion of eligibility when applying for a personal loan. The reason behind age being an important factor is that it will determine your payment capacity.
2. Income Source:
The source of income or employment is one of the important factors which determines your eligibility for a personal loan. A person who is a salaried employee, self-employed or professional can avail of a personal loan. The income source determines your repayment capacity hence it is one of the very important factors which will decide whether you will get the loan or not.
3. Repayment Capacity:
Another factor is the repayment capacity of an individual. It will be decided whether you are eligible for the loan or not based on your repayment capacity. The institution where you have applied for a loan will go through your bank statements and contact your employer to know whether the facts disclosed are valid or not and then only you will be granted a loan.
4. Type of employment:
The type of employment is a factor that is considered for any type of loan. It is very important that your employment means should be legitimate and as per government norms. If they are not legitimate or if they are not convincing then your application can be rejected based on these grounds.
Sometimes the bank or FI looks into your credit scores to see whether you are creditworthy or not. It is the best way to know your credit repayment mechanism and power. If you have a good score the chances of getting the loan are always high. It is very important to maintain a good credit score in order to avoid a situation where your application can be rejected based on that.
It is necessary to check whether you complete the above-mentioned eligibility requirements or not before applying for a personal loan at any place. It is easy to check whether you are eligible or not based on the above factors but sometimes you may have to check for other factors too which we can guide you through once you approach 99creds for availing of a personal loan.
The other important part that you should know is the procedure for applying.
The following are the documents required as part of the procedure for applying for a personal loan:
- Proof of identity – Adhar card, Pan card, Passport, etc.
- Proof of residence – Sales deed, Adhar card, Voter Id various bills, etc.
- Income proof – Bank statement, statement of the employer, etc.
- Various statements and proofs which determine your creditworthiness.
- Other documents as prescribed particularly.
Thus, all these are the necessary documents and various factors which can be important when applying for a personal loan. Yet, it is always advisable to visit places like 99creds for personalized solutions and answers to all your questions.
So what are you waiting for, click on the form and apply with us today while we solve all your financial doubts!