7 Things Lenders Check To Determine Your Personal Loan Eligibility
While applying for the personal loan, the first thing that the lender checks is your eligibility for it. If you are eligible, then only you are given approval for the same.
In the same context, it would be good to know aspects that determine your personal loan eligibility. It is also possible to know that by using the personal loan eligibility calculator. Let’s explore more!
- Your employment history
If you are well employed and have a stable employment history, then you can get the loan approval easily.
2. Your repayment history
Another thing determining your eligibility for the personal loan is having a consistent repayment history. It is also a factor that improves your credit score.
3. The credibility of your employer
If you are employed with a known company, then your lender may assume that you will find no issues in making timely repayments.
4. Your age
The younger you are, the greater will be your chance to get the approval for a large loan amount at a lower interest and with a longer tenure. It is because you have more workable years left compared to someone older.
5. Your income
How much is your income also determines your personal loan eligibility. The best way to know about loan eligibility is by using the personal loan eligibility calculator.
6. Your credit score
Since the personal loan is unsecured, your credit score is the first thing that determines your creditworthiness. If your cibil score is 750 or more, then you can get the loan approval.
7. The city that you live in
The city where you reside is another vital eligibility parameter that creditors check. If you live in Mumbai, then you can’t apply for an amount that is less than the set limit here.
By considering the discussed vital eligibility parameters, you can help yourself approach the personal loan with confidence.
Must Read: Check These Points To Improve Your Personal Loan Eligibility
