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not able to offer loan information criteria
please i want loan
- Asked by
- 4 months ago
If you are looking for a personal loan then you should meet certain eligibility criteria
Age Criteria: The younger you are, more is the probability of you getting a personal loan as you have many earning years ahead to repay your loan. General guideline followed by most banks for personal loan for salaried employees is they must be between 21 to 60 years aged. However for self-employed it is between 25 to 65 years.
Employment Stability: This is a very crucial aspect for personal loan consideration. Unless you are salaried and employed for more than 2 years in the current profession or if self-employed minimum 5 years of total tenure of earnings, you will not be considered as eligible. However, this is discretionary and depends on your current company and your annual compensation, if you happen to be employed with a top notch company where you seem to have a stable and promising career ahead.
Credit Rating: Apart from your company’s performance, individual credit rating holds a lot of value. Having good credit rating increases the probability of getting loan with more flexible option on tenure, amount, EMI and interest rates. In case of any default payment records, huge outstanding loan, fraudulent track records, the banks has every right to cancel the personal loan application or charge higher interest rate, to lower their risk.
Financial Situation: It’s not always about the present, the past financial records will also have a great call on deciding whether you are eligible for a personal loan or not. Having good financial records is the key, will eradicate rating issues and will increase the total amount eligibility. Just in case if you had been irregular with your payments with default(s) or been marked as NPA, any lender will refrain from approving the loan as these will indicate that you are not credit worthy.
Employer: The employer with whom the applicant is working with is the best way to gauge the credibility of the applicant. Being a part of reputed and high turnover companies is an asset when it comes to applying for personal loan, as their employee’s growth is promising.
You can apply from online to get a personal loan from financebuddha.
4 months ago - By
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